Daily: On the EU’s retroactively recapping Ireland’s banks and Lagarde’s challenges to orthodoxy

Yesterday I wrote a lot about this topic for Gold subscribers, asking "Will Merkel grant ‘austerity model’ Ireland retroactive bank recap mutualisation?" This post gives a full account of the European bank recap issue, so I won't re-hash any of that here. Briefly, the issue is whether the Irish government will get debt relief for having bailed out its banks or whether they will be saddled with the consequences of that bailout for years to come.  The article below from the Telegraph telling us that the IMF wants Ireland to get debt relief is interesting more for what it says about the IMF under Christine Lagarde than for the topic itself. What Christine Lagarde has done at  the IMF is pretty revolutionary in my view. In quick succession, she has bucked the leading orthodoxy on three importa...


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