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Bank guarantee likely to deal a crippling blow to the economy

from the Irish Times, Opinion & Analysis
Tuesday, February 17, 2009

Government borrowing is not an immediate problem, but the extent of banks’ bad debts may prove catastrophic, writes Morgan Kelly.

Between collapsing house prices, bankrupt banks and spiralling unemployment, you might be forgiven for thinking that fate has already dealt Ireland every misfortune in its hand. However, there may be one more unpleasant surprise in store for us, the prospect that international investors unexpectedly stop lending to the Government.

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