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“Pluck of The Irish”, FT.com Editorial, S&P’s slap in the face

August 27, 2010 Leave a comment

FT.com – Pluck of the Irish http://goo.gl/UDBo “S&Ps must have felt like slap in the face. But the worst is not yet over for Ireland.”

“It is time to staunch the bleeding. As Irish state guarantees near their expiry date, some banks will not be able to refinance their balances. The government should prepare insolvent banks for forced debt-for-equity swaps, which would instantly recapitalise the banks in question and cap the government’s exposure. This cannot be done frivolously; European institutions are exposed and EU partners must be consulted. But someone must put an end to the practice of handing banks blank cheques.”