"One of the main reasons why the Irish government is reluctant to accept an EU bailout is that the quid pro quo for billions of European aid would the revision of Ireland's low capital tax rates.
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It is the dirty secret of politicians in Germany and France that the eurozone bailout fund was set up, in part, to stop banks across the continent (including here in Britain), which hold eurozone public and commercial debt, from suffering enormous losses and setting off a new banking crisis.
There would be a serious risk of a new credit crunch, and global recession, if the providers of that $1.5 trillion of credit to Ireland, Portugal and Greece were to lose confidence... and were to ask for their money back now”
As Irish 10-year bond yields soared to 9.26% this morning, the highest since the euro was created in 1999, Irish finance minister Brian Lenihan conceded that the republic faced a grave crisis.