Sunday night bailouts are back and once again it is the bankers who are the ultimate winners. The BBC is reporting that Ireland will soon tap the EFSF, Europe’s bailout fund:
“The Republic of Ireland is in preliminary talks with EU officials for financial support, the BBC has learned.
It is now no longer a matter of whether but when the Irish government formally approaches the European Financial Stability Fund (EFSF) for a bailout, correspondents say.
The provisional estimate for EFSF loans is believed to lie between 60bn and 80bn euros ($82-110bn; £51-68bn).”
So, the depression in Ireland will continue as harsh austerity measures will come with tapping the EFSF, but the bankers of Europe can breath a sigh of relief as they are forced not to take losses on their bad bets. The Irish aren’t quite as passive as the Greeks. I find it hard to imagine that this is going to go over well when the citizenry realize that their futures are being decided by foreign bankers.