The source of the recent angst in Europe, the ever growing cost to the Irish government of bailing out Anglo Irish Bank, is getting some more clarity as the Irish government is detailing what they will do with the bank as it will be split into a good bank/bad bank or what they are calling a funding bank/recovery bank. The euro is rallying to its high of the day in response vs the US$ and Irish bonds are bouncing off its lows. The news doesn’t lessen the exposure of the Irish government to their banking mess but hopefully it more clarifies their ultimate exposure to Anglo Irish in particular.
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