Irish banks swapped billions in government debt due in 2014 to paper maturing in 2015 earlier...
Irish banks swapped billions in government debt due in 2014 to paper maturing in 2015 earlier this month, according to Davy. The move will relieve funding pressure for the government when its aid package runs out next year. The government has a sizable (if not near complete) ownership of the major Irish banks, so the whole exercise is a circular one.
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