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Ireland: The Next Iceland? [View article]
Hopefully when the bridge loans come due the activities of the Fed will have reflated property prices around the world enough and then Ireland's banks can be taken private again and the Irish government can pay back the IMF. If not they can always take another bridge loan to build even more bridges.
If the euro does fall apart - which certainly Germany, France etc will do their utmost to avoid but which may well hinge on how other troubled EMU members react to their domestic crises - e.g. Portugal, Greece and Spain - the systemic consequences would be like a magnitude 8 seismic event.
Preview from Europe: Markets Braced for U.S. Non-Farm Payrolls [View article]
Watching the clip I was struck by the number of cliches used to promote the condos that no one seems to want. "Favored by the international jet set" was just one.
Trouble is many of those jet-setters have never even set foot in their condos - having bought them off plan and now nursing large losses. Hard to have too much sympathy for them though