Hard to believe, but the US is still looking like the bastion of capitalism and free markets. We suppose everything is relative.
WSJ Europe
Irish Government Moves to Safeguard Banking System
By QUENTIN FOTTRELL
SEPTEMBER 30, 2008, 6:04 A.M. ET
DUBLIN -- The Irish government Tuesday announced a surprise decision to safeguard the Irish banking system for two years, guaranteeing all deposits, covered bonds, senior debt and dated subordinated debt of the four main banks.
The government said it aims "to safeguard the Irish financial system and to remedy a serious disturbance in the economy caused by the recent turmoil in the international financial markets."
Finance Minister Brian Lenihan said the guarantee will cover €400 billion ($577.64 billion) of the €500 billion of bank assets involved. That is more than Ireland's gross domestic product of €190 billion and national ...
