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Below for your information are some points relevant to Ireland’s current Banking crisis and Finance Minister Lenihan’s proposed NAMA “bad bank” scheme which are excerpted from an article by Willem Buiter, Professor of European Political Economy, London School of Economics. The full article, dated yesterday, 8 April, titled “The green shoots are weeds growing [...]

The Banking Crisis: Set up temporary “good” State Banks to lend to businesses and households and let the existing insolvent Irish Banks go bust
The present policy of Ireland’s mainstream politicians will lead to economic bankruptcy to be followed by political bankruptcy
The Irish Banks are fundamentally insolvent without continual infusions of Irish taxpayers’ money.