"There is no means of avoiding a final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion or later as a final and total catastrophe of the currency system involved."
- Ludwig von Mises

Friday, September 17, 2010

Ireland Responds

Watching the cost of insuring Irish Sovereign debt against default skyrocket as the Irish/German spread spiked as well, Ireland needed to respond to the markets:
Ireland's Department of Finance slammed the Irish Independent article.
"There is absolutely no truth to a rumor concerning external assistance. It is based on a local misinterpretation of a research report," a spokesman said in a statement.
Reuters full article HERE.

It's anyone's guess what the true state of Ireland's finances will be in the next 6 months to a year.  But keep in mind the protestations against default by the Greek government up to the eve of the massive EU bailout.

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