Not the Irish banks, they’re already bust, but the German banks!!!
Germany doesn’t want to fess up to the huge losses their banks will take on their many bad loans to the Eurozone periphery. So there’s great insistence on austerity and great resistance to any kind of Eurobond creation.
Ireland, fresh from an election, wants to change the terms of their EU bailout deal, so a game of brinksmanship will be undertaken this weekend at the EU summit.
And it’s all a big disaster. Ireland should default and leave the Eurozone. The Germans should get busy with restructuring and recapitalizing their banking system.
Gorilla says: “Extend and pretend is the only game in town, and it’s a mug’s game!”