Leading German Economist Peter Bofinger: 'Germany Has a Vital Interest in Ensuring Iris... - 0 views
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However, Irish companies and banks are very highly indebted to foreign banks -- three times more than the Greeks.
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According to Germany's central bank, the Bundesbank, German banks are Ireland's biggest creditors, to the tune of €166 billion ($226 billion), and that includes hundreds of short-term loans to Irish banks. How dangerous is the Irish crisis for Germany?
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The situation is very dangerous. The German government has a vital interest in ensuring the solvency of the Irish state and its banks.
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Well, let's put it this way: If a grandmother is lying in hospital and her family is already looking for a headstone -- does that create trust?
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The arrears that Irish debtors owe to foreign banks amount to around 320 percent of Ireland's gross domestic product. One has to ask oneself if the Irish state would ever be in a position to meet such huge commitments.