Despite Ireland’s bailout, the eurozone’s problems remain
Back around the time when Britain's Northern Rock and then Iceland's banks got into severe difficulties, a run started on the Irish banking system. The Irish government stopped this by guaranteeing all funds deposited with Irish banks. Not just retail deposits, but everything. Not surprisingly, the run stopped. But recently fresh problems appeared. The problems in Ireland's banks were much greater than had been thought. The already considerable fiscal tightening needed to repay the borrowings
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