British savers who placed their money in Irish banks have been warned they are longer covered by the UK's compensation scheme.
Imaging if you will the FDIC declaring your bank not covered. What would you do? What this may setup is a classic run on the bank that will force Ireland to nationalize the banks. Whoops, they don't have enough money. IMF to the rescue? Do they have that much money left?
One can also ask is the UK running out of money?
http://www.citywire.co.uk/personal/-/comment/morning-line/content.aspx?ID=326851
Put simply, the UK is running out of money and the government is losing control.
Not good.
http://uk.reuters.com/article/marketsNewsUS/idUKLJ43131520090119
IMF on the issue.
No comments:
Post a Comment