Wednesday, November 17, 2010

Blame the people with funny accents

Irish Finance Minister Brian Lenihan in interview on RTE this morning (around 9 minute mark) --

Our European Partners (all the eurozone countries) ... agree that every technical step taken by the government to date, not just in relation to guarantees incidentally but also in relation to capitalization and also in relation to what they call asset segregation, which is NAMA, they agree with all of those steps and they say that they are the correct measures and welcome the measures taken to date by Ireland.

Hopefully someone has shown the other finance ministers what they agreed to, which includes pumping money into insolvent banks, overpaying for bad property assets, overpaying for bank shares and in general writing a blank cheque to a collapsing sector of the economy.  But if so many Europeans agree with the policy, how bad can it be?

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