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Irish government admit Anglo Irish collapse would be fatal

The Irish government has tonight admitted that a potential collapse of the Anglo-Irish bank could lead to a collapse of the Irish economy purely and simply because of the company's position in the Irish financial market. A systematic failure of the Irish economy would lead to a bailout by the IMF/EU although the consequences could be far-reaching with regards to other European countries and others around the world.

There have been major concerns for some time regarding the Irish problem and the potential €35 billion bailout which the Anglo-Irish issue could cost Irish taxpayers. This, on top of other budget deficit, could push the country's debt as a proportion of GDP to around 30%. It would be wrong to suggest that the Irish economy is the most in debt in the world, as a percentage of GDP, but there is no doubt that because of the size of the economy an increase in debt would impact enormously on the economy.

So far the European Union and the IMF have been fairly quiet in relation to a potential bailout and other issues regarding the Irish economy and the Irish financial sector. However, there is every chance we could see prominent spokespeople come to the rescue of the Irish government in the days ahead as a means of protecting the rest of Europe.

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