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Irish government takes a gamble

After a week when the Irish government has been under significant pressure with regards to the proposed banking bailout, which could see national debt reach 30% of GDP, it seems that the Irish authorities are prepared to take a massive gamble. For some time they have refuted rumours of a potential international bailout instead attempting to talk round investors in relation to the possible €35 billion bailout required for the Allied Irish Bank. However, when this particular strategy began to founder it seems the authorities have now moved to a different tack.

In what many believe is a very dangerous challenge to investors around the world, the Irish authorities have confirmed that any collapse in the financial sector would ultimately see the economy collapsed and an international bailout required. So there has been a major shift in policy from a denial of major problems within the economy and the banking sector to an outright, support us or else!

The authorities will soon learn that investors do not take well to ultimatums as they have shown over the last week when as we have mentioned on numerous occasions, the "tail has been wagging the dog". In other words, investors have ignored political comments and have taken a very different approach.

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