Irish Ship Sinking: Government Bails Out Iceberg

"Four Hundred BILLION Euros!"

Irish Finance Minister: 4 hundred BILLION Euros!

Even the bloggers at The American Conservative (you’d think they’d have enough to write about) are amazed by the Irish Government’s preemptive bailout (it’s not a bailout!) of (take breath) 400-500,000,000,000 (I have to stop and count the zeroes each time… not so good at maths to begin with…).

400 or 500? “A hundred billion here, a hundred billion there… pretty soon you’re talkin’ real money” (apologies to Barney Frank Everett Dirkson of Illinois (1896 – 1969)).

Just a back of the envelope calculation:

400,000,000,000 ”guarantee”
/Divided by/
4,400,000 population in the 26 counties.

€90,909  exposure per man, woman & child;

Or, €454,545 per family of 5;

But it’s not a bailout! Ah, well, phew! We’re alright then.

Update: Mon Oct. 6

Who the hell knows anymore? With all the foreign funds swarming into Ireland now, maybe the bhoys in the Dáil have pulled a great stroke… that is, if our collective bet pays out, that increased exposure won’t actually expose us to a financial shit cascade if not only our own, but now foreign banks start to go belly up.


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Aon Fhreagra Amháin to “Irish Ship Sinking: Government Bails Out Iceberg”

  1. Graham Says:

    Nice post… and I agree that this guarantee really does beggar belief. You’d wonder how seriously foreign institutions who might think of lending money to the Irish banks can even take this promise. The government is under enough financial strain already, it’s hard to see how they would come up with any of this money without bankrupting themselves.


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