Ireland Eyes Payback for Averting Europe’s Lehman: Euro Credit
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In Ireland’s Finance Ministry, officials are engineering a maneuver that may make the difference between default and financial survival.
The impetus for the plan is the cost of bailing out Anglo Irish Bank Corp. and Irish Nationwide Building Society. The nation paid an initial 31 billion euros ($42.2 billion) to save the two lenders, averting what Central Bank Governor Patrick Honohan called a “European Lehmans” in a nod to the collapse of Lehman Brothers Holdings Inc. in September 2008.