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German banks have admitted to having €21.3 billion in exposure to Irish banks, and another €64.7 billion in exposure to businesses, according to the Irish Independent.This is much more than Germany’s exposure to Greece or Portugal, which together total a little over €1.2 billion.
This information is likely to give Ireland and its new Taoiseach, Enda Kenny, some advantage in negotiations with Germany over its bailout loan package.
Ireland’s banks are likely to need another $39 billion in support, which would use up 80% of its current bailout funds.
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