Ireland Is The Bear Stearns Of Europe


OK, trying to draw exact analogies between the various European problem children and the US Wall Street banks that went under is inexact. Arguably because Greece was the first country to get really sick it’s Bear Stearns.

But Ireland feels most similar to Bear Stearns, because the rest of Europe has it out for Ireland.

Thanks to its low corporate tax, Ireland has been sucking businesses (and thus tax revenue) from its neighbours, like the UK. And of course, the rest of Wall Street had it out for Bear Stearns, because way back in the day it decline to participate in the LTCM bailout.

In the end, Europe won’t let Ireland totally collapse, but it will exact a pound of flesh… eagerly.

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