The ECB Was THIS Close To Activating Emergency Crisis Mechanism For Ireland Last Week

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Photo: Wikimedia Commons

Yes, things were really hairy for Ireland last week. News like this should make you doubt any talk of Ireland having had a “good” bond auction.Bloomberg cites a report in German newspaper Handelsblatt that the ECB told countries to prepare for a bailout of Ireland via the Financial Stability Fund, and that countries have already been told to raise money on behalf of Ireland.

Authorities ultimately decided not to go ahead with the plan, but they were obviously close, and there’s no reason to think they won’t have to do so imminently.

(via Konrad_Easby)

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