Ireland is creating what is alternately described as a creative financial undertaking or a gamble: a national bank that will spend €54 billion to pay banks for mortgages to free up lending. The country’s property prices have fallen about 50 percent in the past 20 months and defaults on home loans are rising.

Links to other sites: Bloomberg, Irish Times, Nama

Posted by :: Ellen Wallace on 12 November 2009 at 12:41 | permalink
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News story, GenevaLunch, 12 November 2009.

Filed under: World news

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