End of Euro? … Ireland Prints Own Notes

January 18, 2011 10:39

Irish Central Bank has been printing euros out of thin air to prop up its ailing banks. The whole of Europe will pay for this action, as the result will be increased euro-zone price inflation.

the Daily Bell

What Ireland is doing is a stopgap measure. The printing is taking place no doubt because of the EUs liquidity squeeze and the evident difficult of taking enough money from the bailout fund. But we have to wonder now that Ireland has set the precedent, who will be next? If the bailout fund is not expanded, or if the requirements prove continually onerous, are the Greeks and Portuguese going to begin to print euros as well? What will the Germans and other Northern EU countries think of that? Such actions undercut the EU’s entire modern rationale. It smacks of desperation.

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