The mythical €70 Billion

thebig C

Well-known member
Jun 19, 2008

Lately, I have noticed that the Government is no longer mentioning the figure of €70 Billion.

Winding up Anglo could hit €70 billion - Cowen - RT News
True Economics: Economics 30/04/2010: Anglo Irish Bank shutdown costs
Government’s bank capitalisation plan

Many of you will remember that dating right back to September 2008, when we were told our bank bailout would cost €4 Billion and be the cheapest in the World, the Government consistently claimed that if we didn't pay and let the banks collapse it would cost us €70 Billion. This figure remained, even through Black Thursday when we were told the Banks would cost €35 Billion!

I have noticed that in the past month or so Government spokespersons and "friendly" elements in the media have stopped using this figure. Could it be that despite the fact that we have kept the banks alive and spent Billions in the process, we will still have to borrow between €60-€80 Billion from the EU/IMF?

Doesn't this make a mockery of the scare number that Government personalities used in almost every interview to justify and browbeat the public into bailing out Anglo?!


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