- As part of Greece’s bailout deal, moreover, banks may agree to take up to a 70 percent loss on their holdings of Greek bonds. That is something Ireland and Portugal have said they want to avoid demanding of their own private creditors, so as not to frighten off investors when those countries eventually start borrowing in international markets again.
- But that stance is not so popular with citizens. Enda Kenny, the Irish prime minister, said this week that, unlike the Greeks, he had no plans to press losses on banks holding Irish sovereign debt. Such talk has inflamed many Irish taxpayers, who have had to shoulder the banks’ bad debts.
- If Ireland asked for write-offs from lenders like those for Greece, it could pave the way for similar demands from Portugal and perhaps larger debtor countries like Spain and Italy.
- “The Pandora’s box has been opened for Ireland and Portugal,” and possibly for other countries, Mr. Weinberg said. “We don’t know where this goes.”
(Our italics).
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