Nice update from the ECB on the cumulated cost of the banking crisis in Europe, now available through 2012. The net effect, summing up all assumed sovereign liabilities relating to the crisis, including contingent liabilities, and subtracting asset values associated with these liabilities are shown (by country) in the chart below:
Note the special place of Ireland in the above.
For the euro area as a whole, net liabilities relating to the crisis back in 2007 stood at EUR 0.00 (EUR36.72 billion for EU27). By the end of 2012 these have risen to EUR 740.15 billion (EUR 734.23 billion for EU27).
Net revenue losses for Government arising from the banking sector rescues, per ECB are:
For the euro area as a whole, net liabilities relating to the crisis back in 2007 stood at EUR 0.00 (EUR36.72 billion for EU27). By the end of 2012 these have risen to EUR 740.15 billion (EUR 734.23 billion for EU27).
Net revenue losses for Government arising from the banking sector rescues, per ECB are:
2 comments:
Hi Constantin,
The figures for Ireland are truly insanely great, both in absolute terms and even more especially relative to the other countries - a per capita comparison would need a bar about 6 foot long for Ireland.
It is a stark and sad measure of the incompetence and recklessness of the previous administration.
David Corbett
And lets not forget the people that voted them in. It was obvious in 2007 that the Bertie FF government were gobshites of the highest order and the people of Ireland voted them in again.
You get the government you deserve.
Enough said really.
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