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Anglo-Irish bank's abandoned headquarters (Photo: darren webb)

Ireland reveals massive extent of banking debt

by Honor Mahony, Brussels,

European Union attention swung to Ireland on Thursday (30 September) as the government revealed the full extent of the country's banking crisis, likely to result in a budget deficit of 32 percent of GDP this year.

The total cost of the bailouts for Irish banks could run to €50 billion, with the lion's share of this going to the massively indebted Anglo Irish Bank, potentially needing as much as €34.3 billion and certainly no less than €29.3 billion.

"Anglo Irish developed to a siz...

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Anglo-Irish bank's abandoned headquarters (Photo: darren webb)

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