Ireland “Especially Exposed” To “International Shocks” Warns Central Bank

Ireland remains especially exposed to another financial shock because of the extremely high levels of public and private debt, the open nature of the economy, and Brexit, Irish Central Bank Governor Philip Lane has warned in a pre-budget letter to Minister for Finance, Michael Noonan.

“Ireland is especially exposed due to the legacy of high public and private debt levels, the sensitivity of small, highly-open economies to international shocks and Brexit-related vulnerabilities,” Ireland’s Central Bank Governor said.

The letter was covered in the Irish Independent, Irish Times and Irish Examiner. This is something we covered in our interview with Max Keiser last week – see here.

Greek banks would have collapsed in days without deal – Irish finance minister

(Reuters) – Greece’s banking system would have collapsed within days had Athens not compromised significantly and struck a funding agreement with euro zone ministers, Irish Finance Minister Michael Noonan said on Saturday.

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“The biggest threat to Greece was that their banking system would go belly up next Wednesday,” Noonan told national broadcaster RTE at his Fine Gael party’s annual conference.