Ireland needs cash to pay its debts? There’s an app for that. It’s called the European Financial Stability Facility, sometimes referred to as Euro TARP.
Should Ireland’s back be pushed to the wall, we do not risj the same sort of uncontrolled coppase in markets like we saw last spring.
Would it weaken the EUR if they are forced to turn to the rest of Europe for funding? You bet, but probably not to the extent we saw in April/May.
That realization seems to be stabilizing EUR/USD this morning after a dip below 1.3050 to flush-out stops.
