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"The legacy banking debt hoisted on the Irish taxpayer is a heavy burden".
The euro zone is proposing a common supervisory mechanism, but banking debt will remain primarily a national concern.
In the case of Spain, investors' focus is increasingly on the commercial banking debt rather than the sovereign debt.
There is worse to come, said Venebles: "First personal debt imploded, then banking debt and now sovereign debt.
As this note from a World Bank economist points out, banking debt at end-2010 was around nine times Cyprus's GDP.
It is estimated that the banking debt of this nation, which has a population of only 4.6 million, may be substantially more than 100 billion euros.
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And just as the banking crisis nationalised banking debts, so did decolonisation nationalise imperial guilt.
| European bank debt is, surprisingly, selling.
Both effective legal and political infrastructures foster firms' preference for non-bank debt while macro-instability discourages preference for non-bank debt; thus, flagging institutional infrastructures as vital for effective non-bank debt markets.
Bank debt has come into the cross hairs.
That's what happened last month with Irish bank debt.
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