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Allied Irish Bank to be Nationalized?

The Irish government currently holds only 18% of Allied Irish Banks, but might raise its stake to 91.5%, nationalizing the bank. This comes as the troubled bank is having trouble raising necessary money in order to operate, and as the government has sweeping powers for a cash injection and a takeover.

Neil Hume reports

Although the terms of the injection aren’t yet clear, broker Davy says shareholders are going to be diluted out of sight.

Bad news for Allied Irish (nyse:aib) and another weight on EUR/USD.

Euro/Dollar currently trades at 1.3105, in the lower range. See more levels in the EUR/USD outlook.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.