Irish Bank Defaults Ahead?

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A draft paper a senior EU executive suggests that also senior debt holders would also take losses. This may apply to Allied Irish Banks (nyse:aib) and Bank of Ireland (nyse:ire).

Both AIB and the Bank of Ireland have already “enjoyed” such bad rumors, but now that it appears in an official paper, it means trouble. It seems that some in the EU are responding to the anger felt in the member countries – people aren’t willing to put more taxpayer money in order to cover for the banks’ mistakes.

Previous news about Allied Irish Bank and the Bank of Ireland:

More details about the draft paper by the EU executive can be found at this Reuters report.

The Euro is down, but not due to its own troubles today, but rather because of excellent US data – both ADP NFP and Services PMI significantly exceeded expectations and boosted the US dollar.

EUR/USD suffered losses.

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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.