European Debt Crisis Fast Facts
Here’s a look at the European Debt Crisis, which affected Cyprus, Greece, Ireland, Italy, Portugal and Spain.
Cyprus
July 11, 2011 – A munitions explosion at a naval base kills 13 people and destroys the country’s main power station. The resulting blackouts severely impact the tourism and finance sectors of the economy.
December 23, 2011 – After a series of credit downgrades and exposure to the financial crisis in Greece, Cyprus signs an agreement with Russia for an emergency loan worth €2.5 billion to shore up its economy. Cyprus agrees to pay the loan back over 4.5 years with a 4.5% interest rate.
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The Taoiseach has suggested that the bank guarantee was an investment. By Stephen McDermott Wednesday 16 Dec 2020, 6:56 PM Dec 16th 2020, 6:56 PM 60,740 Views 0 Comments
TODAY, TAOISEACH MICHEÁL Martin said that the money provided by the Government to Irish banks in September 2008 was not a bailout.
In a debate with Solidarity-People Before Profit TD Richard Boyd-Barrett focused on the current situation for Debenhams workers, the Fianna Fáil leader said that the Irish government received shares in return for providing the banks with capital, suggesting that covering the banks in this way was an investment instead.
Is he right?
The Claim