The bailout plan to save our financial institutions is still placed in a speculation uncertainty and insecurity. This is one hot election topic going on for months and it is raised that we might need another agreement for a healthier bailout plan.
Alan Dukes, who is the Anglo chairman, said that banks are still needing €15 billion to finally stop the economy from drowning from debts. This is on top of the €35bn that was earmarked for these institutions in the IMF deal.
Dukes is clearly expressing his doubts with the banks but we can still wait until March to see visibly what is their current standing. This is when the Prudential Capital Assessment Review (PCAR) is finalized and we will be able to see the banks capital needs.
All chief parties involved agreed that a new set of plan is needed. With this being said, we have to wait after the election before we can go back to Europe to cut a new and better deal.
Whatever will be the figure that needs to be situated, this will still be seen as a burden to cruscify the economy for the coming years ahead. Trusted economists even predicts that it will take 20 years before the country can reach the debt/GDP ratio within EU standards.
Let’s just cross our fingers and hope that there is still something out there which will save the nation from complete devastation.
