14266
Bailouts Cost  ECB $529b
World Economy

Bailouts Cost ECB $529b

The ECB has published estimates of the direct cost to eurozone countries of bolstering the financial sector from 2008 to 2013. Ireland’s bank bailouts cost the Emerald Isle the equivalent of close to 40% of its annual economic output, Euronews reported. This is not good news for the Irish taxpayer as most of the money was spent on bank recapitalizations and toxic assets. In other words money spent with no chance of any return. In the case of Ireland it means the country splurged the equivalent of 25% of its GDP with nothing coming back. Cash-strapped Greece was second on the list spending the equivalent of close to 25% of its GDP on bailouts. Across the eurozone as a whole the rescue packages cost some €500b euros ($529b). However, it has transpired that France, Italy, Finland, Slovakia and Estonia spent next to nothing on bank bailouts.

 

Short URL : http://goo.gl/oCWtiH

You can also read ...

Sanctions Boost Qatar’s Food Prices, Hurt Real EstateFood and beverage prices gained 4.2% from the previous month.
Sanctions imposed by Persian Gulf Arab states are continuing...
Inside view of Tokyo Stock Exchange
Stock markets around the world remained buoyed Tuesday by a...
Hanjin has so far raised only $220 million towards repayments to more than 180 creditors.
South Korea’s Hanjin Shipping, which faces credit claims...
HSBC, IBM to Develop Cognitive AI
HSBC is working towards the introduction of artificial...
Australia Bank Reveals Further Woes
Australia’s biggest bank has admitted failures costing staff...
China Bans Imports From North Korea
China has announced a ban on imports of coal, iron ore, lead...
The Bank of Portugal sees 2.5% growth this year.
Portugal’s economy grew 2.8% in the second quarter from the...
Singapore  Exports Rising
Singapore’s non-oil domestic exports in July likely rose from...

Trending

Googleplus