Patrick Honohan on Macro-financial crises

Patrick has a new piece on VOXEU contrasting the experiences of Ireland, Iceland, and Cyprus during the last global crisis, and asks what lessons they might have for COVID-induced financial crises to come.

By Stephen Kinsella

Senior Lecturer in Economics at the University of Limerick.

One reply on “Patrick Honohan on Macro-financial crises”

Interesting article.
A few points stick out, for me at least.
1. The Irish “taxpayer” got hit in Ireland and in neither of the other two countries (directly, at least)
2. The social consequences fell very differently in the counties (or at least in Iceland v Ireland).
3. The refusal of the troika to allow ireland to haircut unguaranteed liabilies in 2010/2011 isn’t really contrasted with the policy in Cyprus shortly afterwards…other than the comment on “possible russians)
4. Best wishes to Lebanon. Poor country!

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