John Bruton News
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Bank of America Corp. is in talks with regulators to transfer about $50 billion of its derivatives business from its Irish unit into its U.K. operation, two people with knowledge of the matter said.
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John Bruton , a former Irish Prime Minister, said the country’s largest opposition party, Fine Gael, may be able to form the next government alone after elections next week.
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Former Irish Prime Minister John Bruton said bailed-out countries need to take responsibility for their own problems, with Germany “‘very unfairly treated” in the debate over solving Europe’s debt crisis.
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Credit was crucial to the success of Western economies in the past 150 years. Without credit, there would have been no Industrial Revolution, no postwar recovery, and no information-technology era. Houses wouldn’t have been built, and shops wouldn’t have been stocked. All of them used borrowed money.
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The speculators who are betting that Ireland won’t pay its sovereign debts on time, and who are thereby driving up the spread on Irish bonds, will be proven wrong and will lose money.
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John Montgomery reckons he has lost about 350 euros ($479) a month, or 25 percent of his disposable income, because of lower pay and higher taxes since Ireland’s economy began to collapse in 2008.
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Irish Finance Minister Brian Lenihan will outline 6 billion euros ($8 billion) worth of spending cuts and tax increases today, seeking to seal an international bailout to rescue the state’s finances and banks.
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