Lessons from the banking crisis quickly forgotten

  They say history repeats itself for those who were not watching the first time. One lesson from the Irish banking collapse was putting the burden on the tax payer while senior bondholders got all their money back was an unfair, dangerous and destabilising error. Ireland fully repaid senior bondholders who had lent money to the banks. That cost so much it was one of the reasons why the country had to be bailed out by the EU and IMF. …