If there’s one thing that will make American taxpayers across the political spectrum breathe a collective sigh of relief, it’s this—we’re not paying for the single most expensive bank bailout in the world.
That honor may go to Ireland, where Anglo Irish Bank Corp. has reported €8.3 billion (US $10.6 billion) in losses on loans in the first half of 2010. The bank has received €23 billion (US $29.4 billion) in government aid since it was nationalized in 2009. The bank hopes to sell its loans to the state’s National Asset Management Agency, where such accounts are bought for 25%-60% of their original values.
While Anglo Irish doesn’t think the bailout will exceed €25 billion (US $32 billion), others estimate that it may end up reaching as high as €35 billion (US $45 billion).
