Investors in Irish banks will have to take Haircuts

In an interview with RTL 7 television, Dutch Finance Minister, Jan Kees de Jager, said that investors in Irish banks will have to take haircuts as part of a restructuring of Ireland's banking system, just like the country itself will have to pay dearly for outside help. "Shareholders and holders of subordinated bonds in Irish banks will have to bleed in a restructuring," he said. And on the option of throwing Ireland out of the euro zone or splitting the single currency area into a weak and a strong bloc, he said "Throwing Ireland out of the Euro is not a good idea, it would provoke a chain of unwanted effects,"

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