The government has finally decided that one of the banks isn’t worth saving, and has forced senior bondholders to take haircuts of 41%. Even more encouragingly, this action has been taken with the full approval of the European Commission.
The government decided that taxpayers should not be made to suffer for commercial decisions taken by private investors and passed a law allowing it to close the bank, with the bondholders accepting much of the loss.
The government has put the people ahead of private business interests and has decided to protect the citizens from the greed of the crooked bankers,.
So far so good.
Unfortunately, the delinquent Amagerbanken is in Copenhagen and the government is Danish.
It seems that the EU is prepared to bless this burning of bondholders, while at the same time resolutely resisting an Irish action along the same lines. It also seems that the Danish government possesses a maturity and sense of civic responsibility that our government lacks.
There were no calls to patriotic duty from politicians in Denmark. Just patriotic action by a government that cares about its people.