Consequences of lying down with vultures

The unfettered, and unparalleled, sell-off of Ireland continues. Permanent TSB, a bank saved and owned by the taxpayer, said last week that it was encouraged by the strong investor interest” in Project Glas, a controversial portfolio of debt secured against 11,200 homes.

AIB, meanwhile, confirmed last Thursday that a consortium led by US distressed-debt firm Cerberus had agreed to acquire €1.1 billion of bad loans at a huge discount as part of the ...