Slí Eile: “There was no supervision, no regulation and wild excess. Ireland saw the biggest building boom since the pyramids and this is going to be a painful adjustment,” said Prof Buiter, a former member of the Bank of England monetary policy committee and professor of European political economy at the London School of Economics while addressing the sixth Mercer European Investment Forum.
'It is only because of the implicit guarantee of euro zone partners, particularly Germany, that Irish banks and the State itself were likely to emerge from the present crisis.' he is also reported by the Irish Times as saying 'Recovery, in part through recapitalisation and new lending, would only be possible when banks disclosed fully the scale of their bad debts. He was hopeful that, “by the end of the year, we will truly know who has been swimming without trunks”.'