Shares in Irish banks surged Tuesday after the government issued a sweeping guarantee to insure deposits and bank borrowings against a potential collapse.
The government unveiled an unlimited guarantee on deposits at six banks one day after the Irish Stock Exchange suffered its greatest fall in history _ and rumors spread that millionaire depositors were withdrawing their savings from Irish institutions.
Investors embraced the government's dramatic intervention and Irish bank shares jumped, reclaiming most of Monday's losses.
Finance Minister Brian Lenihan said all deposits in Ireland's six domestically owned banks would be taxpayer-guaranteed if …
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