I have a better plan!
EU seeks deal in days as rescue talks intensify
ARTHUR BEESLEY, European Correspondent in Brussels
Joe Duffy was an absolute bloody disgrace today. Kept on bashing the Brits for some unfathomable reason. First, he was ranting that the UK media were focusing on the royal wedding announcement and not the Irish financial crisis (huh??), then he went off on the BBC’s Today programme (which just made him sound like a small-time peasant on the ferry home from Holyhead) and finally had a pop at David Cameron for having the temerity to say that Ireland is not an example to follow (which apparently Joe disagrees with). I kept asking myself with each new leg of his ranting what the fuck the Brits had to do with anything at all the callers were discussing. Embarrassing and puerile stuff.
So we’ve finally turned the corner!
Its all a bit scary now, cannot kick the can down the road any more, a new era is upon us.
RTE has been like that for years . Back in the day when reporting on the North it called the IRA , ‘The Provisional IRA’ while at the same time calling the Loyalists groups either the ’ Outlawed UVF ’ or ’ The Loyalist Terror group the UDA ’
I am surprised that the FF press office are not spinning this and lashing out at the British and The Europeans picking on poor old Ireland . When they do get their act together they wil try and rally people behind this nationalist rubbish .
the all important debt figures owed to our european and british banks…
Exactly. This is the problem. The ECB have pulled the plug on liquidity to AIB, INBS and Anglo. It appears that they are still providing liquidity to BOI, EBS and IL&P while they still have things left to repo.
The ICB have stepped in to save AIB and Anglo (and most likely INBS) but I think there are still questions/it is still unclear over how much liquidity the ICB has to support AIB and Anglo.
Nice link, Faugh.
The level of French exposure to Italian debt is terrifying.
Lenihan paves way for bank funding but blocks bailout
I suspect that’s the sovereign bonds that the ECB has bought in its bond-buying program. It is effectively unsecured debt, so if there is a writedown on it or even just a collapse in price, there are losses for the ECB.
The bank debt at least has assets behind it and can be finessed over the long term.
Edit: already posted
If the banks end up over-capitalised there won’t be a problem funding the deficit. It will be a back door bailout of the state.
Very interesting-can you expand on this?
The EFSF (or whatever its called) cannot lend to the banks, it is a government to government facility.
This has been the key point for me and why I think there is continuing procrastination. Lenny (or the negotiating team whomever they be) are trying to get the cash for the Banks first and foremost. Once again I think they are not choosing Ireland they are again choosing the Banks the private interests.
I think they may be trying to drag it out to bring in the other countries in the same manner they managed to get Anglo into the cloud of systemic banks. Ireland is the Anglo of Europe no doubt of it considering the size of the monies owed versus our population and economies size.
Well, the way it would work is that the EFSF or whatever lends 80 bn to bung into the banks. The banks don’t keep cash, they buy assets. The assets they buy are income producing sovereign bonds. Not just Irish, but loads of the other piggies. They bid down the price of all eurozone issuance and quantative’s me uncle, easing’s me aunt.
Yawn and what does the Irish Government do with every red cent it can get it’s hands on? It chucks it on the bonfire and down the whopping great whole out the back…
EDIT: YM has eloquently just said the same thing…
To point out these kind of ridiculous semantics is just being really wood for the trees, dude…
I found it highlarious to watch the news last night and have the grand theories we expounded here on how bust banks were kept running repeated verbatim…
The only last thing to fall into place is what YM touched on above and that’s whether the ECB will ever be repaid and I don’t believe they have the expectation, legitimate or otherwise, that they will be…
I don’t think they should have that expectation, but at the moment they do. And the mechanism is going to be to pile all that debt on the state.
Total requirement, I reckon, about 150 billion…