The UK and Sweden

are also giving us bungs, in addition to the EFSF money.

It seems a little odd to me.

So what is the 25 bn of non-domestic bank debt on repo at the ECB?

Could it be UK and Swedish?

Or could there be some derivative counterparties that are accounting for big losses?

It all smells a little odd.

The UK makes sense. But Sweden? The Swedish fiance minister has a pony tale and looks like a principal for a hedge fund or web 2.0 start up. Too trendy by half. I wonder has there been much of a carry trade in Swedish kriona and they are afraid of a rapid unwind or an unexpected credit event?

If you assume that the contributing countries are acting in their own self-interests, it all makes sense.

Google translation from this mornings Swedish papers

dn.se/ekonomi/irlandskt-eu-k … -1.1212903

Much the same reports in the other papers I have checked.
If anything more enlightening appears I will post.

thelocal.se/30358/20101122/

3% would be good!

““Sweden is a small country dependent on exports, so stability is crucial to us,” Borg said.”
That’s a very, very weird statement unless there is something deeply wrong somewhere…

Have the Danes said anything? They are also a small country dependent on exports.

George Osburne speech… “Ireland is a friend in need”… much prefer the placebo song… “a friend in need’sa friend indeed, a friend with weed is better”!

If the UK and Svg charge the ECB rate of 5% it might be a nice little money maker…

ftalphaville.ft.com/blog/2010/11/22/412671/anglo-irish-carry-trade-ahoy/

Simple carry trade, borrow at 3% lend at 5%.

Denmark has now confirmed that they will make a loan to Ireland but no figure given.

epn.dk/okonomi2/article2254951.ece

Google translation

Its even better than that. The UK borrows at 1.5% for 3 years!
Of course its only good if the money is actually paid back!

For 7Billion…UK get no default on their banks exposure and they get interest payments from ireland with capital backed by EUIMF. Smart move from them to make such a bilat loan.

Around two years ago, on some forum or other, I ventilated the suggestion of establishing a Union of the North Western Isles which would act as a counterbalance to the continental block led by the Franco-German axis.

I am glad to see that the UK and Swedish leadership took my proposal seriously. :slight_smile: