Trichet letter: Take a bailout or else!

irishtimes.com/news/ireland/ … -1.1989869

There is more…

NamaWineLake asked me to mock-up the Trichet letter in 2012 - japlandic.com/2012/01/take-note.html

Here was my take then:

Pretty accurate it seems!

I don’t remember ever reading about this. Was it public?

The Eurozone is a joke.

Direct link to letter in question.

documentcloud.org/documents/ … times.html

Monetary financing? Jesus H. Christ. Do these morons even understand what money is?

I’m not sure what the fuss is about with this letter? The conditions are no different to conditions that would have been and were asked by the IMF
There appears to be an attempt to muddy the waters here. This letter was in 2010 two years after Fianna Faíl’s cute hoor, fast one, of the bank guarantee which majorly annoyed the rest of Europe. Lenihan and his gombeen friends acted unilaterally and thought they were being fierce clever altogether.When this turned out not to be so clever an attempt was and is still being made that the EU gave Lenihan no choice with regard to the blanket guarantee. WHICH IS NOT TRUE

You go back to 2010 and read what they published to get some perspective on how they were thinking at the time.

ecb.europa.eu/pub/pubbydate … ex.en.html

it’s a variation of the the Mansfield Defence ™

except it’s been swallowed hook line and sinker by most people not just FF apologists

It’s all a consequence of what the government did unilaterally in Sept 2008.

Incidentally, four more ECB/Lenihan letters coming today…

Here: ecb.europa.eu/press/html/iri … rs.en.html along with some interesting talking points. eg

Draghi Presser - go fuck yourself
I know, I should learn to touch type…

Question from RTE [Sean Whelan?]: How do you respond to allegations that ECB was putting a gun to Irish Government

Arthur Beesley from Irish Times : Q You were a member of Gov Council of ECB, was it appropriate for Trichet to threaten withdrawal of ELA?

Question Part 2

Who would be best placed to represent ECB - should Trichet go to the Irish Banking Inquiry

Draghi saying ‘sure ye’re growing again so who cares’ is the height of arrogance.

Eh perhaps, but we’d like our 30bn back please

For those of us who were calling on Lenihan to withdraw the guarantee and to force Irish Banks to negotiate with their creditors, this is pretty enlightening. You can see why some americans carry guns and prize their economic freedom and low taxes so much when you have been sold into economic serfdom!

On an aside, I once saw Nicolas Sarkozy’s signature in the guest book in Government buildings. You could tell he was a complete wanker with massive self regard just from his writing. Trichet’s signature may not take up half a page but it is definitely the signature of an arrogant narcissist (imho!).

Yep. Draghi’s response is pretty disgraceful.

Any chance the people will care about this and let the water meters slide?
Nah, didn’t think so.

I don’t think personalising it helps much, especially when you consider who was standing on our side of the court…!

At issue is the €30bln of promissory notes and the ECB’s truculence on any alteration to their status despite the benefit of hindsight.

Every euro that we pay back of that €30bln is literally destroyed; to remain in a currency union so uncooperative with its members is masochistic and mistaken.

Primetime just now…Mammy O’Rouke
"Brian has delivered, from beyond the grave, a trump card to the Government and they now need to pursue this all the way in Europe’

Fianna Fail…they haven’t gone away and don’t ever forget that :sick:

Jesus H. Brian L delivered the xxxxing guarantee which was the source of the problem…

She needs to be committed.

Exactly.
Fucked up like no Irish man before him with the guarantee.
Then bottled the only chance he had to recover from that calamity.

Guys like Lenihan are such poor poker players; if Lenihan hadn’t replied to JCT’s first letter and had gone on to row back the guarantee and burn the bondholders then two things could have happened:

  1. the ECB fold their bluff and maintain liquidity to the banking system - most likely scenario as the ECB would be scrambling to save the Euro
  2. the ECB implode the Irish banking system and smash the economy - Euro would still be as good as dead and Lenihan would have moral high ground that the “people could not back up the losing bets of private banks and their bondholders”… ECB and Eurosystem would be the total fall guy. And economy would have cleansed itself of bad debts.

Instead, he folded.
Then terminally folded.

I don’t think my television would have survived my foot and that. Bad enough to be an apologist, but trump card.

The masses will lap this shit up.

Sorry if this is a damned stupid question to ask, but I can’t pick this up anywhere…
WHO exactly ‘released’ these letters?*

(And of course follow up question: why now?*)

*neither of these rhetorical.