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okaycuckoo

Hotel Rwanda

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Best blog I've seen on the bailouts in Ireland (and there's nothing like it for Britain, I'm afraid) - good, precise analysis and a fine turn of phrase.

Here is the "cunning plan" by Irish regulators to smack the bondholders while trying to avoid the political fallout of depositors losing as well:

It's like the Hotel Rwanda but instead of blood thirsty Hutus, you have the beleaguered Department of Finance whose intent isn't to "chop the cockroaches" but to "burn the bondholders". But first they needed the Blue Helmets (in our case represented by Granny Ni Houlihan's life savings on deposit in Anglo) to leave before it becomes a free-fire zone. And perhaps as soon as next week, Granny Ni Houlihan's deposits will have been transferred out of Anglo following the decision last week to auction off the deposit books of Anglo and INBS. What will then stand in the way of burning the bondholders? But the ingenuity ("plan and brazen violation" of bond agreement according to Fir Tree) of the DoF seems to have been uncovered by bondholders in the US who have sought to protect their position by seeking redress in the US courts.

http://namawinelake.wordpress.com/2011/02/15/4069/

edit: wrong link

Edited by okaycuckoo

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Best blog I've seen on the bailouts in Ireland (and there's nothing like it for Britain, I'm afraid) - good, precise analysis and a fine turn of phrase.

Here is the "cunning plan" by Irish regulators to smack the bondholders while trying to avoid the political fallout of depositors losing as well:

It's like the Hotel Rwanda but instead of blood thirsty Hutus, you have the beleaguered Department of Finance whose intent isn't to "chop the cockroaches" but to "burn the bondholders". But first they needed the Blue Helmets (in our case represented by Granny Ni Houlihan's life savings on deposit in Anglo) to leave before it becomes a free-fire zone. And perhaps as soon as next week, Granny Ni Houlihan's deposits will have been transferred out of Anglo following the decision last week to auction off the deposit books of Anglo and INBS. What will then stand in the way of burning the bondholders? But the ingenuity ("plan and brazen violation" of bond agreement according to Fir Tree) of the DoF seems to have been uncovered by bondholders in the US who have sought to protect their position by seeking redress in the US courts.

http://namawinelake....011/02/15/4069/

edit: wrong link

Excellent source, thanks for posting.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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