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Guest_chris c-t_*

Irish Banks Bailed By Pension Fund Nprf

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Apparently , EUR 10Bn of the latest bailout will come from the Pensions Reserve Fund, NPRF.

(Donal Donovan was the source for that; ex-IMF banker).

WHEN WILL WE WAKE UP? I mean stealing from the pension fund is only one step away from just taking the money right out of your pocket.

Bondholders - i.e. the people who took speculative risk on the healthiness of the banks to pay back their debt - they are fine. No haircuts.

Pensions- ROB THEM.

People paying for banks to be bailed. Shameful. We really are all slaves.

http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=aH9laIsfLciQ

“I wish that our bad banks were allowed to go down the tube as well instead of the Irish taxpayers paying to sort out their problems,” Mick Wallace, a real-estate developer who won a seat in parliament, told Bloomberg Television. “That is one of the craziest decisions in the history of this state.”
Edited by chris c-t

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Apparently , EUR 10Bn of the latest bailout will come from the Pensions Reserve Fund, NPRF.

(Donal Donovan was the source for that; ex-IMF banker).

WHEN WILL WE WAKE UP? I mean stealing from the pension fund is only one step away from just taking the money right out of your pocket.

Bondholders - i.e. the people who took speculative risk on the healthiness of the banks to pay back their debt - they are fine. No haircuts.

Pensions- ROB THEM.

People paying for banks to be bailed. Shameful. We really are all slaves.

http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=aH9laIsfLciQ

I think you need to read the Great Crash by JK Galbraith, particularly the bit about the 'bezzle'.

The money has gone, someone who thinks that they are going to get something, isnt. It is just a matter of who is going to be disappointed, and the answer will be almost everybody.

Note, if the bondholders carry the bag, many of those who are the true beneficial holders of the bonds are the same group of people who are being robbed now from this Pension Reserve fund.

I do agree with you though, it isnt right. It might be the same people having to recognise losses, but the correct mechanism should be for bondholders to take the hit, do it the right way.

Mind you, isnt this what the people of Ireland voted for? If they wanted to default, they could have voted for Sinn Fein. They voted to try and pay back this debt, so democracy is at work is it not?

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I think you need to read the Great Crash by JK Galbraith, particularly the bit about the 'bezzle'.

The money has gone, someone who thinks that they are going to get something, isnt. It is just a matter of who is going to be disappointed, and the answer will be almost everybody.

Note, if the bondholders carry the bag, many of those who are the true beneficial holders of the bonds are the same group of people who are being robbed now from this Pension Reserve fund.

I do agree with you though, it isnt right. It might be the same people having to recognise losses, but the correct mechanism should be for bondholders to take the hit, do it the right way.

Mind you, isnt this what the people of Ireland voted for? If they wanted to default, they could have voted for Sinn Fein. They voted to try and pay back this debt, so democracy is at work is it not?

the debt problems are not so acutely political that they can be magically removed by voting for a single party, however, having to vote for Lisbon Treaty twice didn't help

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Hmm. I'm not Irish, but I am guessing Sinn Fein are not credible in government for other reasons

Well they are no longer at war, and take part in power sharing in Northern Ireland. Their political objective is a united Ireland. Their resort to violence in the past is a difficult legacy for them, perhaps.

However, their policy of default seemed to me legitimate and sensible, and far more credible than anything else on offer.

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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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