RichM Posted November 23, 2011 Share Posted November 23, 2011 http://www.telegraph.co.uk/finance/financialcrisis/8911146/Ireland-demands-debt-relief-warns-on-EU-treaties.html Ireland took on the bulk of the debt from its oversized banking system in 2008, resisting a chorus of calls for the country to follow Iceland's example and walk away from private bank liabilities. Had Ireland done so, it might have set off a catastrophic chain reaction across Britain and Europe. Quote Link to comment Share on other sites More sharing options...
RichM Posted November 23, 2011 Author Share Posted November 23, 2011 Quote Link to comment Share on other sites More sharing options...
_w_ Posted November 24, 2011 Share Posted November 24, 2011 We may yet see all European and UK banks nationalised. I can't wait. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted November 24, 2011 Share Posted November 24, 2011 No surprises this is happening, why should the Greeks get a better deal. Quote Link to comment Share on other sites More sharing options...
Fishman Posted November 24, 2011 Share Posted November 24, 2011 We may yet see all European and UK banks nationalised. I can't wait. I think it's inevitable. And the stock market crash that goes with it. Quote Link to comment Share on other sites More sharing options...
stuckmojo Posted November 24, 2011 Share Posted November 24, 2011 Well, it makes sense. Wasn't it Bono who started the "cancel the debt" campaign for distressed African countries? Now it's Ireland and the rest's turn. Quote Link to comment Share on other sites More sharing options...
porca misèria Posted November 24, 2011 Share Posted November 24, 2011 Well, it makes sense. Wasn't it Bono who started the "cancel the debt" campaign for distressed African countries? Now it's Ireland and the rest's turn. The Khmer Rouge were ahead of the game. They dispensed with it at home, too. Quote Link to comment Share on other sites More sharing options...
Sour Mash Posted November 24, 2011 Share Posted November 24, 2011 No surprises this is happening, why should the Greeks get a better deal. I doubt very much that the Irish political leaders are doing anything at all to agitate for proper debt relief. Their actions all the way through this debacle have been consistent with people trying to feather their own nests and facilitating the needs of those richer and more powerful than themselves at the expense of the economic wellbeing of those who elected them. Case in point being the sickening decision to pay 100% on all bonds held of Irish banks at the time they were nationalised. Recently, even as they were preaching austerity (actual austerity in the case of the Republic of Ireland, not the Osborne con-job version) to the public, they handed 700 million Euro to people holding unsecured AIB bonds: Belfast Telegraph The Government has been accused of extending the bank holiday break with a "duvet day" and refusing TDs the chance to resist a 700 million euro payment of taxpayers' money to Anglo bondholders... "In January a further 1.2 billion euro will be paid out - tomorrow is only the first payment of billions of taxpayers' money. This is simply not acceptable and what is even more unacceptable is the fact that the Government would rather take a duvet day today than allow TDs to debate this crucial issue that will affect so many." .. Anglo, which went bust in 2009, does not have an integral role in the banking system in Ireland as it no longer has deposits, it is not lending and the bonds it is repaying are not guaranteed. Bondholders are institutions, from blue chip banks and corporations to pension funds, that lend money to countries in return for regular interest payments. The identities of the Anglo bondholders are unknown. That lot of corrupt gombeen men care about nothing other than making sure that they are set up when they leave office ... but then again the electorate have put up with this behaviour for years so I guess they are only getting the politicians they deserve. Quote Link to comment Share on other sites More sharing options...
RichM Posted November 24, 2011 Author Share Posted November 24, 2011 Not a black swan, but certainly fairly off the radar for TPTB. If I was Irish, I'd go the Icelandic route. With their low taxes, and promiximity to Europe, they wouldn't need to be in the Euro anymore. Quote Link to comment Share on other sites More sharing options...
_w_ Posted November 24, 2011 Share Posted November 24, 2011 The Irish tiger bites back? The Irish tiger ... meow. Quote Link to comment Share on other sites More sharing options...
LiveAndLetBuy Posted November 24, 2011 Share Posted November 24, 2011 Well, it makes sense. Wasn't it Bono who started the "cancel the debt" campaign for distressed African countries? Now it's Ireland and the rest's turn. Wasn't it also Bono who contributed to Ireland's debt problems by becoming an Irish tax exile? Quote Link to comment Share on other sites More sharing options...
24gray24 Posted November 24, 2011 Share Posted November 24, 2011 First the private banks' debts are handed to the taxpayer. Finally, the people's gold will be handed over, and disappear. But at no point do the Irish people do anything, except emigrate quietly. Is that an accurate summary? Quote Link to comment Share on other sites More sharing options...
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