Thought the same. Rhetoric is all but he hasn’t even committed to supporting no confidence motion yet. Why didn’t he put down a motion himself last week?
So far, their actions suggest they will continue in a similar vein to the last ten years of insipidness. Mumbling their opposition to FF but never making a stand on any issue, because god forbid there might be some political risk involved. And then they turn around and try to convince us they’d have stood up to the ECB and the IMF. Pull the other one.
S
Anything more sinister going on here than just mindnumbing competence from the Irish reps? I’m in the mood for a good old conspiracy theory
They proposed a temporary nationalization of the banks back in Sept 08 which was the correct course of action anyway.
Does anyone else believe that Enda Kenny died a fortnight ago and the news is being kept out of the public domain so as not to upset the bond markets? Can anyone confirm a sighting of this man in the last month?
I have a feeling FG were very much in the loop on this deal, and as such Kenny isn’t really in a position to come out and speak against it.
anybody working in finance tell us how ICeland are doing in the bond markets now?
How much are they paying for their money after a total default?
is it more of less than the 5.8% we’re going to have to pay?
I just have the feeling we were put under pressure by the EU because the ECB and Germany own most of our bonds.
Iceland were not in the EU and told them to lump it, but i dont think we had that option because of our EU/EURO affiliations?
5.8% is no favour…
Cowen on The Week in Politics now.
Don’t know what Iceland are repaying because they’ve disputed the terms.
Greece got their borrowings at 5% anyway.
We’re certainly screwed because of who owns our bonds.
Doesn’t look like our deal has made any difference to the bond markets. Portugal, Spain and Italy all being sold again today.
McWilliams was good on the Last Word this evening. Said it wwas crazy to sign this deal when the EU have openly said they will be devising a system to deal with such problems in the next couple of months. He said you can’t solve a debt crisis by lumping more debt onto a country. The only way to do it is to restructure the existing debt using a Government equivalent of a debt for equity swap with senior bond holders.
Constatine was making similar points last night. Seems very obvious but it’s not obvious enough for our politicians I’m afraid. We’ve rushed into a deal to get it done before the new legislations helps us out of a hole. The more you think about it the more Cowen’s reaction that Merkel’s comments were “unhelpful” is absolutely moronic
11 minutes and 32 seconds into Part 3 of today’s Last Word for the McWilliams interview:
http://media.todayfm.com/podcasts/popup
We’re also finally killing Anglo. Or at least taking away its name which is a huge boost for the taxpayers.
Bond Aid!
It’s Christmas time, and now it’s time to be afraid
At Christmas time, we get the IMF and we feel the pain
Farewell our world of plenty, we can spread some poverty
Give your money to the banks at Christmas time
But say a prayer – pray for the bondholders
At Christmas time, it’s hard, but when Europe points a gun
You get your world view from the Sindo
And it’s a world of debt and fear
Where the only money flowing evaporates and disappears
And the stock market bells that ring there are the clanging chimes of doom
Well tonight thank God it’s us instead of you
And there won’t be hope in Ireland this Christmas time
The greatest gift we’ll get this year is lies
Where the economy never grows
No cash, no money flows
We don’t know it’s Christmas time at all
Here’s to Europe
Raise your glass to Germany
Here’s to Anglo
and to poor, broke AIB
We don’t know it’s Christmas time at all
Feed the banks
Let them know it’s Christmas Time
Repeat and fade away - like Ireland’s sovereignty
Pity their debts cant be killed too but at least its a start. Can understand why they cant kill INBS at a minimum at the same time, merge BOI and AIB, create a new capitalised bank free of bad debts and horse the shit heap of muck into NAMA where it will remain forever more.
The road back is going to be a painful one. The corporates, entrepeneurs, builders etc have felt the heat from the recession but the load of people that are barely making mortgage repayments on properties that they stupidly bought for a fraction of their true value will feel it in the new year. When the ECB raise interest rates there will be mass mortagage defaults I reckon. 2011 will be a horrific one for Ireland.
Patrick Honahans comments yesterday as regards Anglo led to another mass out flow of deposits until the Central Bank release a statement later in the day clarifying what he meant. Alan Dukes was on the radio this morning and said they hoped to have all the ground work for rebranding Anglo completed by the end of January.
The Euro - $1.2999 - falling
Spain - 5.563% - rising
Italy - 4.676% rising
Belmullet, 13 Knots, Rising slowly
:rolleyes very good
Some nice coin there to be made for the company who gets the re-branding.Wonder did it go up on e-tenders?
no posts on this in over a day… is it a sign that things are turning around?? the dole figures dropped for the third consecutive month…