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All The Latest On The Irish Bailout - Up To €17.5 Billion Of Rescue To Be Funded By Irish Pension Fund Contribution Redirection
Follow along as we track the news avalanche:
- Official release from ECOFIN as paraphrased by the CEU: Euroarea financial support will be provided to Ireland.Three pillars: 1) an immediate strengthening of the banking system, 2) an ambitious fiscal adjustment to restore to fiscal sustainability, 3) growth enhancing reforms in the labor market, to allow return to sustainable growth.
- Financial package will cover needs up to €85 billion: €10 billion for immediate recap measures, €25 billion on a contingency basis for banking system support, and €50 billion for budget needs. €17.5 billion will be financed by an Irish contribution from banking system and its pension fund (the NPRF). The remainder €17.5 will ceme from EFSF, UK, Scandinavian countries, and the IMF.
- Interest rate at about 5.8%
- Precise interest rate to be in line with standard IMF pricing practices, and will be come next week
- Olli Rehn: "Senior debt of bank bondholders will not be involved"
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I read that the term of the loan would be 9 years as opposed to 3 years for Greece. Just as in treasuries, longer term loans yield higher rates.
Nothing will provoke any revolutions. Revolutions need to be sponsored by someone, fomented and directed. Right now jews have already taken control of all the countries either peacefully or through violent overthrow of original rulers. So they will not allow any revolution.
oh give it a rest on the jewish stuff. i've worked at most of the major banks, and its mainly old line wasps. you're just showing the world that you haven't had any exposure to the real people running things and are willing to follow the misdirection.
get over it and learn a little something. better yet, start working in banking on the very top levels. goldman is the major one dominated by Jewish folks, the others are a polygot. and goldman is one of the top dogs but not the only top dog.
he probably hasn't been bowling in a while:
http://www.youtube.com/watch?v=RWKRwCzwMNA&feature=related
http://www.bloomberg.com/news/2010-06-29/banks-financing-mexico-s-drug-cartels-admitted-in-wells-fargo-s-u-s-deal.html
"refudiate" everything....
Stop blaming the Jews, for what that Illuminati have done and are doing in the name of Lucifer/ Horus.
he's just another wingnut. what do you bet that the Fox propaganda channel is on 24/7 at his house? And that he actually believes the republican party works for "the Amurrican people"?
bullish for cash
Sorry for the OT, but try to visit Wikileaks.com and see what happens: you're redirected to GoDaddy.com
Apparently, Big Brother is displeased.
Perhaps because it is at wikileaks.org
Oh boy. This is why I shouldn't post.
You were half right.
It is wikileaks.org...
But, wikileaks.org doesn't work because big sis is infact displeased.
edit: it appears to be back up
Wiki IP Address: http://88.80.13.160/
(CNN) -- The whistleblower website WikiLeaks is under cyber attack, but even if it goes down, a new cache of leaked U.S. diplomatic cables will still be published Sunday night, it said via Twitter Sunday.
The announcements come shortly after the United States warned WikiLeaks editor-in-chief Julian Assange that publishing the papers would be illegal and endanger peoples' lives.
The New York Times, The Guardian newspaper in England, and newspapers and magazines in three other European nations are planning to publish new classified material on Sunday, WikiLeaks said on Twitter.
German banks have over 114 billion Euro exposure to Ireland, exceeded only by 150 billion exposure to Spain. Most of this exposure accumulated due to the real estate bubble.
They had to bail out Ireland to protect German banks, else the Ponzi would have collapsed again
That's why Spain is next up. Not enough debt and not a lot of German und French banks involved.
It's worse than that Jim.
http://www.youtube.com/watch?v=Yjr7NtntWeQ
This is a nice video -- that I've seen about 32 times. Not sure about other folks but a cue as to the link's relevance (perhaps its title) in the comment would help me not to see it for the 33rd time. Just sayin'...
Gold 1/21/1980 .... $850.00
Gold 1/18/2001 .... $264.00
Pensions, pensions
Dey dont need no stinking pensions, senor.
so much for the peasants' pensions...confiscated!
This is a test
Is this right:
17.5 bil of the bailout for Ireland comes from Ireland?
(If true - and why not in these troubled times - it's VERY Irish.)
Once they start borrowing from the NPRF pension fund it's light out. Sharpen pitchforks.
I love it! The theft begins (or continues?)! Pension funds today, perhaps Irish 401k funds tomorrow (if they have them), higher taxes. Eventually, government will own everything and thereby everyone! Remember, citizens we NEED the wisdom of government to rule us, keep order, ensure financial stability, promote economic prosperity, etc., etc. Yup, it's working out great for Ireland, Greece, the EU and America, too! Socialism and central planning is just the best! Economic collectivism on a European scale. Cool! Do more!
The countries of Europe are bellying up to the bailout bar. The whiskey's flowing and the euro makes it relatively free. Who cares who gets the bill? They all got drunk in the bubbles and now its time to drive each other home.
They paid points on the mortgage to get the rate down. The pension gutting got them under 6% and the populace will eat it up.
There will never be any defaults. There can't be. I keep telling you guys. The swaps preclude it. Ireland could have gotten a better deal. They should have held firm for 0% interest and no payback, ever. They could have gotten it. The banks would have demanded that Merkel and Sarkozy give it to them, to avoid default.
Ireland flopped a house but played it like a small set.
Completly useless at negotiating the finer points
Where there is smoke...
exactly. "default no longer an option"--now "next patient please. send in another victim of the bailout disease....
This isn't really a pension raid - the NPRF is basically a SWF with a notional earmark for public (social welfare as well as public employee) pensions. The Irish taxpayer may end up taking most of the hit. However, the NPRF is being depleted first, and that leaves the state without any rainy-day money.
How many Irishmen does it take to change a light bulb again?
I guess we will have to wait and see....but can see a whole raft of new Irish jokes if they sit and let this crime pass.