This page has been archived and commenting is disabled.
Europe Considering Extending Greek, Irish Bailout Loan Duration From 3 To 30 Years
And as Africa is burning, Europe is getting ever more insolvent. But don't let the charts posted earlier showing both Portugal and Spain spreads back at all time highs fool you: Europe is on top of it again. The latest development is the formerly taboo topic of extending bailout loans to Greece and Ireland to 30 years from the current 3. Obviously, this merely confirms just how ugly the demand picture for European sovereign debt must be if the block is considering essentially extended bail out guarantees in perpetuity. From Reuters: "The idea surfaced in intensive talks among euro zone ministers, central
bankers and officials on the sidelines of the World Economic Forum in
Davos this week, the sources said." Well, that half a million in (taxpayer funded) participation fees for the G-Paps sure is paying off.
From Reuters:
European Union officials are considering extending euro zone bailout loans to Greece and Ireland to 30 years in a bid to draw a line under the bloc's debt crisis, two euro zone sources said on Friday.
The sources said European Central Bank Governing Council member Axel Weber, head of Germany's influential Bundesbank, had suggested stretching out the maturities from three years for Greece and seven for Ireland as part of a comprehensive package to overcome the crisis.
The idea surfaced in intensive talks among euro zone ministers, central bankers and officials on the sidelines of the World Economic Forum in Davos this week, the sources said.
"There are all sorts of ideas. I don't know how much weight this one carries. But of course it's not unheard of. Britain and some other countries only paid off some World War One bonds just recently," a senior euro zone source said.
»
- 5614 reads
- Printer-friendly version
- Send to friend
- advertisements -
Gee, if DiTech were still around, the ECB could make it a 125% bailout loan.
European slavery for eternity. Disgusting.
Scalp the bond holders. What armies, technically, do these world central banksters command anyway?
What armies do the banksters command? The US army, the British Army, etc, etc
Disgust is in the eye of the beholder.
"There will be no curiosity, no enjoyment of the process of life. All competing pleasures will be destroyed. But always— do not forget this, Winston— always there will be the intoxication of power, constantly increasing and constantly growing subtler. Always, at every moment, there will be the thrill of victory, the sensation of trampling on an enemy who is helpless. If you want a picture of the future, imagine a boot stamping on a human face— forever.
If you are a man, Winston, you are the last man. Your kind is extinct; we are the inheritors. Do you understand that you are alone? You are outside history, you are non-existent."
George Orwell, "Nineteen Eighty Four"
Who are we at war with again? Eastasia? I keep forgetting..
(great quote roger.. very relevant..)
And don't forget that this little speech came from O'Brien who earlier presented himself as one of Winston's fellow revolutionaries. But in reality he was just a cold, hard government cog.
+1 a great excerpt.
With the riots in Egypt it's a good day to get any bad news out - a classical trick.
Economic anschluss.
Well,
Its amazing when you get Bernank involved..........
Can KICKED!!!
Moron.
US could issue 100 yr bonds too
30 years!!!
Wow I'll have great-grand kids by then.
When will they just ran out of bullsh**?
http://www.youtube.com/watch?v=6s9x0rHmrzQ&feature=related
they need a visit/speech from ben to tell the people - have faith, the "recovery" is on track
suckers....don't worry they will repay in 3 years.....oh uh we meant 30yrs. Wow that is a long recovery cycle. The can wasn't just kicked down the street it got on the freakn plane and left.
Time for the Irish to riot as well, this is obscene!
20k worth of physical gold at next monday's closing price: just ordered
Why didn't you get it at the current spot price?
My dealer is only getting restocked on monday. And he does not sell at spot. The gold coins I buy are spot+2%
Here's hoping your order gets filled in a timely manner.
Your risking a 5% UP move doing that, if you care.But whats $300+/-?
Gold will be back at $1350.00+ by Monday.............and then down again, at the next pivot.(shortly after)
According to More Critical Thinking Wanted, everything is fine, since their debt is only 100% of their GDP. I mean, a nation can just tax it's citizens at a 100% rate without a problem, right?
Did you forget the Tax on the GDP?.
Why not make those perpetual. We all know politicians are throwing more borrowed money after the money Ireland et al have borrowed and can't pay back. Tax payers in other countries who are shouldering this will never get any of this back. Never. Maybe the overlords can send the WEF's "double the global credit in 10 yrs coz it's goooood" -report to G-Pap and all the other fools who after sucking their own people dry are moving to suck the life out of the rest of Europe.
Attention Ireland.
You will now be renting what was once your own country.
Why you ask?
So investors in banks never lose money on their investments.
That is it.
Sláinte
PS: If this doesn't sound like what you had hoped your nation would become, then check out what is going on in North Africa.
In other words there will never been any principal due only interest only (even that's a maybe).........to me it is a complete admission that the whole lot of them are completely bankrupt and will need the German people to support them for the rest of their lives.
No, the German people will enslave them for the rest of their lives.
Only god damn fools repay loans in this world...
... repaying loans + interest from printed out of thin air money, are you mad.
1000 year bonds, bitchez!
Interest only at 300 points below LIBOR!!!
Extend and pretend, bitches.
ONLY $100trillion of more 'credit' needed.
Forever bonds.
It's rather ingeniously sickening, let's print money and lend it out (bail) in forever bonds, that way it is not really printing and it is not really bail out. Until the next bailout and the following bailout, and some number of other bail outs make the interest payments unsastainable. But hey, why worry now when you can push the can to the next generation... a way of showing them we care.
P.S. was curious, asked people who do have jobs and distant from fin world, what do they think of bail outs.
Well, while most of them said they don't like those, they also said that our economy NEEDED them or it would drop dead.
Rather sad, all hail miracle work of the never sleeping propaganda machine, until it reaches the breaking point. And given the critical mass is reached, a tipping point might seem to be insignificant, like the QE for emerging markets (Exactly what lectures by Neil highlighted, complexity has a funny way of eventually putting everything towards the efficient equilibrium, which isn't always a pleasant one :) )
+666
I like the concept of forever bonds :)
+666
I like the concept of forever bonds :)
http://www.youtube.com/watch?feature=player_embedded&v=JdzwPbpZD0o#
p.s. Can't stop watching it :( , somewhat related by illustrating the main idea... one grain of sand adds to the next grain of sand until the small catalyst provides a tipping point and .. complexity at its best.
and wouldn't be happy about this riots yet, because no one has any idea who will be able to capitalize and come to power. Just hopping our government has enough brains (fat chance, hm) not to interfere.
Must must order more more petroleum jelly ahhhh thats less painful but strangely disturbing.
Are you sure this is right Father ?
Yes boy - relax and think of it as a gift from God.
that's disgusting and offensive.
Another sensitive soul - embrace Christianity - its good for you really........
This Island is a bit like a royal navy boat - Rum Sodomy and the lash , we know no different.
Ireland is the last country to engage in revolution - 1916 to 1922 was a significant deviation from the mean , primarily the result of Flanders fields and the end of Edwardian England.
The boat however is springing more leaks then it can bail .
p.s. Same will happen to our Gov Debt level, will blow up unexpectedly and probably sooner than some think, because that sand castle is almost finished.
Dilemma here: 50% gold and 50% cash or 100% gold? Current position is 35% gold.
Deflation is ruled out.
Adjust accordingly.
Hint: gold.
BD, I would go 50% PM's, and 50 cash,(for this minute, subject to change, and refunds given) operating expenses in USD's, the rest in CAD or AUD.
Depending on where you Stays.
I am doing my best to get spousal unit to take a couple of days off and head to Canuckville, and open CD's/IRS rollovers/401k cash,and into CAD.
That way forthe SHORT term, you at least WAY more protected than holding USD's.
This is the kind of BS that really ticks me off...
Bailout.
Refinance.
Extend.
Pretend.
Circular reference.
Does ANY corporation or company make payments on any debt(s) that actually reduce the balance(s) anymore??
This is really unfair & insulting to blue collar people who pay their mortgage, auto loan, taxes, etc.
A bailout should come with BENEFITS -- like a future tax credit for example that the bailed out entity has to offset before they can pay out any bonuses or take on any new debt.
You are so coirrect, our anscestors would have already started actions considered terroristic today, Funny, was then also.
The kicked can has now reached escape velocity, and will continue it's forward journey into the unknown, for all eternity...
The loans can be streched out to 100 or 200 years. It makes no difference because the Euro zone will collapse under its own weight (=stupidity) in short order.
Bertie Aherne, the former Irish PM, giving a street interview, is confronted by an angry woman. "Have you no shame" she asks.
Seems not....
http://www.youtube.com/watch?feature=player_embedded&v=nYTa81JdDfo#
Bertie is / was mildly retarded but is as cute as a fox - it explains the Irish population great love for the man - as they could relate to such blandness.
He stated that his greatest regret was not building a football stadium !!! - if this is the best we can produce we deserve to be enslaved.
3 to 30. Bullshit. no chance the debt is actually EVERE paid. It might get rolled over....but this is just the beginning of a new level of PONZI.
A problem delayed is a problem solved....old banker proverb
Yeah europe isnt much of a problem, but damn you silver! I am tempted to jump back in and repent of my trollish ways, but just not yet. But if we dont have a little dollar strength and deflation scare soon then we may see some rise in the core....that would really mess up mrs rosy scenario. We need a breather from inflationary fears soon because even with the all clear from euroland and the "why cant we all just muddle along" euro solidarity we are seeing, td's overall thesis may prove coorect if the core catches fire before the gdp does. Td's thesis all depends on inflation taking serious hold in the usa before we are ready to be weaned.from the fed's generous tit.
Gee, wonder why this muppet is SO keen to lobby EVERYTHING that is related to bailouts. He will push every button there is to make the conditions for the BORROWED bailout money so sloppy that Portugal can stop pretending they're solvent and just fall to the generous safety net provided by the eurozone taxpayers.
01-28 14:07: Irish Fine Gael leader says told EU's Barroso keen to renegotiate bailoutThat is why you play football. Kicking the can in row z...
only 30 years? Why not just make them 300 years?
worthlessness does not change from 3 to 30 to 300 years.
A rolling loan, gathers no loss.
Papa was a rolling loan, yes, he was...
"There are all sort of ideas" a senior eurozone source said.
What this Einstein means is there's actually only 1 idea flying around. You've got a debt problem, the political solution's to DOUBLE your DEBT. The "ideas" are how you window dress being double-dumb on debt having been dumb enough to get yourself into unserviceable debt in the first place.
Here's an idea: take a haircut. Cut the debt in half rather than double-dumb the debt. Nah, stupid thought! All aboard the Davos Debt Train the combined might of which has an IQ lower than a salted peanut (Govt in a nutshell!)