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Full Text Of Irish Government/Eurogroup Statements On Ireland Bailout

Tyler Durden's picture


From the Irish Government

The Government today agreed to request financial support from the
European Union and the Euro Area Members States. The IMF will also be
requested to assist in the provision of support.

The Government
welcomes the agreement reached at the Eurogroup meeting today that
providing assistance to Ireland is warranted to safeguard financial
stability in the EU and in the Euro Area.

In the context of a
joint programme EU/IMF, the financial assistance package to the Irish
state should be financed from the European financial stabilisation
mechanism (EFSM) and the European financial stability facility (EFSF),
possibly supplemented by bilateral loans to be negotiated by EU Member

EU and euro-area financial support will be provided under a
strong policy programme which will be negotiated with the Irish
authorities by the Commission and the IMF, in liaison with the ECB.

programme will address the budgetary challenges of the Irish economy in
a decisive manner on the basis of the ambitious budgetary adjustment
and comprehensive structural reforms that will be contained in the
Government's Four Year Budgetary Strategy. Given the underlying
strengths of the Irish economy, decisive implementation of the programme
should allow a return to a robust and sustainable growth, safeguarding
the economic and social position of the people of Ireland.

central element of the programme will also be to support further deep
restructuring and the restoration of the long-term viability and
financial health of the Irish banking system. It will build on the
extensive measures taken by Ireland to strengthen its banking sector,
via guarantees, recapitalisation and asset segregation. These measures
have helped to maintain financial stability of the Irish banking sector
at a time the both the banking system and the Irish economy have
confronted significant challenges reflecting both domestic and
international factors.

The programme will address the potential
future capital needs of the banking sector. By building on the measures
already taken by Ireland to address stress in its banking sector, a
comprehensive range of measures - including deleveraging and
restructuring of the banking sector - will contribute to ensuring that
the banking system performs its role in the functioning of the economy.

the last Eurogroup meeting on the 16th November there has been very
constructive and positive engagement and dialogue between the Irish
authorities and the Commission, the ECB and the IMF in order to
determine the best way to provide necessary support to address
continuing market risks, especially as regard the banking system, in the
context of the four-year budgetary plan and the upcoming budget.

And from Ecofin/Eurogroup:

Ministers welcome the request of the Irish Government for financial
assistance from the European Union and euro-area Member States.
Ministers concur with the Commission and the ECB that providing
assistance to Ireland is warranted to safeguard financial stability in
the EU and in the euro area.

In the context of a joint EU-IMF
programme, the financial assistance package to the Irish state should be
financed from the European financial stabilisation mechanism (EFSM) and
the European financial stability facility (EFSF), possibly supplemented
by bilateral loans to be negotiated by EU Member States. The United
Kingdom and Sweden have already indicated today that they stand ready to
consider a bilateral loan.

EU and euro-area financial support
will be provided under a strong policy programme which will be
negotiated with the Irish authorities by the Commission and the IMF, in
liaison with the ECB.

The programme will address the fiscal
challenges of the Irish economy in a decisive manner. It will build on
the fiscal adjustment and structural reforms that will be put forward by
the Irish authorities in their Four Year Budgetary Strategy next week.

strategy will provide the details of the Government's commitment to
achieve fiscal consolidation of €6billion  in 2011 as part of a strategy
leading to a 3 per cent of GDP deficit by 2014, implying an overall
consolidation of €15 billion in the four year strategy, which contains
an annual review. Given the strong fundamentals of the Irish economy,
decisive implementation of the programme should allow a return to a
robust and sustainable growth, safeguarding the economic and social

The programme will also include a fund for potential
future capital needs of the banking sector. By building on the measures
already taken by Ireland to address stress in its banking sector, a
comprehensive range of measures – including deleveraging and
restructuring of the banking sector will contribute to ensuring that the
banking system performs its role in the functioning of the economy.

approval by the Irish Government, the programme will be endorsed by the
ECOFIN Council and the Eurogroup, in line with national procedures, on
the basis of a Commission and ECB assessment.


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Sun, 11/21/2010 - 18:01 | 744968 bugs_
bugs_'s picture

Don't look now but the EFS&M is on the case. 

Sun, 11/21/2010 - 20:41 | 745186 unununium
unununium's picture

$137B.  Is will cost the same to bail out the Republic of Ireland as it did to keep JPMorgan alive.

A bankrupcy judge handed JPM $138B from the Lehman Bros. estate Saturday September 20, 2008 , to cover money advanced to settle trades keep financial markets stable.

Absent evidence to the contrary, we must assume JPM held puts and CDS on Lehman from Lehman.


Sun, 11/21/2010 - 20:57 | 745213 gillimus
gillimus's picture

JPM and GS hedged their mortgage CDOs with CDS from AIG.  The taxpayer bailout to AIG included cash to JPM and especially GS.  Cash from your (and especially your grandchildren's) pockets into the TBTFs.

Sun, 11/21/2010 - 18:11 | 744978 RobotTrader
RobotTrader's picture

EUR/USD now trading up at 1.37 on NetDania...

Not showing up yet on Finviz...


Sun, 11/21/2010 - 18:14 | 744983 Orly
Orly's picture

Nice gap.  Let's fill it!

Sun, 11/21/2010 - 18:19 | 744987 hellboy
hellboy's picture

how would you do that?

also nicer gap would be gold, Im guessing it will pull up a few $$$, got a pretty good correlation with the eurusd.

Sun, 11/21/2010 - 18:37 | 745021 Orly
Orly's picture

Most gaps get filled...eventually.  :D

On gapping candles above M15, the fill rate is about 85%, maybe more.  The question is timing.  We'll see once the tick gets moving but it wouldn't surprise me if the 70-pip up-move is closed fairly quickly (within two hours...).

Sun, 11/21/2010 - 19:06 | 745064 hellboy
hellboy's picture

"closing 70pip move", do you mean the eurusd coming back down or gold closing its gap with eurusd?

Sun, 11/21/2010 - 20:49 | 745201 Orly
Orly's picture

Closing the hole left in the chart on the gap.  Charts don't like gaps.  Sometimes, it takes a while for that to happen.  Sometimes, it happens fairly quickly.  But most always, gaps get filled, meaning that the EURUSD should trade to the level it opened...some time.

Sun, 11/21/2010 - 21:44 | 745267 Red Neck Repugnicant
Red Neck Repugnicant's picture

To the person posting under Orly's account and the ZH community:

Last weekend, it was obvious that you had hacked into Orly's account.  You were using her/his screen name and avatar, then posting predictions that were exactly wrong - such as the Bank of Japan announcing a surprise 4X intervention at 01:30 am EST Wednesday morning.  A massive argument ensued regarding the sanctity of avatars and online identities.  I couldn't agree more with the real Orly. 

Now, this weekend, you're doing the same thing - posting all sorts of exactly wrong predictions under a stolen identity.  Earlier today, you/Orly impostor said to short the Euro on the Irish bailout news and even gave a specific support level of 128.88.  Then, you said that the eur/usd gap would be filled within 2 hours - another impossibly specific prediction, which has obviously not happened.  

Now, the latest:  Gaps almost always get filled - duh!  Everyone knows that.  What sort of statement is that?

The real Orly provides insightful and well-written commentary on the 4X markets, and his/her posts are some of the best around. For those of you that follow her/him, you should be mindful that someone has hacked her account and make some rather ridiculous predictions that are proven wrong in a matter of hours.  It was obvious last weekend, and it's obvious again today.  

Online identities are not a joke!  Whoever is trying to smear Orly's online persona should be held accountable by the fullest extent of the law!




Sun, 11/21/2010 - 22:06 | 745285 Orly
Orly's picture

Hi.  No.  This is me.  Relax.  I was asked a question about gaps in regards to the gap between the currency and gold or the gap on open.  I said the gap on the open.

I am trying to provide insightful commentary, really I am.  But if you listen closely, I am saying that this thing is pretty up in the air right now.  My strong hunch is that the EUR will be pushed down, possibly big-time,  but the USDJPY pair is still acting strange.

The predictions I am making are not actually ridiculous.  I am looking on the weekly charts, mostly, and the large moves over the past year are going to be re-traced somewhat- and those moves were huge.  Please bear with me.


I appreciate your sticking up for me and I truly appreciate your feeling that my posts are helpful but it is me, I promise.  :D

It seems they can only steal the picture and not the name.  So, if it is my picture and my name, it is most definitely me.

As to the other guys stealing avatars, I haven't heard them much around.  I did see one guy with no avatar at all, so perhpas that privilege has been stripped from their account.

I am truly sorry for any confusion I may have caused by that escapade, but I assure you that I am the one making these statements tonight.


P/S/ In regards to the Bank of Japan thing, I said that if the USD continued to show strength, the BoJ may intervene to push the USD higher and then defend that level.  I said don't be surprised because they probably have a lot of dry powder and may use it.

I have no inside knowlege of such things, obviously.  Besides, it was on Bruce's post, where we just kind of throw things out there and see what sticks.

Once again, sorry about that.

Sun, 11/21/2010 - 22:54 | 745374 Red Neck Repugnicant
Red Neck Repugnicant's picture


Sorry about that.

I'm just really sensitive these days -  all sorts of weird things have been happening to me lately:

First, I lost my job doing night security work at the local grocery store.  With Obama and Soros deliberately trying to crash this economy, guarding all the food made me somewhat of an emperor in my town.  You wanna steal some green beans for your bunker?  Yeah right - not when I'm the fucking sheriff!

Then the dominos really began to fall.  

My parents threatened to kick me out of the house because I wasn't doing my designated chores.  Well fuck me!  I just lost my job, and you want me to worry about cat hair on dad's chair!!  WTF, mom!!  If I was banned from the local PetsMart in May, how the fuck am I gonna get one of those cat-hair-roller-sticky things?

Next, as one of the pivotal members of the ZH community, I'm fairly certain the government is watching all my moves on this site. That would explain why I inexplicably lost my job, and why I'm getting suspicious packages in the mail from pornography companies. If I could tell you everything, I would.  Let me put it this way...the Jason Bourne character isn't fictional. That's all I can say, and it's already too much.  

And today I get another flying hammer drop to my balls...the YMCA cancelled its yearly Ping Pong tournament due to budget concerns.  WTF!!  I've been training since fucking February and just spent $39 on an Aircast Pneumatic Elbow Brace, which basically made me bionic. If I won $100 in the tournament and my costs were only $39, anyone with any sort of arithmetic skills will know that I would have pocketed a cool $51.

There's more, but my mother is fucking yelling at me.  Anyway, just a little apology for mistaking you for the fake Orly.  I will short the Euro as soon as I wash the dishes.  


Sun, 11/21/2010 - 23:10 | 745419 Alienated Serf
Alienated Serf's picture

i just pissed myself.  quality.

Sun, 11/21/2010 - 23:31 | 745458 Thomas
Thomas's picture

Wayne's World

Sun, 11/21/2010 - 23:43 | 745479 JethroBodien
JethroBodien's picture

Simply brilliant my friend. A sore stomach from laughing so hard.

Sun, 11/21/2010 - 18:38 | 745024 Dismal Scientist
Dismal Scientist's picture

Low volume early tiny move. Not finding that at all convincing. Can't see big moves into Euro this week while US investors are thinking about turkeys and stuffing...

Sun, 11/21/2010 - 19:14 | 745037 Orly
Orly's picture

US opens in fifteen minutes...

Sun, 11/21/2010 - 19:14 | 745074 Orly
Orly's picture

Buy into yen strength, sell into Euro weakness...

Sun, 11/21/2010 - 19:23 | 745085 MsCreant
MsCreant's picture

Strong nerves. Gotta give credit where it is due. 

Sun, 11/21/2010 - 19:26 | 745087 Orly
Orly's picture

I just follow the charts.  That is what they say.

Of course, I reserve the right to bail at the first sign of an Imperial cruiser.


Sun, 11/21/2010 - 21:51 | 745271 Red Neck Repugnicant
Red Neck Repugnicant's picture


Orly impostor!

Who the hell would follow 4X charts in an entirely manipulated market where central banks are unexpectedly (and randomly) gunning currencies on a weekly basis? How can you read a chart in the middle of a world-wide currency war?

Orly impostor! 

Sun, 11/21/2010 - 22:13 | 745294 Orly
Orly's picture


Well, it is my belief that most everything gets priced into a chart and the chart is only a manifest picture of how the currency pair is going to act.  The H4 and the Daily charts are most accurate for projections.  Remember, this is not necessarily day-trading.  Some of these trades take a long time.

Have a look at the Weekly chart of the EURUSD and you can see that the pair was extremely overbought and that it has only begun to work off that move.  Even a fifty percent retracement would be huge.  That is what I am talking about.

Now, I'm not sure if you're not yanking my chain.

Sun, 11/21/2010 - 23:25 | 745450 Alienated Serf
Alienated Serf's picture

he is def yanking your chain.  you are nice enough to humor him though...

Sun, 11/21/2010 - 23:28 | 745454 Orly
Orly's picture

Thanks.  I think.


Sun, 11/21/2010 - 19:29 | 745093 spongeBOB
spongeBOB's picture

To the FX experts out there. I can understand why the EUR and GBP would gap up on the news but why the hell are the AUD and JPY gapping up ?  and the only thing getting trashed is the USD...

Sun, 11/21/2010 - 19:37 | 745110 Orly
Orly's picture

EURJPY gapped up, indicating yen weakness, while the EURAUD and the USDJPY basically opened flat.  The AUDUSD also gapped higher on perceived risk aversion following the news.  It was the same as with the EURUSD gapping up on supposed good news with a resolution to the crisis.

The fundamentals are now coming in and traders are realising that this is not really such wonderful news after all.

Also, the central banks and futures traders (big money...) like to gun the engine a little bit so that they can blow out stops on the open.  Now they can get short with nearly guaranteed profits.

Also, I have noticed that the trading correlation between the AUDUSD pair and the EURUSD pair has been very high lately.  I would expect the AUDUSD to trade lower along with the EURUSD.  The moves could be giant.  Be careful.


Sun, 11/21/2010 - 19:48 | 745130 hellboy
hellboy's picture

nice explanation Orly, cheers.

Sun, 11/21/2010 - 19:54 | 745140 Orly
Orly's picture

We'll see if it works.  The upside potential in EURUSD and AUDUSD is somewhat limited, barring some really, really crazy news, while the downside potential could be relatively huge.

Stay nimble!

Sun, 11/21/2010 - 20:43 | 745188 spongeBOB
spongeBOB's picture

Thanks for the reply.

Sun, 11/21/2010 - 20:52 | 745205 Orly
Orly's picture


Not an expert, by the way.  Just trying to find my way in this insane market.

I am learning more every day.


Sun, 11/21/2010 - 20:15 | 745164 Bose Einstein OracIe
Bose Einstein OracIe's picture

Banksters are still getting their way = risk on for another day? They kicked the can down the road for two days til Portugal drops the euro so it's safe  for a day (til it isn't). Dunno, purely my speculation :)


Honestly I can't see how this is so great for the Euro in the long run. It could have been dragged around a bit longer to occupy the bond swarm that is about to descend on Portugal. I have a feeling we will see more Greece type mayhem if that population gets stirred.. 

Ireland's folk seemed to be angry, but nothing became of it. Have the sheep of the world's governments been so well trained now to roll over that we will never see true revolution again? Which country will be the one to say... "OK, Fuck this shit, it's on."

Sun, 11/21/2010 - 21:22 | 745244 Eally Ucked
Eally Ucked's picture

Don't worry it will come, I feel it just as I did in 1980 in Poland, probably you remember Solidarity and how it finished Soviet block, it will come. You just need one or two more straws to break camels back and after that it's just an avalange, everywhere. I'm old now so I'm just observer, I did my part, we will see how the YOUNG of this world will deal with their problems now. They have limited choices but still being slave is the worst.

Sun, 11/21/2010 - 20:59 | 745216 El Hosel
El Hosel's picture

    "and the only thing getting trashed is the USD"

   Right, because that is the only thing that rallies US stocks. We must have a Turkey rally, Santa rally, Bailout rally, JR. did not wet the bed last night Rally... Need a rally? Sell dollars.

Sun, 11/21/2010 - 21:26 | 745248 Orly
Orly's picture

USD is not bowing down to the JPY yet, surprisingly.  It is acting much the same as it did last week: weird.

That's going to be the key trade.  The USDJPY is supposed to fall from these levels.  If it breaks and holds 83.81 with a close above that on the H4 chart, then the USD will rocket against the yen.

Then, we will really, really be in the Twilight Zone.

Sun, 11/21/2010 - 22:39 | 745333 hellboy
hellboy's picture

Hey, what does H4 mean, please explain :) Thanks

Sun, 11/21/2010 - 22:46 | 745347 Orly
Orly's picture

The four-hour chart.  M15 would be the fifteen minute chart.

Sun, 11/21/2010 - 18:14 | 744982 Goldenballs
Goldenballs's picture

What happens when these loans run out,the interest is still being paid,the banks have no capital and the economy hasn,t improved.Where does this circle of money from fresh air end and reality hit ?

Sun, 11/21/2010 - 18:26 | 744997 Hansel
Hansel's picture

More money can always be printed.  The production cost of money in the new digital economy is about $0.0000000000000000000001 per $1000 new dollars, so cost will never be an inhibiting factor.

Sun, 11/21/2010 - 18:58 | 744986 tom a taxpayer
tom a taxpayer's picture


From the Irish Government (simultaneous translation)

The Government today agreed to request financial support from the European Union and the Euro Area Members States [We shall serve the King and Kaiser but not Ireland]. The IMF will also be requested to assist in the provision of support [We shall sell Ireland as a slave to the international bankers].

A central element of the programme will also be to support further deep restructuring and the restoration of the long-term viability and financial health of the Irish banking system [A central element of the programme will also be support from the Pope allowing prostitutes to use condoms to avoid HIV. We shall ask the EU and IMF to use condoms in the repeated rapes and deep anal penetration we are about to suffer]. 

See the face of the groveling pig prostitute at:


Sun, 11/21/2010 - 21:24 | 745246 Kayman
Kayman's picture


It seems silly to use condoms after you have AIDS....

Sun, 11/21/2010 - 21:44 | 745262 Al Gorerhythm
Al Gorerhythm's picture

Yup, the disease is pandemic. May as well go down with an orgy. Ladies and gents, there are no rules. Party like it's 1971. Buy gold in big chunks and silver in small denominations. I'd like to thank the host.

Sun, 11/21/2010 - 18:25 | 744994 JJJones
JJJones's picture

The money that they supposedly "borrowed" was created from nothing so why should they have to pay it back?  They should tell the banksters to stuff it and the Sun will come up tomorrow in Ireland...  A lot of pols will be out of jobs but WGAS? The country will be much better off as opposed to becoming further enslaved to debt.

 We could paraphrase this video with the title "Irish Idiot".

Sun, 11/21/2010 - 18:35 | 745017 Gloomy
Gloomy's picture

More money printing = higher precious metals prices.  To the mooooon!!!!

Sun, 11/21/2010 - 18:35 | 745018 Gloomy
Gloomy's picture

More money printing = higher precious metals prices.  To the mooooon!!!!

Sun, 11/21/2010 - 21:46 | 745269 Al Gorerhythm
Al Gorerhythm's picture

I'll third that motion.

Sun, 11/21/2010 - 18:38 | 745023 revenue_anticip...
revenue_anticipation_believer's picture exam day, WHO is DOING, who is pretty-rhetortically saying, pleading the point...drill down=> take a snapshot of history in the making....NOW and HERE is the half way noturning-back, point, get the hell out of the way; its 1940 William Shirer "Berlin Diary" [zerohedge, proxy narrative] we all know 'too much' hence 'actionable victim listed'...

Sun, 11/21/2010 - 18:44 | 745034 godzila
godzila's picture

Just wondering - any word on the Irish participation to the Greek bailout ?! :)

Sun, 11/21/2010 - 18:45 | 745036 mauistroker
mauistroker's picture

Initial figures in the Guardian and my napkin figurin' suggests this is equivalent to $24,000 for every man, woman and child in Ireland.....all so the banks can have assurance, visibility and avoid writing off what would otherwise be bad debt. This is a fucking disgrace. What has happened to capitalism and risk/reward and capital allocation (a rhetorical question)?Bankers bad investments are simply transferred to the public/super sovereigns and they remain whole. It makes me simultaneously rage with anger and serene at the knowldege that it's another sign of some kind of 'end time' or phase change or outright collapse.

Sun, 11/21/2010 - 19:31 | 745096 Fred Hayek
Fred Hayek's picture

Amen.  The only country that faced this situation and did the right thing was Sweden back in the early to mid 90's.  It's pretty amazing that the swedes end up being the only ones going with the most free market approach to this. 

Sun, 11/21/2010 - 23:44 | 745481 Cursive
Cursive's picture

It's pretty amazing that the swedes end up being the only ones going with the most free market approach to this. 



Sun, 11/21/2010 - 20:16 | 745165 Goldenballs
Goldenballs's picture

Its probably more than that,RBS and BOS owed £18,300.62 by ever man,woman and child in Ireland.Bankers have no risk any more,no matter what the fuck up they can,t go bust or be accountable,surely the economics of the total madhouse.What will be the end game of this.

Sun, 11/21/2010 - 18:47 | 745039 Glasgow Gary
Glasgow Gary's picture

It is as if Silver, in Friday's late day trading action, understood tonight's Irish outcome. Looks like we'll open up at least 40 to 50 cents on December SI.


Sun, 11/21/2010 - 19:32 | 745098 Fred Hayek
Fred Hayek's picture

Are you suggesting that Lenihan should have left the press conference with a raised fist gesture and a shout of "Crash JP Morgan!"?

Sun, 11/21/2010 - 18:50 | 745047 mcarthur
mcarthur's picture

It's called reflation gents.  Get used to it.  Like the wizard of Oz behind his curtain.  Zero has been shifted to minus two.  Get used to it.  With no link to reality, purchasing power can be destroyed with ease.  Damn the savers over the past 20 years.  They will be sacrificed at Bernakes "full employment" alter. 

Sun, 11/21/2010 - 19:34 | 745102 Fred Hayek
Fred Hayek's picture

I'm glad you put that in quotes.  Unless you specify that what he cares about is full employment for Blankfein, Dimon et al, it wouldn't make sense.

Sun, 11/21/2010 - 18:50 | 745048 Gloomy
Gloomy's picture



This is just so fucking easy. Nothing will ever fail. Not even that little town outside of Detroit. Print, Print, Print. Has anyone ever seen an easier investing environment? Buy Gold and Silver and just watch Armageddon unfold!

Sun, 11/21/2010 - 23:36 | 745467 Herd Redirectio...
Herd Redirection Committee's picture

Yeah, as long as you take delivery.

If you buy GLD and ETFs, good luck being A PART of Armageddon!

Take your money out of the system, stop enabling these a**holes, and put it in precious metals.  The point with PM is not to MAKE MONEY, it is to retain purchasing power!  The $ value only increases because all fiat is being devalued!

PsychoNews: Exposing the Oligarchy, one Psycho at a time.

Sun, 11/21/2010 - 18:53 | 745051 RobotTrader
RobotTrader's picture

Yeah, no doubt, Tom O'Brien and his crew at will be crowing about the move up this week on "light volume" due to Turkey Day.

Those guys have been short for months and they are getting killed, they always manage to find an excuse why the market is going up instead of crashing.

Yeah, we've had some close calls where it looked like we could go into a correction, but the market is too strong.

Amazing how these guys are supposedly "pro traders' and conduct expensive trading seminars to hedge fund traders.  Yet they have continued to fight the tape and the momentum, ignoring all the breakouts in the retail names.

I mean really, does this sporting goods company stock acting like we are headed into a huge recession?

Sun, 11/21/2010 - 19:12 | 745069 Implicit simplicit
Implicit simplicit's picture

The market is strong, but oder isn't everything. 


Sun, 11/21/2010 - 20:54 | 745208 jomama
jomama's picture

dude, i heard there's gonna be a gnarly recession soon.

Sun, 11/21/2010 - 21:07 | 745221 El Hosel
El Hosel's picture

... "but the market is too strong"


    We don't have many fucking markets anymore, they have been monotized along with everything else.  The FED propping up prices prevents the markets from being markets.


Sun, 11/21/2010 - 21:41 | 745263 tmosley
tmosley's picture

Someone bought a stick of gum, and it doubled thier sales.

Our markets aren't markets, Robo?  When are you going to learn that?  Hopefully it is before you cash in your whole portfolio to buy a single loaf of bread for your family, never having lost a cent.

Sun, 11/21/2010 - 21:57 | 745274 Al Gorerhythm
Al Gorerhythm's picture

Yeah, we've had some close calls where it looked like we could go into a correction, but the market is too strong.

I junked you for being a tout and disingenuous. Every chart you show is a selective, after the event, bull pattern. Now, post a SPY/GOLD ratio or a 300 yr chart of gold.

What do you mean, it looked like we could go into a correction? Where have you been since 2000?


Sun, 11/21/2010 - 18:57 | 745058 knukles
knukles's picture

Good Old Fashioned American Efficiency.

We didn't need any IMF stuck in between the gubamint, banks, bankers' bonuses and taxpayer rape.

Sun, 11/21/2010 - 18:57 | 745059 Bruce Krasting
Bruce Krasting's picture

A non program program? In this ireland has asked for help, and the EU has said they would lend a hand, strings attached.

But there are no details of what this means or how much is involved. Any deal they might cook up is still subject to: Irish Government, the ECOFIN Council and the Eurogroup. Good ;uck with that.

There is no clarity. I think that was a mistake. It makes the Euro look weak to my eyes. This is not over yet


Sun, 11/21/2010 - 19:45 | 745061 knukles
knukles's picture

They can always call another emergency meeting to reannounce that Europe and the EU are for all purposes fucked and gone.  All over, again, 'till the next round of blathering pablum and arrogant sophistry.
I whole heartedly agree.

Sun, 11/21/2010 - 23:13 | 745425 Hansel
Hansel's picture

I also noticed the lack of any details.  It probably means that Ireland can be bailed out for at least 3 or 4 more weekends before any money ever changes hands.

Sun, 11/21/2010 - 19:04 | 745062 High Plains Drifter
High Plains Drifter's picture

These being the times that we live in, I would like to suggest a zerohedge precious metals heatmap por favor and by the way, look at all that green , on kitco in the asian my.......

Sun, 11/21/2010 - 19:16 | 745077 Gloomy
Gloomy's picture


Sun, 11/21/2010 - 19:07 | 745065 Glasgow Gary
Glasgow Gary's picture

Look it's really not complicated. This will go on, until it can't. The US is only too happy to have another reason to flood the world with USD. Replenishing the IMF is a happy moment for Bernanke. There is no need to think Portugal, or Spain, will break up the EU--until they do. But we have to get through several more rounds of money printing before that happens. Just accept it. Like Jim Sinclair says: QE to Infinity. Not just in the US, but in EU, and Japan too. Asset price bears need to consider another two years of this charade before the actual collapse. See you at 3500 gold and 175 silver. For starters.



Sun, 11/21/2010 - 19:09 | 745067 MsCreant
MsCreant's picture

Gold and silver launched a bit there...

Sun, 11/21/2010 - 19:13 | 745072 rubearish10
rubearish10's picture

Mark it, that one of these days we'll see a major correlation break between asset classes, namely currencies fail and PM's romp! Today's reaction thus far is rather meek and is telling us the chickens are coming home to roost perhaps, soon.....

Sun, 11/21/2010 - 19:26 | 745090 hellboy
hellboy's picture

so your current play is short EURUSD and long gold?

Sun, 11/21/2010 - 19:40 | 745118 rubearish10
rubearish10's picture

Yes, with a bit more long side leverage. It works well with some sovereign CB's as well for the income. It's not really a day to day trading strategy but you do have to move in and out of the PM's.

Sun, 11/21/2010 - 19:14 | 745073 HarryWanger
HarryWanger's picture

Futures are loving this! Couple this with a holiday shortened week and light volume and equities will tear higher this week.

Sun, 11/21/2010 - 19:36 | 745109 Implicit simplicit
Implicit simplicit's picture

I would think the EUR will fade and the dollar will rise from the bailout, The futures rise could be a nice fade.

Sun, 11/21/2010 - 19:44 | 745124 Orly
Orly's picture

Watch the yield on the ten-year UST.  I suspect the yield will come off with this news, which could bring in USD weakness.

Sun, 11/21/2010 - 20:16 | 745162 Eally Ucked
Eally Ucked's picture

You must be an undertaker by occupation and at heart, is it true?

Sun, 11/21/2010 - 19:15 | 745076 spongeBOB
spongeBOB's picture

"The programme will also include a fund for potential future capital needs of the banking sector"

Somebody help me uunderstand  why the Irish government is FORCED to accept the bailout in the form it is currently presented, I mean if the British and Germans are worried about the irish banks they can just give them the cash directly. If they are worried about the irish bonds then they can just buy them directly ala the US FED. I would think the Irish should be in control here, not the EU under the threat of default.

Sun, 11/21/2010 - 19:20 | 745084 cswjr
cswjr's picture

Hard to understand that which makes absolutely no sense whatsoever.

Sun, 11/21/2010 - 19:39 | 745115 kaiserhoff
kaiserhoff's picture

Or we could let free markets and bankruptcy sort this out and get assets and interest rates back to fair market value.  Anyone remember that term?  The problem with your solution or mine, apparently, is that they do not sufficiently gang rape, impoverish, and humiliate the host country taxpayers.  We are living in interesting times.

Sun, 11/21/2010 - 19:53 | 745139 claycalhoun
claycalhoun's picture

The British have huge loans to the Irish banks, better to write them off and wash our hands of the all mess.

Sun, 11/21/2010 - 19:19 | 745080 Thoreau
Thoreau's picture

Time to go long, IRA.

Sun, 11/21/2010 - 19:33 | 745099 Implicit simplicit
Implicit simplicit's picture

The Irish Citizens will default since the goverment didn't. Mortgage backed Bond holders will have to take a haircut sooner or later.

Sun, 11/21/2010 - 19:34 | 745104 MsCreant
MsCreant's picture

Unless they can prove that the titles were not conveyed properly, robo signers, etc...Then they could cram them back where they came from.

Sun, 11/21/2010 - 19:39 | 745116 Implicit simplicit
Implicit simplicit's picture

I was thinking about that earlier, considering its the same big bank type mentality that wrote these mortgages.

The problems were probabaly not restricted to the US.

Sun, 11/21/2010 - 19:45 | 745125 MsCreant
MsCreant's picture

The truth is, even if this is how MBSs are, it will take global litigation to get the result I describe. Nothing about this will be easy or straightforward.

Sun, 11/21/2010 - 20:19 | 745168 Implicit simplicit
Implicit simplicit's picture

Nothing is straight foward .

 It is a three dimensional illusion/delusion between Real estate, the banks and the goverments

Sun, 11/21/2010 - 22:22 | 745309 Al Gorerhythm
Sun, 11/21/2010 - 19:38 | 745112 Endstrategy
Endstrategy's picture

You talkin retirement account or the "terrorist" organization?

Sun, 11/21/2010 - 20:54 | 745209 Id fight Gandhi
Id fight Gandhi's picture

They're all the same in the end.

Sun, 11/21/2010 - 20:15 | 745092 MsCreant
MsCreant's picture

Edit: I got the timing on this wrong, thought it was today.


Irish Parlimentarian: WARNING: Unparlimentary Language

Sun, 11/21/2010 - 20:36 | 745182 10044
10044's picture

clip from Feburary, still good

Sun, 11/21/2010 - 19:30 | 745095 kaiserhoff
kaiserhoff's picture

What, no haircuts?  Nada, Zilch, Nothing?  We've done a full reverse somersault on Voltaire, the worst of all possible worlds.

Sun, 11/21/2010 - 19:52 | 745137 MsCreant
MsCreant's picture

In terms of haircuts, you have heard of "The Shag," yes? I think Ireland is in the process of getting shagged, yes I do.

Sun, 11/21/2010 - 20:35 | 745172 kaiserhoff
kaiserhoff's picture

Nice.  There is a kind of pansy dance centered around East Coast Beach music and the Carolina Shore called the shag.  Whenever some blue-haired lady tells me how much fun shagging is, I just lose it.

Sun, 11/21/2010 - 19:34 | 745100 grunk
grunk's picture

Not to despair, the Irish Government is announcing that a knee pad producer is moving its manufacturing facilities to Ireland.

Sun, 11/21/2010 - 19:39 | 745114 johngaltfla
johngaltfla's picture

Repeat after me...




And I'm not talking about Institutional Risk Analytics either.

Sun, 11/21/2010 - 19:44 | 745120 Implicit simplicit
Implicit simplicit's picture

repeat deleted

Sun, 11/21/2010 - 19:42 | 745122 Implicit simplicit
Implicit simplicit's picture

BB and I'm not talking about Bolinger Bands, but bank bombings.

Sun, 11/21/2010 - 20:56 | 745211 johngaltfla
johngaltfla's picture

No doubt. The IRA has already launched a "test" attack within the last 8 months and I'm sure more is to come. Sovereignty is something they take deadly seriously...

Sun, 11/21/2010 - 20:11 | 745159 Fred Hayek
Fred Hayek's picture

Although Chris Whalen will probably savage this move, too.

Sun, 11/21/2010 - 21:18 | 745235 Atomizer
Atomizer's picture

Bang, bang. Boom

Irish Ways

Thanks for bringing your series back. winks

BTW.. 26 million viewers understand

Sun, 11/21/2010 - 19:45 | 745127 kaiserhoff
kaiserhoff's picture

Cork must be out drinking and rioting.  When he returns, please ask how we can best assist the Widows and Orphans Pitchfork March on Dublin;)

By the risin' of the moon.

Sun, 11/21/2010 - 20:39 | 745183 THE DORK OF CORK
THE DORK OF CORK's picture

No I am here watching......... I really have nothing to say anymore.

Sun, 11/21/2010 - 20:59 | 745217 kaiserhoff
kaiserhoff's picture

Looks like you have at least one honest politician (you tube clip).  Beats us, per capita.  Hang in there old friend.

Sun, 11/21/2010 - 21:18 | 745234 THE DORK OF CORK
THE DORK OF CORK's picture

That guy is a embarrassment - it was only a lovers tiff between bum buddies.

God help us and save us.

Sun, 11/21/2010 - 19:54 | 745141 Bat-out-of-Hell
Bat-out-of-Hell's picture

This is where Irelands money has gone. To people like Josef Ackermann (CEO of Deutsche Bank). By the way: This is not photoshopped.

Sun, 11/21/2010 - 20:16 | 745166 MsCreant
MsCreant's picture

I can't tell if it is the pig's ass or it's face. And then there is the thing he is holding.

Sun, 11/21/2010 - 21:20 | 745238 merehuman
merehuman's picture

Dear MsCreant. Because of you i looked. Thanks. lol

Sun, 11/21/2010 - 20:02 | 745151 Bose Einstein OracIe
Bose Einstein OracIe's picture

Haha, how far will the ES ramp up tonite?

Sun, 11/21/2010 - 20:34 | 745180 Implicit simplicit
Implicit simplicit's picture

Not far.

Sun, 11/21/2010 - 20:06 | 745154 scatterbrains
scatterbrains's picture

The Irish are pussies!   and I say that after only one scotch.. so far

Sun, 11/21/2010 - 20:19 | 745169 Eally Ucked
Eally Ucked's picture

Not Irish, man, just their government, like yours anyway.

Sun, 11/21/2010 - 20:28 | 745175 scatterbrains
scatterbrains's picture

nah it's my fault for having romanticized my heritage all these years.. fuckin cowards.

Sun, 11/21/2010 - 20:57 | 745214 Id fight Gandhi
Id fight Gandhi's picture

Like hell they are! They got sold out by a select or chosen set of people in the banks and government.

Sun, 11/21/2010 - 20:12 | 745161 Arch Duke Ferdinand
Arch Duke Ferdinand's picture

Who cares what happens to Ireland, I get assassinated soon enough.

Sun, 11/21/2010 - 22:39 | 745332 A_MacLaren
A_MacLaren's picture

ROFL - ummm, errr, how sad for you, and the rest of humanity.

Sun, 11/21/2010 - 20:15 | 745163 Endstrategy
Endstrategy's picture

The Irish really pussed out on this one.  I actually thought they'd put up a fight. But nothing.  Totally nutless.

Why do people keep talking about their stupid IRAs?

Sun, 11/21/2010 - 20:32 | 745179 Implicit simplicit
Implicit simplicit's picture

The bank bought politicians pussied out; the Irish people will respond with their own default bailout because they must.

This has not ended for the Irish.

Sun, 11/21/2010 - 21:42 | 745265 Kayman
Kayman's picture

Hey people, Irish politicians, LIKE ALL POLITICIANS, U.S. AND EUROPEAN have all sold out to the money printers.

The first country to institute capital punishment for financial treason will create a turning point; until then money printing will continue to impoverish the middle classes.

Sun, 11/21/2010 - 20:18 | 745167 max2205
max2205's picture

At least now the Irish will quit withdrawing $ from Irish banks. NOT!

Sun, 11/21/2010 - 20:40 | 745185 scatterbrains
scatterbrains's picture

The fucking IRA better make a statement and fast..  some kind of signal.. make a lamp flicker or something... ghosts that they are.

Sun, 11/21/2010 - 20:43 | 745187 sabra1
sabra1's picture

give the IRA a chance! do you want crappy bombs, or great quality bombs? (not made in china.)

Sun, 11/21/2010 - 20:47 | 745198 sabra1
sabra1's picture

Max Keiser:

News on BBC just said a protestor in Dublin has been knocked down and run over by a govt. ministerial Mercedes. These cars and drivers cost the irish people €200,000 per year.

Sun, 11/21/2010 - 20:52 | 745204 scatterbrains
scatterbrains's picture

good! reverse back over the idiot a few times for good measure.

Sun, 11/21/2010 - 21:18 | 745236 snowball777
snowball777's picture

Suck a German banker's bratwurst, troll.

Sun, 11/21/2010 - 21:22 | 745242 scatterbrains
scatterbrains's picture

lol funny I do feel like whipping some ass tonight but this text shit fukcing blows for shir... I give up, you win  my dick licker friend.

Sun, 11/21/2010 - 20:55 | 745210 TJ00
TJ00's picture

So now the British government is paying the IRA to blow up The City, and paedophile Irish Catholic preists to rape British chrildren and to pay the pensions of ex-Nazis in Ireland, you really can't make this stuff up.

Sun, 11/21/2010 - 20:57 | 745215 RobotTrader
RobotTrader's picture


Bears must be flabbergasted at the pin job in the futures tonight.

Sun, 11/21/2010 - 21:14 | 745228 Clapham Junction
Clapham Junction's picture

Big fucking deal.  Grow some balls.

Jeez, this place is going to shit, too many Yahoo posters here.


Sun, 11/21/2010 - 21:17 | 745233 El Hosel
El Hosel's picture

  Bears have been watching this crap since 1998 when the SPY first hit 1200, Trillions of dollars later the PPT is treading water.

Sun, 11/21/2010 - 22:15 | 745300 HarryWanger
HarryWanger's picture

Yes indeed! Futures screaming higher tonight. This is holiday celebration time. Make everyone feel good before Thanksgiving. 

We'll also get good economic data this week as well. I said in another thread year highs on SPX by Friday close.

Sun, 11/21/2010 - 21:05 | 745219 virgilcaine
virgilcaine's picture

Handcuffs and paddy wagons are in order lots of em. These are sociopaths and financial criminals after all.

Not a single criminal case yet.. not one.


Mon, 11/22/2010 - 00:37 | 745546 Treason Season
Treason Season's picture

If you meant Paddy PolitianBankster wagons fine otherwise an inappropriate remark my friend.

Sun, 11/21/2010 - 21:09 | 745223 RobotTrader
RobotTrader's picture

New Zealand is open.

Yahoo Finance charts are down.....


Sun, 11/21/2010 - 21:24 | 745245 Clapham Junction
Clapham Junction's picture



Sun, 11/21/2010 - 22:04 | 745287 HarryWanger
HarryWanger's picture

SPX will end the week at new yearly high. Bailout equals rising equities. High beta movers will be on fire tomorrow.

Sun, 11/21/2010 - 21:17 | 745232 Clapham Junction
Clapham Junction's picture

Fuck you guys.

I'm drunk and I want to fight.

Piss off if you don't like bailouts.

Sun, 11/21/2010 - 21:20 | 745240 snowball777
snowball777's picture

Would you like to buy some nice Portuguese bonds?

Sun, 11/21/2010 - 21:26 | 745247 RobotTrader
RobotTrader's picture

Here 'ya go...


Sun, 11/21/2010 - 21:22 | 745243 YHWH
YHWH's picture

Was it delivered in a pub?

Sun, 11/21/2010 - 21:30 | 745254 Fernley Girl
Fernley Girl's picture

I know this has been here before, but it seems like a good day to watch it again.


Sun, 11/21/2010 - 21:45 | 745268 Atomizer
Atomizer's picture

So your all fucking pointing fingers eh?

The only twats responsible are the cunts you elected into office.

Joint External Debt Hub

National Source Data: the Quarterly External Debt Database (QEDS), jointly developed by the World Bank and the International Monetary Fund, brings together detailed external debt data that are published individually by countries that subscribe to the IMF’s Special Data Dissemination Standard (SDDS) or participate in the IMF’s General Data Dissemination System (GDDS). Several GDDS reporters also report SDDS data. Such countries are therefore listed under the two corresponding categories. They are highlighted in green below. Countries in black characters have agreed to participate, but have not reported data yet.

Public Image Ltd.- The Suit

It is your character
Deep in your nature
Take one example
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Romance and replace
The lack in yourself
It is your nature
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We see you climbing
Improving the effort
Wearing my suit
It is your character
There is a limit
Over your shoulder
Everyone loves you
Until they know you
Perfume aerosols
May champion the strangers
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Tennis on Tuesday
The ladder is long
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On social security
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Sipping champagne
Football on Sunday
Home on the train
It is your nature
Girl from Totteridge Park
Said you were nice
So was my suit
The ladder is long


Sun, 11/21/2010 - 21:56 | 745276 kaiserhoff
kaiserhoff's picture

I'm not drinking anything tonight.  Maybe that's the problem, but I have an erie feeling watching the comments come in.  This is what war feels like.  Not a hot war, of course, but a sitz krieg, the odd limbo when you know further negotiation is futile. 

You don't know what's coming, but you know it won't be a long wait..., and it won't be pretty.  For now, it's quiet on the Western Front...

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