The IMF's Day Just Got Worse: Noonan Seeks Haircut On Anglo Irish Senior Bonds

Tyler Durden's picture

Distraction #1


Well, don't keep us in suspense... WHAT IS IT? Oh, and the IMF may have some decision-making issues, now that it is facing a European banking system collapse not on one, but two fronts.

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comfortablynumb's picture

We don't need no banker bailouts!

We don't need no thought control!


Cognitive Dissonance's picture

Love the ID.

In fact I'm finishing up a two part essay titled "Comfortably Numb".

SparkyvonBellagio's picture

What are you doing on Saturday?

How'd you like to mow my lawn?

Then when you're done why don't you drop by the yacht club, ummm ummm!

Ahmeexnal's picture

Bank runs underway in the eurozone.

We all knew this would happen, but it's happening a lot faster.

Some bigwig in europe is going to be sacrificed in the altar of war.

That's the only way they can deflect the sheeple's anger. Yah it always works!

Sheeple fighting sheeple from another country, while the elite laught their way to the bank!

oogs66's picture

as I pointed out yesterday, more and more officials are making statements...this will get very ugly soon

qussl3's picture

Portugal has been awfully quiet lately.

Spain too.

Summer of love baby!

Josh Randall's picture

+++1967 - exactly, EU Hells Agels need to guard the stage again when the Stones take the "Steel Wheels Austerity Tour" on the road later this summer

AG BCN's picture

Spain is not that quiet today,

"The President of the Catalan Parliament, Artur Mas, and several other deputies used a helicopter to arrive at the Parlament building in Barcelona today as thousands of democracy protestors had camped outside the building on Tuesday night"
SMG's picture

Slay the beast!

Kidrobot's picture

Find the baby!


Lucas at his finest

StychoKiller's picture

"Get those puppies!" -- Cruela DeVille

Mae Kadoodie's picture

I knew a caddy named Noonan.  Top notch, top notch.

Cognitive Dissonance's picture

Hey you, look at me. I said LOOK at me. Just shut up and LOOK AT ME.

There's nothing going on over there.

Mongo's picture

Well it's about f-n time!

Carpathia's picture

Right on.  None of these countries should allow the banksters losses to be transferred to the public's balance sheet.  Be sure to wear some flowers in your hair.

EscapeKey's picture

You'd be willing to bet on an unimaginable amount of shite bonds not having been transferred to the ECB already?

qussl3's picture

Color me surprised that finally someone grew a fucking spine.

jtmo3's picture

Buy DOLLARS!!! It's safe.

Corduroy's picture

No playing fair - Europe day trading market closed already - mean !

TruthInSunshine's picture

If Greece is a proportional or even roughly proportional Lehman on a global scale (having similar effects on global financial markets that Lehman and de facto death of Bear Stearns did within a smaller and more tightly 'controlled' arena in 2008), what is Ireland?



Above this line, these are all countries that will default, in one form or another, without legitimate question, on their debt obligations.

Below the line you see are nations (Italy, UK, Japan, US), that also will default, although it may not be called that or deemed it as such, ever, due to the cicumstances of the global economy and social events of the times.

And I didn't even mention China, which is going to have an historically epic case of indigestion.






Captain Kink's picture

UK, Japan, and US can print their debt payments, so you are probably correct.  Italy, though? How do they escape?

equity_momo's picture

Uk , Japan , US are going to allow deflation to ravage their economies just long enough to get the proles crying out for more govn stimulus. Then we get more QE in all 3 nations.

The bandits in Italy however are fucked. Theyre gonna be on the menu after the bond vigilanties take Spain down. Greece is already cooked.

QE3 , 4 next year will be the tipping point though as debt-gdp ratios will finally trigger an all out aversion of fiat. Debt deflation or currency collapse , either way the global economy is going into a coma within 12 months.

steve from virginia's picture


From the, 'Buy time and don't do anything with it' dept....

Like the ECB/EU/IMF couldn't see any of this coming down the road.

At some point the people in charge have to start acting like people in charge and do their jobs.

Eireann go Brach's picture

And in a related story, the IRA are sharpening their skills and cleaning their guns as we speak. We dont need to place no fuckin maids in a hotel foyer, we will just take the heads of the wankin fucking bankers clean off! The youtube video of the Irishman telling it how it is deserves another watch

mendigo's picture

it hinges on the irish to be well behaved and play nice?

monopoly's picture

Can't you see all, this is playing out just as we have been talking about for a long time. Finally the beginning has started. We are going to enjoy this, as long as we are prepared.

equity_momo's picture

All i know is that for the little people , both debtors and savers will get screwed and im not even confident owning PMs is going to be an escape route. Cash and gold buried under a tree a la Shawshank redemption - i cant think of anything else to be honest. Maybe but some metal detectors...

Franken_Stein's picture


The start has begun.

Ben Bernanke stands ready to pour more American moneyinto the bottomless pit.

European banks say thank you.

If Euro banks go under, they will tear U.S. banks down with them.


shortus cynicus's picture

Well, don't keep us in suspense... WHAT IS IT?


It has blown up like supernova and converted into black hole.

Let see it's sucking force now.

Atomizer's picture

Sorry to disturb you Mr. Schwab, but you have a very important call on line #3. 

Europe 2010 - The European Union: Managing the Crisis

THE DORK OF CORK's picture

This is just a bit of comic relief  - maybe the Bull Noonan is the smartest animal on the farm and may cause problems but at the end of the day the entire Irish Herd is being farmed and soon will be butchered.


M.B. Drapier's picture

Eh. The current government has been saying this for months; since it gave up on burning the unguaranteed senior bondholders in Allied Irish Bank and Bank of Ireland, in fact. Indeed it was only a couple of weeks ago that Noonan apparently gave up on Anglo (and Irish Nationwide) haircuts for the first time. So it's no more than a mild surprise that Noonan is still talking about how he wants to haircut Anglo seniors. The real question is whether he's now willing to go ahead and do it in the teeth of the ECB's continued opposition, which Frankfurt backs up by the threat to go MAD and stop funding the Irish banks.


This is also not new; in fact it's pretty well established now that the IMF supported the burning of seniors in all the Irish banks; it was the ECB and Tim Geithner who blocked it.

THE DORK OF CORK's picture

We really don't know anything - it is just hearsay.

If you believe the VB show  Brian Lenihan told MK that little yarn - it may be true or it may not but it still may be just a fairey tale from a now dead and discredited Minister for Bank Debt repayment. 

M.B. Drapier's picture

I think it's pretty clear that Kelly had an IMF source for that article, though maybe Lenihan had spoken to him too. After all it's not likely that Lenihan told Kelly how much contempt the IMF had for the Irish government's supine negotiating position. And in any case, it's not very likely that even Lenihan would have simply made up the story about Geithner and the IMF.

THE DORK OF CORK's picture

Fair enough It sounds crediable.

On a seperate point what do you think of Steve from Virginas idea - he was talking about Greece but.....

"Poor Greece, they deserve better.

The lack of imagination on the part of EU management is appalling. The rates being charged the Greek government are actually market votes on Merkel/Strauss-Kahn/Trichet/Webber/that French dude's ineptitude.

Next step is the inevitable bailout. And so it goes, a tragic farce without end.

The easiest solution is for Greece to use the drachma as a purely domestic currency with a floating rate to the euro which the Greeks could use within EU markets.

The Greeks are currency- starved, the drachma could be issued by Greek government -- not another goddamned bank -- with a currency basket or 'public assets' as liability basis. Surpluses in drachma could be freely convertible into euros to allow debt service.

Drachmas in circulation parallel w/ euros would allow Greece to wean itself from international finance.

Believe me, the currency black market in Greece (euro/dollar, euro/sterling, euro/swiss franc) is lively and the market for drachmas is there, waiting.

The ECB could be a central banker for once in its life and put a time period on the 'dual currency regime' until a percentage of euro debt is retired -- 2 or 3% -- and euro rates decline. In general the drachma would be self- liquidating which would remove the productivity trap that has embraced Greece like concrete overshoes.

This has been done before, duel currency regimes are inflationary (which Greece needs) add stringent energy conservation (remove half the carz  from Greek roads immediately and sell for scrap) and you are out of the woods"
Me thinks Ireland is also currency starved inhibiting effecient commerce and creating bigger losses down the road - if we can do this while taxing one of our biggest imports , cars and petrol then it could just work

AldoHux_IV's picture

The IMF will go down in flames and all members will have to face justice for their crimes against humanity.

It is only the beginning of the end for these corrupted genocidal maniacs.

M.B. Drapier's picture

Actually the IMF are the closest thing to good guys in the Irish story.

Dick Darlington's picture

Little honey drops from S&P. This will probably scare away the few investors left in europe's periphery gubbermint bonds.

And one for ECB and EU kleptocrats:
GeneMarchbanks's picture

"Well, don't keep us in suspense... WHAT IS IT?"


A slush fund

TheJudge2012's picture

For real or for show to move the markets back and forth?

gwar5's picture

Countries don't die, bad ideas do. 

Finally the PIIGS are understanding who is really in charge in this situation and doing a little coordinating. Up from the people's movements.

The EU is teetering as bad as the PIIGS. But at least the PIIGS can default, muddle through, and regenerate. It's the EU that is going to disappear. Poof!