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Ireland Rescue Imminent As Bund Spreads Pass 720bps
At last check Irish-Bund spreads were north of 725 bps, meaning Ireland is now effectively insolvent, and joins Greece in the group of bankrupt European countries. If this blow out is not stopped immediately, the contagion will again spread to the periphery first and then to the core shortly thereafter. The only question is when, just like in the case of oh so coy Greece, will Lenihan admit defeat and ask the IMF and the ECB for help (oh, and do it so during a Citigroup-mediated conference call). However, as Market News reports, citing Handesblatt, the Irish rescue may be imminent, and may come as soon as today.
From Market News:
Eurozone governments are preparing for a possible Greece-style rescue for Ireland although the country has not yet asked for financial assistance, German daily Handelsblatt reported Thursday, citing German government sources.
"The rise in Irish yields are a cause for concern" which is why Eurozone states are now examining whether Ireland needs liquidity support from the European stability facility, the paper said.While Ireland had not asked for help as yet, euro area governments are preparing for the emergency contingency. "We are ready to help Ireland on very short notice," one of the sources told Handelsblatt.
Irish central bank Governor Patrick Honohan warned Wednesday that Ireland's current sovereign borrowing costs are unsustainable. "I'll readily say that the current rate is well above the rate at which one would go back in [to the markets]. It is "unsustainable and you couldn't imagine them going forward," Honohan said.
The Irish government thus far has assured that it will be able to emerge from the current crisis without drawing on help from its euro area partners.
Earlier Thursday, Irish 10-year bond spreads widened to a fresh all-time EMU high at +640 bps above the benchmark German Bund.
How about at 720 bps 4 hours later? If the rate of collapse persists, Irish debt will be trading at levels that make Burkina Faso giggle.
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They are dead Jim...
Yeah yeah sure sure anuddah one ah doze ah imaginary fixits dat woiks till dah next one is needed all oveah agin, Sport. He went datta way...
(sound of carrot being munched)
Dr. KillPatient, I presume?
Is the leprechaun gonna make it, is he, Doc?
"Verst caze I've eva zeen!"
"Eeeeeem, What's up, Doc?"
"We can absorb another Greece" B H Obama
Someone call Timmy and tell him to fire up the Print 'n Swap...
You know, I've commiserated upon that statement for some weeks now, and still can't figure out who the fuck the "we" is that he's talking about.
'..for he's a jolly good fellow..for he's a..'
anyone know of other drinking songs?
99 bottles of beer on the wall, 99 bottles of beer...............etc etc
...If one of those Euros should happen to fall, print some more money to cover it all...
A bottle of Bass Herbert
Oh Dannyyy boooyyyyyyyyyy, the pipes, the QE crack piiiipes are callllinnnnnnnn.....
The next shot in the currency wars being fired by Euroland against QE 2.0, sovereign default. This is guaranteed to sink the Euro at minimum parity with the USD. Trichet, "So Bennie you want to fire up the printing presses?"
That theme from "Harry's Game"
.
Isn't this a bullish story? Just more money to be printed...more liquidity to go ahead and gun....well, everything higher?
(obligatory)
http://www.youtube.com/watch?v=gB3QiiQL0Oc
The Emerald Isle's tidy message to the Community.
http://www.youtube.com/watch?v=8mOWSlGrAnk&feature=related
maybe the Irish should join up to £stg...... fast!
maybe the Irish should default and join up to £stg...... fast!
F the Irish banks...quick save Guinness!
I would really like to know how many member states the EU can bail out before the jig is up with them?
Of course, the bigger question is when is the jig up with us?
These are good. Kinda like giving the 16 year old teenager a junker before he learns how to drive a more expensive car. Ireland/iceland/et al will help the US navigate these water once the rocks are spotted by the drunken crew.
Okay, so in creating an omen-filled story for the day:
a. Harbinger is dying. A harbinger of things to come (later today?)
b. The luck of the Irish finally runs out!
c. ...... (it's early yet)......
Watch this space for updates or feel free to add yer own!
ORI
http://aadivaahan.wordpress.com
That's funny, thanks for the laugh.
They be playin outlawed tunes, on outlawed pipes....
When Irish eyes be cryin, when Irish banks be collapsin.....
No problem, Timmah can do another wee stress test and confirm all is well!
Always after me f'n lucky charms!!
KOSPI?
Nothing to see here folks, move along... Benny and the Inkjets will just simply print more money, prop those markets up, give the illusion of wealth.
Thats really all that matters, perpetuate the illusion of wealth everyone with a brain knows is total BS.
Got to keep that sucker propped at all costs though, for what end game is my only question.
Oh I remember, so that the collapse is total and it can all be brought up again under 1 world govt, 1 world currency.
We're almost there folks, ride ending soon.
The moment the post refers to Ireland, comments are "on-liners" only. What is the matter with you guys?
Is this why the USD is up?
RIP Emerald Isle (DOD: 11/11/10)
RIP Portugal (DOD: 11/16/10)
RIP Spain & EMU (DOD: 11/22/10)
Yes.. thats why the USD, and very likely the Swiss Franc, are going north for some time.
Well can't have that though! Bernankes entire plan is based upon dollar weakening! Uh-oh...
Just another dog but with slightly fewer fleas at the moment.
An interesting article in Monday's Irish Times, well on their website anyway
http://www.irishtimes.com/newspaper/opinion/2010/1108/1224282865400.html
You mean irish bondholder rescue. The country and people of Ireland are going to get it over the head with a sledgehammer.
What is that I smell?!? It smells like dead stress tests that stunk from the beginning.
Oh,
Gimme a stress test
that comes out
truly best
where the
inputs remain unknown
Where assumptions
prove false
and Trichet too
is lost
and the Fed comes
to bail out the day
Home home
where its strange
where only fools
and Goldilocks play
Where seldom is heard
a discouraging word
and supposedly
everything's OK
Same as here, just as phony, with the Fed doing a better job of hiding the rotting corpses, for now.
What happened? Did someone actually ask to SEE the leprechaun?
Great article in WSJ on this. Microcosm of the US Banking industry...un-fucking believable. Perhaps most telling line in article is the fact that the world is crashing down around the banksters and they are getting billions in taxpayers funds...they find a way to line their pockets. Fortunately nothing like this would ever happen in the US.
PwC found that Anglo burnished its financial reports with temporary deposits and had secretly loaned its directors €179 million. Mr. FitzPatrick, the chairman, resigned. Mr. Neary, Ireland's financial regulator, was eased out with €640,000 in severance and a €143,000 annual pension. Mr. FitzPatrick's lawyer declined to comment.
http://online.wsj.com/article/SB10001424052748704506404575592360334457040.html?mod=WSJ_hp_LEFTTopStories
The Irish love a parade... so do lemmings.
Eurozone governments are preparing for a possible Greece-style rescue for Ireland although the country has not yet asked for financial assistance, German daily Handelsblatt reported Thursday, citing German government sources.
If this does indeed happen, US markets will take off like a rocket higher.
A rather snotty statement from Eurogroup president Jean-Claude Juncker trying to bat down the Handelsblatt rumour. All kinds of talk going around at the moment. Noises about a sweeter, non-EFSF deal on offer from the IMF (not just from the WSJ); suggestions that the ECB is curtailing its support of the Irish sovereign and/or Irish banks; rumours of an overnight funding crunch for the Irish banks. Things going bump overnight.
But the problem is how much money does Ireland need to bail them out. Have they been lying and saying the debt is this much when in fact it's 10 times more. The finance ministry and central bank said that under a "stress case" scenario, bailing out Irelands financial system could cost as much as 50 Billion euros. And these are the same guys that said most if not all the banks in the EU passed the earlier this year stress test. This is a joke and a sick one, the way that Ireland was spending money and how it was cooking the whole islands economy it has to be more like 100 bilion euros at the minimum.
http://www.bloomberg.com/news/2010-11-12/european-ministers-hold-crisis-talks-at-g-20-amid-ireland-bailout-concern.html
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