It Starts: Live Telecast Of Eurogroup/ECOFIN Meeting On Bailout

The Europen Union Economic and Financial Affairs Council has prepared yet another webcast of the decision over Ireland which was supposed to start about 30 minutes ago. If prior delays are any indication we expect this session to start with an about 3-4 hour delay. Elsewhere, we are receiving rumors that Germany and France have suggested that bondholders suffer a haircut on their senior holdings, and "do not expect bondholders to accept the two countries' haircut proposal." What that means translated in any language we have no idea. Additionally, as per French finmin Lagarde, the only open item on the agenda is the interest rate to be paid out. As we speculated earlier, 6.7% if out of the question as it would mean revolution.

Watch the ECOFIN meeting live after the jump. These things tend to be a hoot as during the conference reporters are now openly calling the European plutocrats on their bullshit.

Comments

[dark pools of soros]

6.625% bitchez

[JNM]

I think shorting Euribor Time Deposits this week and next...is a really smart idea.  Can anybody give me a reason, not to?

[williambanzai7]

[cossack55]

WB,

Maybe you should refer to the USMC haircut chart.

[williambanzai7]

Looks like it became classified after Obama took office.

[Rainman]

...get later today on wikileaks.org

[revenue_anticip...]

"refudiate" everything

http://www.bloomberg.com/news/2010-06-29/banks-financing-mexico-s-drug-cartels-admitted-in-wells-fargo-s-u-s-deal.html

[williambanzai7]

Looks like I need to change it to the pensioner haircut chart

[Ethics Gradient]

Apparently it's a new, official, ESM style haircut that you'll get.

Anyone got any bonds that mature in more than 18 months?

Wasn't this broadcast supposed to placate the markets? I rather think they've dropped the ball.

[tom a taxpayer]

Any one have a Babel translator?

[Orly]

Choose language below, "en" then refresh...

[unwashedmass]

lets hope the taters stand up and fight.

[RockyRacoon]

Let me know when the smoke clears...

[M.B. Drapier]

They really are doing it live, and quite possibly shagging it too.

[Arch Duke Ferdinand]

State Visit by me in Dublin...followed by State Parade w/ me in an open Landau.

followed by....

Aliqua Choir....Hallelujah...

http://www.youtube.com/watch?v=QOeSFFShDkM

hrh ADF

[PolishHammer]

It's good to be er....Duke?

[dan22]

http://www.youtube.com/watch?v=Yjr7NtntWeQ

[carlosschw]

Flat-top with fenders....oh that takes me back!

[carbon based unit]

5.8% in aggregate, if it were all drawn down now

[Ethics Gradient]

Greek debt repayment to be delayed....

[MarketTruth]

Ireland should tell the Rothschilds and those in the City of London to fuck off. Let the banks and investors fail, as they should like any business that goes bankrupt. Ireland, Spain, Greece, etc  should follow Iceland's lead.

This bailout means virtually no one gets a 'haircut' on their faulty investments. Socialize the losses on the backs of sheeple, privatize the profits to Goldman Sachs, the Rothschilds, etc.

[pigpen]

Ireland, please grow some balls and make my heritage proud.  Default on the god dam debt.  Bank bondholders and sovereign bondholders are NOT special - repeat after me - they are NOT special.  Default for the sake of the people.  Follow the actions of Iceland on the road to national sovereignty.

Iceland is No Ireland

Inquiring Irish minds just might be interested to see how Iceland fared after they told EU bankers to go to hell. For the answer, please consider Iceland Is No Ireland as State Kept Free of Bank Debt

Iceland’s President Olafur R. Grimsson said his country is better off than Ireland thanks to the government’s decision to allow the banks to fail two years ago and because the krona could be devalued.

“The difference is that in Iceland we allowed the banks to fail,” Grimsson said in an interview with Bloomberg Television’s Mark Barton today. “These were private banks and we didn’t pump money into them in order to keep them going; the state did not shoulder the responsibility of the failed private banks.”

“How far can we ask ordinary people -- farmers and fishermen and teachers and doctors and nurses -- to shoulder the responsibility of failed private banks,” said Grimsson. “That question, which has been at the core of the Icesave issue, will now be the burning issue in many European countries.”

Cheers,

Pigpen

[FreedomGuy]

It is sooooo much easier when you can bail yourself out with a Fed. Just tell Ireland and the others to create their own Fed or maybe a Euro-Fed who will buy all their own debt with Fed debt at about a 0 to 2.5% interest on short and medium term notes. Look, it's only paper and ledger entries anyway! Oh, I love our Fed.

I bet Bernanke has really reasonable consulting fees to tell them how to do this. Forget this realistic "haircut" advice. That's the province of real economics and accounting. That's for responsible people and other fools.

[Sudden Debt]

OH MY GOD!!!

AND CSI LAS VEGAS STARTS IN 20 MINUTES!!

actually that's a easy choice. CSI BABY!!

[CrashisOptimistic]

There is never going to be default.  I keep telling you guys.  The swaps preclude it.

The bailouts will go on and on.  Haircuts are swap triggers.  They won't be allowed.

[Ethics Gradient]

A week ago, I would have agreed. Now it looks like they're trying to paint CDS underwriters into a corner.

[CrashisOptimistic]

Of COURSE they are.  Trying.  They, Merkel and Sarkozy, have been begging their banks to exit their positions for a year.  The Banks Won't Do It.  They CAN'T.  The price they can get on any unwinding would telegraph the political direction on the next bailout.  They won't find any buyers for the unwind.  Their losses would be just as much as a swap trigger.

The banks are stuck with the swaps.  They may not expire for 10 years.  Or longer.

[Ethics Gradient]

I didn't say I thought their tactics would work!

[pigpen]

Iceland defaulted - swaps be dammed - reset the system - remove the debt and start over - stop paying banker bonuses when the banks they work for are insolvent - this is truly and existential crisis - why do certain banks exist?

Where is Kierkegaard when you need him?

How do you justify bankers bonuses on the backs of the poor and working class?

You cant - that is why you have to frame the argument as people vs. bankster (criminal class) - keep it simple.

Cheers,
Pigpen

[dark pools of soros]

dig up Andrew Jackson's bones and throw them at the IMF

[George Costanza]

only when risk takers start to suffer losses do we have a chance for a real recovery.  Until then, it's all Ponzi.

[Shylockracy]

Les Fédérastes au service de la haute finance.

[ZeroPower]

Ouin... mais avoues qu'ils y'avaient laire de savoir tout..

[tom a taxpayer]

Breaking News - Barney Frank and Richard Simmons fly into Dublin with aid for Ireland.

RTE reporters spotted a jumbo C-135 Stratolifter cargo plane landing with lights out at Dublin airport at 3:40 am. Irish armed forces unloaded hundreds of mysterious pallets from the huge C-135 to a secure airport warehouse, but only two men in trench coats were observed debarking from the C-135 Stratolifter. The two trenchcoaters hurried into a police car and were driven to the posh Merriam Hotel. 

As luck would have it, an Irish Times reporter staggering and looping round-and-round in the revolving front door of the Merriam recognized Barney Frank and Richards Simmons as the trenchcoaters entered the Merriam at 4:40 am. Reporters rushed to Prime Minister Cowen's residence demanding an explanation for the sudden appearance of the mysterious cargo plane and two trenchcoaters in Dublin. At a 6:00 am press conference, Cowen said:

"The Irish government had hoped to announce a great gift to the Irish people later today after the EU meeting. But you kids in the press caught Santa coming down the chimney so I guess we will have to announce this special Christmas gift now. 

"We know this will be a tough Christmas and even tougher next few years as millions of proud Irish citizens bend over and suffer repeated, brutal raping from the EU, IMF, foreign bankers, Irish bankers, and the Irish Government. We think these gang rapes can go much better for everyone involved if the Irish people learn how to relax and limber up. Just like the Chinese do tai chi every morning, we want the Irish people to do yoga every morning.

"Who better than Barney Frank and Richard Simmons to teach the Irish people how to limber up and learn to take 5% or 6.7% or, oh my hold-on-to-your-rosaries, 9% interest from the big swinging dick bankers. Starting next Monday on RTE TV, Barney and Richard will host an early morning yoga exercise show called "Barney and Dick up with the rising sun".

"Barney and Dick delivered a C-135 Stratolifter full of lululemon yoga apparel, enough for every man, woman, and child in Ireland. Yes, Barney, Dick, and the Irish government plan to insure Santa places lululemon yoga apparel under every Christmas tree in Ireland. Ho, Ho, Ho!"

[carbonmutant]

The basic message from the Germans is that bond holders aren't getting paid enough to take the risk... more spread, more spread....

[Al89]

What the hell is this idiot Juncker talking about? Making bad jokes.

Oh God. He just said 'Building on the strong fundamentals of the Irish economy'. Amazing.

[M.B. Drapier]

There actually are some sound fundamentals, buried deep under the public sector pay, public debt, bank debt and more debt.

[Lord Welligton]

Treason

Treason

Treason

Treason