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Not All PIIGS Are Created Equal: Irish Bail Out Package To Come With 6.7% Interest Tag, 1.5% Higher Than Greece
RTE reports that the IMF/EU Irish rescue package will come with a whopping 6.7% rate for nine year money. Per the RTE article, it is unclear if that will be an APR or some multi-year blended effective annual yield: "The Government's four year plan assumes that by 2014, interest payments
will have increased from €2.5 billion to €8.4 billion a year - around
one fifth of all tax revenue." Regardles of how it is calculated, newspaper tomorrow will be blasting the 6.7% number, which is 150 bps wide of what Greece is paying on backstopped paper, and will only create further resentment at the fact that not only is Europe split into a core and PIIGS, but that it is now apparent that not all PIIGS are treated as equals. How Irish citizens will react once they find out that the EU believes they are less creditworthy than even the Greeks, only the IRA can predict.
From RTE:
It is understood that the Taoiseach, the Minister for Finance, the heads of the Central Bank, the NTMA and senior officials met in Government Buildings for several hours this evening to discuss the details of negotiations with the EU and the IMF.
It is believed that contacts will resume tomorrow.
Fine Gael Finance Spokesman Michael Noonan said the suggestion of a 6.7% rate was very disturbing.
He said the Government must not abandon the national interest and settle on unaffordable terms in its negotiations.
Earlier, leaders of the Irish Congress of Trade Unions finished discussions on the country's debt crisis with the EU/IMF delegation in Dublin.
And also in the RTE we read of a guaranteed harbinger of what is to come for the ruling party, a Sinn Fein representative won a by-election in Donegal: the same opposition party which has branded the current administration in Ireland as traitors.
Pearse Doherty has been elected in the Donegal South West by-election to fill the Dáil seat vacated by MEP Pat The Cope Gallagher.
He was elected after the fourth count without reaching the quota. Fine Gael's Brian O'Neill came second with Fianna Fáil's Brian Ó'Domhall in third place. The total valid poll was 34,424 and the quota is 17,213.
Mr Doherty got the highest number of first preference votes with 13,719 in the first count.
He described the election as, 'the by-election the Government never wanted to happen' adding that 'the result tells us why'.
Speaking after the result was announced, Mr Doherty said the vote was a rejection of the interference of the IMF in Irish affairs and said he would be voting against the Budget on 7 December.
Update: Irish Times is quick to quell the public fury by reporting that while it has no clue what the interest rate will be, a "source" has said it will be lower than the 6.7%. In other words, just like the Greek bailout package started at $500 billion early in the day on that fateful Sunday in May only to progress to $1 trillion based on the futures reaction, so the IMF now will likely determine just what the final interest rate on the rescue loan will be based on the degree of public mauling of various elected officials over the weekend. Mere cuts and lacerations should be sufficient for 6%, broken bones: 5.75%, 3rd degree concussions: 5.5%, getting someone drawn and quartered may just leave Ireland to borrow on the same terms as 3 month US T-Bills.
The interest rate for a nine-year EU/IMF loan would be lower than the 6.7 per cent being quoted in some reports today, a source involved in the talks has indicated.
The source said the interest rate was still under negotiation but would not be that high.
The loan of €85 billion would come from a number of different funds, some controlled by European Union institutions, others by the IMF. It is understood that the interest rate for the IMF portion of the loan will be in the region of 4.5 per cent, while the interest charged by EU bodies will be considerably higher.
The source accepted that the average interest rate was likely to be higher than the 5.2 per cent charged to Greece when it was bailed out earlier this year. But it was pointed out that the Greek loan was for a period of only three years.
Higher rates of interest are attached to longer loans and the nine-year loan being negotiated on behalf of the State will involve a higher interest rate, as the risk of default is considered to be higher.
Officials in the EU-IMF mission to Dublin are examining how senior bondholders could be compelled to pay some of the cost of rescuing Ireland’s banks.
h/t Mark
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Greece rioted more before selling out
the luck of irish...
As the old joke goes, God created alcohol to keep the Irish from ruling the world.
IT'S not GOOD TO BE A IRISHMAN!!
The Irish rub of the green sure ain't working anymore.
6.7% is economic suicide.
It won't happen.
The total tax take in Ireland in 2009 was €54.4, over €20 billion more than the Exchequer tax receipts.
Then you have to run the country, Finding an additional 15% to pay the interest is going to be Impossible with the debt they have. Think one credit card too many! This is whitewash on a termite eaten economy.
Austerity breeds Austerity
The irish will pay higher interest since they wont protest as much in the streets like the greek people. So they have to pay the price for that ?!
irish will kill over money.
Anybody know why poor Jimmy Rogers' Yuan is collapsing?
What the hell????
No problem....He's got plenty of basic materials....... :>)
I junked you because A) your obtrusive comment is O/T, B) this is not a yuan "collapse" in any case, C) you have no idea how Rogers is positioned tactically, D) Rogers is bearish on the PIIGS and all fiat currencies, and E) a day or two ago you made a junkable comment on the order of gold $1600 implied Dow 14K (obviously you forgot that the Dow remains in its accel downtrend channel vs Au).
you think too much; and pls dont call them PIIGS - it shows disrespect for a whole group of people. what makes you think US is not a pig (sort of) in the making?
PIIGS is just an acronym. Now, re-arrange the letters as PIGIS or GIIPS and then is an insult.
http://i1038.photobucket.com/albums/a468/goldsaver/IMAG0115.jpg
i know - but dont you think PIGS as an acronym is being used to denigrate those people and probably more to the point to make ill-profits in forex...anyway..
nice dolar!
I guess is in the eye of the beer holder. You can take anything as a pejorative. Just don't accept it as such and it looses its power. Decades ago as a young man who spoke little English (some would posit I still speak little English), a very rude co-worker decided to spew insults my direction. When he could not get my ire up he yelled: "What do I care, you are just a spic!" Since I had no clue what the word meant, I was not offended. I replied "Wrong nationality, I don't even know what country that is!". The room exploded in laughter as everyone assumed I was just mocking him. I actually had to ask a friend afterwards what it meant.
Hmmm, someone (much more clever than I) recently postulated that you only have to add Hungary and Turkey to the PIIGS, and you end up with "PIGSHIT" as an acronym......
Arius-thanks-PIIGS is so perjorative ;-) - Ned
Rogers is always on the money. Wait and you will be toasted.
Robo,
The blue line does not look like a collapse. There may be movement, but what currency hasn't been doing this?
Mr Rodgers is living in Singapore. Have you been paying attention to the Singapore dollar?
You might want to create some buzz before you take on Mr. Rodgers.
You're off topic. Don't you have an opinion or a ramped-up chart for something on topic?
I like PIS. The remaining idiots. The PIS countries. My family owns a lot of P. The thing is that historically Portuguese tend to be Intraverts. Will they wake up now? not sure
You're not from Rhode Island are you?
sounds like central banks doing what they're designed to do. Loan sovereigns into unbearable debt and capture the fruits (tax revenue) of the country's people.....
Rothschild would be proud of his baby!
They is proud of his baby. I bet you that he are sitting in their mansions all over Europe just about now and rubbing his proverbial jewish hands in glee of how he is totally having everybody.
"Loan sovereigns into unbearable debt"?
Central banks are just a branch of the government. Without a government enforcing legal tender the credit of said government would be worthless.
The Rothschilds are simply exploiting the avarice of government not clandestinely controlling it.
how one earth did you get the idea that central banks are part of the government? The federal reserve is not federal and certainly has no "reserves". It's completely owned by the banking system.......aka the biggest banks.....aka wall street.
you're right in the sense that they just profit from the stupid avarice of politicians and the people they "serve". Think of us as addicted junkies and the fed res as our dealer.
How on earth did you get the idea it wasn't? The Federal Reserve was created by the US government. It is the US government that enforces legal tender.
The Reserve Bank here in Australia is quote (on its website): "wholly owned by the Australian government".
The Bank of England has been doing the British governments bidding for centuries. No private bank could force you to accept its bad credit as payment. Wake up man.
Actually, the FED was created by Bankers in the service of the Rothchilds and Rockefellers. They gained their charter through manipulation and a late night vote. The counterfeited an amendment to tax the people.
They even found a way for us to fund their share of the start up! Then they slowly bought the government through the loaning of money.
The FED was created three times here. It is based on the same model that was used around the world- The Bank of England. As for the Brits- it's the other way around. Go back to the Corn Laws.
No private bank could force you to accept it's bad credit as payment? I may be wrong, but last time I was in Australia- you were using fiat currency. This is the definition of bad credit. Did you think you didn't have a national debt?
There is a reason they're called notes...
No, the Fed was created by the government. You said it yourself: "They gained their charter through manipulation and a late night vote". Who was it that voted, the Rothchilds? No, it was the congress, or whatever you call it in the US. The bankers may 'run' the scam but its the government that created & maintains it.
And as I already stated the RBA is "wholly owned by the government". Yes we use fiat money here but it's not issued by the local credit union for fucks sake.
The Bank of England was originally given a charter by guess who? Yes, the British government. Without its government given charter its credit would be worthless overnight.
Really, wake up. No private company could force you to accept its bad credit.
AUD, i think you are mistaken. Be it fed, banks or government, its a very few jews that actually are in control. Israel must be very proud.
By blaming jews you are only making your predicament worse by letting the real culprits continue with their nefarious activities.
Undoubtedly there are jews in high places but it is the government that is the source of the problem. Central banks are government institutions since they can only operate under the aegis of government, no private institution can have that power over everyone else.
And anyway, last I heard the citizens of Israel were also being crushed under the irredeemable debt of the shekel, issued by the central bank of Israel, same as the rest of us.
Common mistake. It is not the Jews that are the problem- it is the Zionists. The Zionists will toss Jews out to be cannon fodder. The Zionists are the bankers.
For the government to create it, it would have required the government to conceptualize it. It didn't. You need to wake up. What is a vote if it is the end product of graft?
Our fiat currency is not issued by a credit union either. As for the BOE, I haven't seen anyone able to dismiss the charter- why is that? Don't be so naive.
Your government and mine and all the others are mere functionaries that work at the behest of the banks. The votes are manipulated by legislators that are bought and paid for. The occasional maverick? Certainly, but that is because it lends credence to the system. Your government is bought and paid for.
You ignore the police power of the state at your own peril. How is that mineral tax going there? What is a subsidy? A private company forcing you to accept their debt.
"What is a subsidy? A private company forcing you to accept their debt."
You're so full of shit. A subsidy is the government forcing you to accept the debt of a private company.
Your revolution will fail moron.
And you are not responsible for the debts of your government?
Go back to your banker buddies.
Moron? Nice, you got beat by a moron, what does that make you?
"And you are not responsible for the debts of your government?"
So now it is the government forcing me to accept its bad credit?
And I got beat by you?
Partially correct. The Federal Reserve Act of 1913, chartered the Federal Reserve Bank (a Private bank formed for this purpose) as the sole issuer of legal tender notes. Before this, every bank could issue notes. The bank stayed in business only as long as the people trusted the bank. As soon as customers quit trusting the banks, they demanded their gold be returned and the bankers ran (bank run).
The Federal Reserve Act made it illegal for banks to print their own notes and made them all subservient to the Federal Reserve Bank owners (J.P. Morgan, John Chase, Rockefeller)
In practical application, the Federal Government is the biggest bank customer and, thru the IRS is its enforcement arm by prosecuting competition (counterfeiting) and collecting profits (bankruptcy courts, and taxing authority)
Yes, it really is unbelievable...they are economically controlling whole countries with printed-on-demand fiat paper...unvelievable...
As a spy movie it would fail...who would ever believe James Bond fighting a bad-guy who buys up whole countries (and soon US States) with monopoly money and makes them pay him additional tax-revenue for eternity just for his 'effort' of printing the monopoly money.
Too unbelievable to work...easier to buy: a Mariana island with a beautiful only-bikini-owning woman, a midget and an old dude with a huge frickin' lay-zore.
Let's just hope that the potatoes hold up..............
6.7% is indeed economic suicide. It was precisely when the Bonds rate passed over 6% that the spiral began.
Agreed.
However. The "rescue" package ought to be "reasonable".
This, if true, will result in a violent reaction.
Perhaps that is what Germany wants.
But German and French banks can kiss €200bn goodbye.
Where the hell is the IRA on this? Don't they consider this as a direct attack by Britons against Ireland?
You might want to catch up on recent Irish history.
The Belfast Agreement and the St. Andrew's Agreement would be a good start.
I have to call Bullshit here re the IRA.
When the girl who became my wife was young, she lived in London with an English family. One day she heard a big bomb explode across the park in front of the house where she stayed. It was an IRA bomb trying to kill a Member of Parliament, who incidentally had (Irish-American) JFK's daughter Caroline staying there. Yeah that would have been real smart: killing a Kennedy. My wife still has the newspaper clipping from the attempted murder by bomb.
Oh yeah, the Marxist IRA bastards also perfected the "Second Blast" idea... Set off a bomb, and then 30 - 45 minutes later, set off the second one (after the emergency responders show to care for the casualties).
Not lauding the IRA here DoChen, my single serving friend. Sometimes evil needs to be faced by equal evil. Plus I suspect that the banksters fear nothing, so would love to give them something to fear.
I hear you re the Banksters. Good time to make them sweat.
I had more than a single serving of turkey yesterday!
You may be correct - might be what Germany wants. It makes sense.
I think we should connect the dots on this one - 6.7% does make sense if it assumes senior bondholders of bank debts take a haircut. The Europeans know that Ireland cannot pay this rate if they assume a full bailout of the banking system, but if there is a haircut, it will be a very different proposition.
I think this is the surprise outcome and the US and UK will hate it, but the Europeans know that democracy requires a more equitable distribution of the costs.
Also, higher rates at the long end will make the solvency of the state pension fund better.
It doesn't matter if it's 10%, as it will never be repaid. As in the case of Greece, this money should be classified as a donation by the givers and income by the recievers. At least now when it comes time to 'loan/donate' money to the next weak link of Portugal or Spain, the Greeks and Irish will be able to hand over their IMF/EU share.
ZH going down in my estimation with the non-funny IRA jokes.
They killed hundreds you know.
The British army killed hundreds of thousands. This is war.
What IRA comments?
you know, "the one's over Roth vs. Traditional." They've been rippin' into "traditional IRA's" for weeks now.
http://www.youtube.com/watch?v=XPoEs-Vz4v4
You guys are way off base, it will be 6.69%.
It's all good.
My thought it will be the mortgage loan officer special after adding buydown fee charges:
5.99999 % « Good news, got ya' in the 5's on the rate, mate. »
Is BAC about to have a "Wardrobe Malfunction?"
I like that boob but I hate that face above it, who is he?
I think that's Sophie Marceau.
I'm French, and I can guarantee this is Sophie Marceau. But she's an arrogant bitch, despite being hot.
Come on. You don't need to know anything about her character while in bed. What matters is the boobs, pussy, legs and skin. ;)
You forgot to mention A TIGHT ASS little hitler!
Nice woman must have a nice ass.
I'm a doggy style kind of guy, what can I say :)
Roger that. When silver breaks $30, I will go and look for a girlfriend. Perhaps you can lend me your wife for some time so that I can have an idea what a nice arse means...;)
So she turned you down, eh?
Perhaps because she knows she is hot?
http://i1038.photobucket.com/albums/a468/goldsaver/IMAG0115.jpg
Dude, you don't recognize him?
It's Brian Moynihan, CEO of Bank of America...
Sorry man, should I?
He looks like a butch of Manhattan, that pussy chin always reminds me of some kind of pervert, he must have very strong character, you like him?
I think a 'sphincter malfunction' would be more apropos...it ain't gonna be any wear near as purty as Sophie's lefty.
Looks like he's suffering the cumulative effect of many celebratory half 'n halfs.
another bailout of banks in USA imminent? Or "will the game of chicken between Feds and Banks over dividend payouts" come to its inevitible conclusion?
Nah, they will just get POMOed to raise the market cap before the EOY. BTW nice boob. Whose is it?
http://i1038.photobucket.com/albums/a468/goldsaver/IMAG0115.jpg
The still photographer's reaction time was superb; as soon as her nipple's fully exposed you see the camera flash. Well done!
People like to bust RT's chops. But the above post is why Robo rules!
As I said before who is first out of the door will be in much better shape in the future. But anyway that means nothing, like for Ireland they will pay about 18B in interest on that fuck loan and they save 15 B on cuts to benefits and wages to citizens. Very good math, they will be in much worse situation in 4 years but at least population will be pacified at that time and they will proceed to the next country. Greece is in the same sack but better than Irish, they were first. Portugal and Spain will be really fucked, and then you'll get Italy, Belgium, and the little ones.
Meanwhile the biggest fucker of all will print hoping that somehow they will survive, or delay collapse.
This is troubling as Ireland has a very well known history of violence against perceived injustice. As our host alludes to I would not want to be a public official, bankster, or anyone remotely connected, even peripherally, with the Oligarchy side on this that is known and in country.
The EFSF offered rate is based on the FICO score of the remaining members able and willing to borrow.
The IMF has a 'pick a pay' plan option plane while the EU commission only offers a subprime teaser rate ARM
I do not understand why we are letting these banksters all over the world rule us as if we are complete morons. When will we say enough, indict and put in prison these scum that have destroyed this country and many others for their greed and theft of the public. We just let govts. run over us time and time again.
When will this end? I hope Ireland stands up to these whores, scum and facist pigs.
Good question. Why indeed are you accepting the bad debt of the government as payment for your toil? Why are you dutifully paying taxes to the same government?
As I posted above, the 'banksters' are simply taking advantage of the avarice of government. No private banker can force you to accept his bad credit.
Pay attention: legal tender laws and state police power- directed by those bankers through your government. The only out is revolution- not the kind of change people take on a whim...
"source" in the talks == Lenihan. He vastly overestimates his negotiating skills.
Insantity. Pure fucking insanity.
I am not a violent guy but this is getting to the point where violence is the answer as morals, common sense and patiotism don't come naturally to the Irish politician.
Maybe the fear of a bullet will help remind them of their duties.
What will the European Debt Crisis do to PMs? On Nov 23, USDX went up but PMs were much stronger. Today, USDX upped again but PMs were nuked. Silver was down 3%. :S
Low volume and China changed the margin requirements. Gold is down by 11.85 measured against the dollar. I don't need to look at other currencies to know it was up against the Euro etc.
Nothing to see here in other words. Europe is the key on the price of Gold not the Dollar.
I don't think the volumes of PMs today are low. The open interests of the Dec contracts seem quite high. It does seem that some big guys want to take delivery to short squeeze JPM and HSBC.
Just to lighten the mood a little...
http://www.youtube.com/watch?v=Nfz9O_mSY1U&feature=related
I can't see how things can get any better. Not with the EUrocrats & IMF (etc) pulling strings.
NO ONE can start shit like the Germans.
Germans conquered the Romans, created crippling hyperinflaion, created the largest war the world has ever seen, attempted genocide on the world, they just fuck shit up.
European Union? Fuck it, the Germans will collapse that shit like a baby shits in his diaper.
the only mistakes they make are big ones...
They will have had created a shit storm if they think Ireland is going to pay 7% to German and French banks.
Either these fuckers are stupid or they deliberately want to destroy the Euro.
#2.......
They are definately not stupid.
This is planned and Germany is going to rape, plunder, and pillage. Then we can have war.
6.7 lol. That is just funny. http://www.ebaumsworld.com/video/watch/310495/
The Germans? No. The Austrians? They "do have a school of economics named for them...
Actually, the germans were bit players in that drama. The huns were much more involved. Also, part of the Roman empire lasted until 1000 AD in Constantinople. It was the Persians and Huns that made life so difficult.
Since the bankers were behind Hitler and may have also forced Bismarck's hand, it hardly makes sense to blame the Germans. Since the bankers are responsible for more death and destruction than anyone, why blame a nation?
They have used the US to kill indiscriminately. Germans? How about Bankers- the most dangerous, pathological, scumbags on the face of the Earth. Bankers have no nation, they only have proxies.
On Thursday I opined that Gold was in a channel bottom and should be watched for a breakdown.
"Check the Gold Channel. I just started looking at this tonight. It looks tasty, but won't place trades until watching for a while longer."
And posted this chart: then further down, look what happened,
<please use link for the charts>
http://oahutrading.blogspot.com/2010/11/doctor-gold-has-caught-cold.html
An important break, support at the PRS177...and then a sharp rally and sharp slap down by the main PRS 100 (or zero if you prefer) channel line. This is extremely bearish for Gold. This is one of my systems, this must be bet. Too bad I missed Thursday, but since it was first channel line I drew on Gold, I had to refrain from doing anything.
Irish times says its less than 6.7% but does not know actual number....
6.699% ??
When my ancestors ruled Ireland under the king of Great Britain they had no debt just starvation.
And soon ye shall have both.
Too late ECB, Contagion has taken hold.
In a nutshell, risk has been grossly underpriced and the wizards behind the curtains are being dragged kicking and screaming to the sacrifical alter to admit this. The end game is always the same. Tax the rich until they are poor, eliminate services, give everyone a haircut one way or another either through inflation, negative real interest rates or both.
"the wizards behind the curtains"
Real freaky while reading your post I happen to be watching the "Wizard of Oz" (With the kids while I surf ZH).
As I read the Wizard having the curtains pulled back (in your post) it actually happened on the TV at the same time on TBS network/
Real freaky !
Deja........no !
But do you know the name of Wizard? It was on Jeapordy and I had no idea what the answer is. Very interesting definition btw...
Ben Bernanke.
Now what do I win?
No it is tax the middle and working class until they are too poor. This has always been the game.
The underlying asset to which the credit was given is declining again, Real estate.
Serious deflation is kicking in, values are eroding faster than the Eurocrats can deal with.
The ECB wanted a Irish default when they defaulted on their obligations as a central bank a few weeks ago.
They have decided to retreat from Ireland as they must have known that treausuries are unable to provide cheap credit unlike a central bank.
We were the creatures of the ECB , soon we will be back under the malevolent wing of the BOE.
Its a bitch being a small country - soon we will have the punt again and the Irish central bank will be back to normal - following the orders of the BOE.
Bank of Ireland equity may be a good investment if we default shortly as they are a conduit for the BOE -
They just need to keep a sliver of private ownership so that Ireland can transfer its holdings back to "the right people"
You seriously think that you'll end up under the wing of the BoE? The BoE is merely a pawn in the scheme of things.
TBH I think that your own bias is stopping you from seeing clearly - easy to blame the so-called "historical aggressors of Ireland" isn't it? You fail to see that everything from WW1, to the league of nations, to the (potentially illegal) seccession of Southern Ireland from the UK, to WW2, to the setting up of the UN and EU has been planned and so far all is proceeding to plan! We have to go deeper down the rabbit-hole yet.
Open your eyes for your own sake (and that of your country). You never had freedom when you left the UK, you just changed overlords - and for a far more dangerous sort and you now (as a country) pay the price. But please don't get me wrong - the UK (especially since WW2) is just as much in thrall to the banksters and their puppet masters - we just had a bit of luck when we left the ERM.
IMO, we'll all be better off if we can stand as a truly United Kingdom again - against these scum. Remember - divide and conquer.
I was thinking of spheres of influence - each CB has its own turf that it administers - who they ultimately answer too is a different question.
I feel the ECB has no local knowledge of the "Irish problem" and are about to or have given up here.
just my take on things - I am a Dork after all.
Ps the main negotiators in Ireland's "team" appear to be the Irish Central bank governor and the recently appointed Financial regulator Matthew Elderfield who is also a banking creature - go figure.
Fair enough. Although I suspect that the ECB has not yet given up... Afterall the party's only just begun...
Why can not you people think?
There can't be a default. It is all swapped 80 ways to Sunday. The ECB will not permit them to default. France and Germany (their banks) will inform their governments that there must not be a default, and so there will be none.
Come on, people. You all KNOW this already. It's all about the swaps. The swaps define all this.
Ireland is handling this very badly. They have a lot of leverage in the negotiations, if they just have some courage. Just inform the ECB/IMF that their conditions are unacceptable and that default process is being looked into. Watch how fast they fold. Hell, if Ireland had really big ones, they might get the money as a gift, not a loan, and no strings attached.
Call me crazy but I'm sure the negotiators are playing hard ball. They are setting up their luxury jobs at these banks after they are tossed on their asses. Never for a moment believe that most any politician has the people's interests at heart. At best they will do just enough to avoid the hangman's noose, and in today's polite society most politicians could eat babies on tv without fear.
It would be my delight to call you crazy... but you're not.
The Austrians have already informed "me and you" of "the big PHUCK U." It doesn't take a "movement" to "blow it up"--just a simple banker.
There are cuckoos in the nest - things are going quite well from a certain perspective.
This will not sit well with the Irish. I mean 6.7% is like Lord Wellington said economic
suicide. Ireland will never recover from this at all austerity and 6.7% interest rate? Just
like Nigel Farage said yesterday, just who the hell does the IMF and EMU think they are?
The euro is doomed for failure because Spain,Portugal,Italy and Belgium will want a
bailout soon. So a dollar collapse is 10-15 years away now that we will have a
deflationary collapse of the EU.
All this noise strikes me as a bunch of third graders playing "Fuck you" "Oh yeah, well fuck you" "Hey fuck your momma" "Yeah, well fuck your sister". In other words, a lot of noise. When somebody actually puts a hole in one of these bankers heads I'll pay serious attention. Until then it's all just bullshit. And by the way, when is somebody going to publish these bastards home addresses and their route to work. Come on - somebody has to know. Give it up.
Indeed "one of these bankers just put a hole in the Irish PM's head" and as Genesis sang so well "There's no Reply at All." And "if you phuck my sister I'll kill ya'."
Widespread cynicism in Ireland that the figures in the 6-7% range we've heard a few times now are attempts to make a 5-6% rate seem like good news and a victory for the government. There's some ugly, cynical domestic politics going on here, never mind the international dimensions. It's obvious that the Fianna Fáil government needs to complete an EFSF deal itself to save some face for the coming general election, while it's hardly well positioned to deal with the consequences of a failed negotiation. Not a great negotiating position. More cynical types would suggest that the worse the deal is for the country, the better it is for Fianna Fáil. Since FF is nigh-certainly going to be out of government after the election, the current opposition parties will be ones taking the flak for brutal austerity and/or sovereign default. Just the thing to bring disheartened Fianna Fáil loyalists running back to Daddy.
As for the opposition parties - specifically Fine Gael and Labour, not the SF goon squad - they haven't tried too hard to get the inept and discredited government out of power for the crucial EFSF negotiations, presumably so that Fianna Fáil can take the blame for the outcome. They could still probably scotch any deal made, either by pulling out the stops to defeat the budget or the vote on the EFSF package, or by simply indicating that they'll tear it up when they enter government in a few months. But they may not do so even if a bad or pretty appalling deal is made. First, who wants the blame for bringing down the deal and plunging the country into DOOOM, especially right before an election? Second, there are plenty of Irish opposition politicians with a strong emotional, and sometimes more venal, attachment to the EU. Sutherland's not a singular phenomenon. Do they have the will to do something that would be really unpopular with their sophisticated friends in "Europe"?
By the way, the Irish government published its four-year fiscal plan on the Wednesday (no kidding). It has been nicely summarised on the Irish Economy blog.
I saw that and also saw the results of the by-election. Not looking good for Coward (I mean Cowen).
They really should hold an election before pushing this through.
Aaaargh!
The people at the Belfast Telegraph have obviously lost their minds...
"25 most eligible single females in Northern Ireland"
Read more: http://www.belfasttelegraph.co.uk/lifestyle/features/25-most-eligible-single-females-in-northern-ireland-15011507.html#ixzz16URNYd20
Now no one will come to the rescue!
Jesus some of those Girls are Dog rough - is that the best on offer?
Although Emma Fitzpatrick floats my boat ,I wonder would she let a Cork Boy enter her home turf ?
Rough? You're not wrong there. Some of them are real shockers.
Most of 'em wouldn't make Home Coming Queen in Smackover, Arkansas.
If you think I'm kidding: http://www.kcwd.com/gj/g/2010-09-30-ca.jpg
In most instances it's quite obvious why they are single females.
Sans the heavy make-up, some of them could be absolutely frightening.
I hear ya. A make-up accessory from Belfast - http://tinyurl.com/35rj8qb
Poor Irish with the beauties like these thay have nothing to fear from IMF :)
Give the bankers these hotties for wives as punishment
"Give the bankers these hotties for wives as punishment" - good idea. Perhaps even the threat of it would suffice.