S&P Downgrades Ireland LC And FC Ratings From A- To BBB+

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Fri, 04/01/2011 - 08:06 | 1124424 Oh regional Indian
Oh regional Indian's picture

If there weren't any snakes in Eyerland before, they certainly are now. Just that they look suspiciously like IMF dudes.

International Misery Fund. All this talk of haircuts for Eyerish bond-holders is all talk talk.

The EyeMoFo is in the Da house! They eat pension funds for breakfast.



Fri, 04/01/2011 - 08:28 | 1124482 Harlequin001
Harlequin001's picture

Now that is what I call a significant quantity of bullshit...

to be sure...

Fri, 04/01/2011 - 08:11 | 1124438 hugovanderbubble
hugovanderbubble's picture

Tyler, dont lose ur precious time with news regarding PIIGS....

The system is corrupted...never gonna recognise they are all in default...the agenda says not the time....

"seems to be discounted"...by the strong hands...but no the "Haircuts"....



Fri, 04/01/2011 - 08:37 | 1124524 Ethics Gradient
Ethics Gradient's picture

It's less likely to become a systemic risk if it's not a surprise when it happens. It's been a game of expectation management.

Plus, now there's now no reason why an Irish default would mean the end of the Euro. In fact it could make the union stronger. Merkel will be able to claim that there would be no transfer of wealth to pay for debt because the nasty, evil market has already paid it and so total integration wont cost Germany (I know, I know).

The defaulter would obviously have some minor funding issues and would, I'm sure, find a total loss of sovereignty an easy sell to people who would otherwise lose jobs, houses, pensions and healthcare.

I suppose that must be the end game that Delors planned.

Fri, 04/01/2011 - 08:15 | 1124440 pendragon
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still Inv Grade?...shurely shome mishtake

Fri, 04/01/2011 - 08:17 | 1124445 X. Kurt OSis
X. Kurt OSis's picture

While this isn't surprising, now that the inevitable is here I'd expect an orderly run on Irish banks by institutional investors like national pension plans and sovereign wealth funds who require a sovereign credit rating of A- or better for the domiciles of their funds. This should be fun to watch.

Fri, 04/01/2011 - 08:19 | 1124449 Beau Tox
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Faith and Begorra!  'Tis certainly a trick for April Fools.

Fri, 04/01/2011 - 08:18 | 1124453 f16hoser
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Other than Pension Fund Managers, who's dumb enough to listens to rating agencies?

Fri, 04/01/2011 - 08:29 | 1124485 Harlequin001
Harlequin001's picture


Fri, 04/01/2011 - 08:24 | 1124465 goldfish1
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Putting Ireland on a par with Tepco.

Fri, 04/01/2011 - 08:30 | 1124488 Harlequin001
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I don't think there's quite so many irradiated people working in Ireland...

Fri, 04/01/2011 - 10:17 | 1124965 PY-129-20
PY-129-20's picture

Wrong. Ever been in the Irish Sea? 8 million litres of radioactive waste + lots of plutonium.

Fri, 04/01/2011 - 12:13 | 1125347 Harlequin001
Harlequin001's picture

Are you implying that the Irish Sea is as polluted and radioactive as Japan?

Where's your data?

Fri, 04/01/2011 - 08:29 | 1124483 Arch Duke Ferdinand
Arch Duke Ferdinand's picture
The only effective protection against the government

Starve the Government.....


Fri, 04/01/2011 - 08:31 | 1124495 Harlequin001
Harlequin001's picture

or move...

Fri, 04/01/2011 - 08:52 | 1124606 oogs66
oogs66's picture

Stable outlook?  They must be joking!

Fri, 04/01/2011 - 09:02 | 1124649 averagejoe
averagejoe's picture
Ireland is a dead man walking.  Default is only a matter or time.  I understand debt repayments by 2012 will be 90% of current income tax revenue! Euro collapse is inevitable.  Those Mayan's might of been right after all!
Fri, 04/01/2011 - 09:36 | 1124793 THE DORK OF CORK
THE DORK OF CORK's picture

We are a priest ridden nation - financial buggery is the new / old perversion -  this can be forgiven every time a sin is committed.

3 Hail Marys and a Our Father should do it.

Fri, 04/01/2011 - 11:45 | 1125237 DavidC
DavidC's picture

'But please note, this should not be taken as investment advice, it is only an OPINION'...


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