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

Tyler Durden's picture

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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.



Harlequin001's picture

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

to be sure...

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"....



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.

pendragon's picture

still Inv Grade?...shurely shome mishtake

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.

Beau Tox's picture

Faith and Begorra!  'Tis certainly a trick for April Fools.

f16hoser's picture

Other than Pension Fund Managers, who's dumb enough to listens to rating agencies?

goldfish1's picture

Putting Ireland on a par with Tepco.

Harlequin001's picture

I don't think there's quite so many irradiated people working in Ireland...

PY-129-20's picture

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

Harlequin001's picture

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

Where's your data?

oogs66's picture

Stable outlook?  They must be joking!

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!
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.

DavidC's picture

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