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And So They Line Up At The Concessions Trough: "Irish Spy Opportunity" In Greek Debt Blue Light Special

Tyler Durden's picture


When sharing our kneejerk reaction to yesterday's latest European resolution, we pointed out the obvious: "Portugal, Ireland, Spain and Italy will promptly commence sabotaging their economies (just like Greece) simply to get the same debt Blue Light special as Greece." Sure enough, 6 hours later Bloomberg is out with the appropriately titled: "Irish Spy Reward Opportunity in Greece’s Debt Hole." Bloomberg notes that Ireland has not even waited for the ink to be dry before sending out feelers on just what the possible "rewards" may be: "Greece’s failure to cut spending and boost revenue by enough to meet targets set by the European Union and International Monetary Fund prompted bondholders to accept a 50 percent loss on its debt. While Ireland won’t seek debt discounts, the government might pursue other relief given to Greece, including cheaper interest payments on aid and longer to repay it, according to a person familiar with the matter who declined to be identified as no final decision has been taken." There is one very important addition here: "While Ireland won't seek debt discounts" yet. And seek it will: after all, all Ireland needs is for its economy to mysteriously resume its deterioration. Purposefully. Impossible you say? Well, maybe. Or maybe the tricky Irish statistical bureau can just pull a page from their Greek colleagues on just how this is done. And Ireland is just the beginning. Very soon, and by that we mean 24-48 hours, every country in Europe that is undergoing "austerity" (which in Italy's case means increase the retirement age by 2 years over the next 15 years, or 49 days per year), will see its striking (and rioting) fringe elements demand just the same that Greece got, and probably far more. Which then goes right back to the question: yes, French exposure to Greek banks is limited. But what about Irish, Portugues, Spanish and finally Italian exposure? Will that be something to be a little more worried about?

Bloomberg with more on the first of many at the concessions trough:

“There’s a political problem for the government,” said Gavin Blessing, a bond analyst at Collins Stewart Plc in Dublin. “The Greeks, who are seen to be behaving badly, get rewarded, whereas the Irish, the top boys in the class, get nothing.”


While Irish bonds delivered the world’s best returns during the past three months, they have pared gains on concern slowing economic growth worldwide will derail the government’s efforts to revive the country’s fortunes through exports. The yield on debt due in 2020 rose 63 basis points in October to 8.26 percent yesterday, albeit down from 15.5 percent in July.


Ireland was the second euro member to need a bailout and Prime Minister Enda Kenny is ruling out reneging on its bonds. Yet, he said this week he’s pushing his European partners for alternative ways of reducing Ireland’s “crushing” debt.

"Ireland is not Greece"... until it is.

“What is being done for Greece, including the steps that will need to be taken to make its debt sustainable, reflect a uniquely difficult situation,” Kenny told parliament in Dublin yesterday. “I cannot say it often enough or strongly enough; we will not be going down the same road.”

And Greece could not say it often or strongly enough how the first, then the July 21st, then so forth, bailout would be the last one. Ever. Seriously.

And so on.

Look for precisely the same development out of all the other PIIGS in the days to come. And courtesy of ISDA, hedging for the next re-contagion episode via CDS is now impossible. The only option: getting out of treasury bonds altogether. Yes, that means selling it all.

Good work Europe: you just bought yourself a few days... and shot yourself in the femoral artery at the same time.


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Thu, 10/27/2011 - 10:39 | 1817154 lolmao500
lolmao500's picture

In other news :

US Marine in critical condition after OccupyOakland

A U.S. Marine veteran is today in a critical condition in hospital after being injured by a police gas canister during last night's Occupy Oakland protests, which saw running battles break out between authorities and protesters as a crowd tried to reclaim an encampment.
Scott Olsen, 24, of Daly City, California, an Iraq veteran and member of Veterans for Peace, suffered a skull fracture and brain swelling after being hit in the head during the riots.

Won't be long before veterans are pissed off and come to the protests armed.

Thu, 10/27/2011 - 10:42 | 1817170 Christoph830
Christoph830's picture

Yup, this story is totally being shunned by the mainstream media.

This movement needed either a coherent message or a martyr and it looks like it might get the latter.  Martyrdom is what pushed many of the Arab Spring protests over the brink and our Occupy movement will follow the same trajectory.

Look for our protests to only intensify in participation numbers and ultimately, violence, as inflation ramps up over the next year.

Thu, 10/27/2011 - 10:44 | 1817177 Ancona
Ancona's picture

Is there really anyone out there who didn't see this on the horizon the whole time?

This will be just as bad, if not worse, than a Greek default.

Thu, 10/27/2011 - 10:50 | 1817197 dwdollar
dwdollar's picture

Hey brother, can you spare a bailout?

Thu, 10/27/2011 - 10:58 | 1817228 Mactheknife
Mactheknife's picture

The Greeks can't even pay their current accounts let alone ANY debt payments. This didn't fix anything. They are broke, busted, tapped out, insolvent, destitute, failed, out of business.  The Germans are out of their freakin minds.

Thu, 10/27/2011 - 11:26 | 1817331 topcallingtroll
topcallingtroll's picture

There is an old saying among bankers.

A problem delayed is a problem solved.

Melt up straight ahead!

Thu, 10/27/2011 - 11:06 | 1817250 Mike2756
Mike2756's picture

Haircuts for all and for all a good night!

Thu, 10/27/2011 - 11:13 | 1817270 peekcrackers
peekcrackers's picture

Its funny the sheep already have bailout fatigue from the little stories they get out of main stream news.

Not many care in the U S and Canada till its there turn to get ass raped.

Thu, 10/27/2011 - 13:43 | 1817927 CPL
CPL's picture

After 7pm EST at the pumps.  Everyone is going to be so happy about Europe...just everyone.

Thu, 10/27/2011 - 10:49 | 1817194 UGrev
UGrev's picture

If you've read any of my comments about OWS, you'll know that I do not support this movement for various reasons.. but this video CLEARLY shows protestors trying to HELP the Marine and a some fucking douche bag cop tosses a tactical RIGHT IN THE MIDDLE of them.. gas, flash bang.. whatever, it explodes and goes bang and in close proximity is still dangerous.

It's inexcusable and unacceptable. The police are supposed to be the example and not the exception. Fuck them.. they can now ALL go fuck themselves. Not ONE cop on the line stepped up to pull this bad apple out. That just tells me that they're all bad.. ALL OF THEM. 

Thu, 10/27/2011 - 10:57 | 1817223 gojam
gojam's picture

Look like Storm Troopers from Star Wars except wearing black.

Thanks for the link UGrev.

Thu, 10/27/2011 - 11:07 | 1817253 Mike2756
Mike2756's picture

That's ok, they'll soon be on the receiving end of molotovs if they keep that up.

Thu, 10/27/2011 - 11:15 | 1817278 gojam
gojam's picture

I imagine that if they keep on pissing off Marines they'll be on the end of more than just molotovs

Thu, 10/27/2011 - 11:44 | 1817388 Mike2756
Mike2756's picture

true dat, lots of combat vets in the crowd.

Thu, 10/27/2011 - 13:12 | 1817794 CharlieSDT
CharlieSDT's picture

Thiose motherfuckers.

Thu, 10/27/2011 - 11:39 | 1817371 stirners_ghost
stirners_ghost's picture

"Supposed to"

There's that phrase again. Really--grow up.

The Police subsist by and for the sanctified extortion racket in which you are the mark. They are the muscle--the vanguards of the status quo.

If a policeman treats you with respect, it isn't to set some kind of example for Society; it is to spite you in your pitiful subordinance. In the same manner I will treat an ornery child or a filthy hobo with kindness because I know that I have total power over him--I satisfy my sense of self-righteousness by indulging him in spite of his pitifulness. From my perch high up on a pedestal, I can see that being drawn into disrespectful behavior would be a waste of effort, and constitute acknowledgement of a peer relationship.

So it is with police--their respect for you extends as far as their situational control over you.

Thu, 10/27/2011 - 12:27 | 1817591 UGrev
UGrev's picture

Am I not within my right to expect them to behave according to the law? I believe that expectation is universal. If you enforce the law, you should not break it. My point is that if you cannot exhibit proper , law abiding behavior as a law enforcement official.. then you need to find a new job. There are people that can perform the task, but the entire law enforcement system is corrupt beyond repair. So I don't and won't trust ANY of them. Not that I did before.. but I used to believe that there were good people among them. Not any more.. 

Thu, 10/27/2011 - 12:02 | 1817454 earleflorida
earleflorida's picture

@ UGrev

"the piety of a serpent breaths remorse as the venom takes hold of ones final thought -

whoa to ye that has two masters and obeys non" 



Thu, 10/27/2011 - 13:34 | 1817879 combatsnoopy
combatsnoopy's picture

Mayor Quan is evil.  She needs to be tossed out.   I flamed her yesterday and she censors everything, she called the police action "peaceful".

The 24 year old man suffered a TRAUMATIC BRAIN INJURY.   People didn't immigrate to the US to suffer the Tienneman Square incident and the Mao regime.  She needs to be in prison for her actions.  Blame the cops, the captain needs to go down with her ship.  

Thu, 10/27/2011 - 10:50 | 1817196 lizzy36
lizzy36's picture

Protests are a nice diversion.

It won't make it through the winter.

Until people GO HUNGRY there will be no large scale participation. Having seen the average yank, they could hibernate for 2 years and still be fat. Hungry is a long way off.

American isn't exceptional. But it will take another 10 years for the law of gravity to take hold. 


Thu, 10/27/2011 - 10:52 | 1817204 disabledvet
disabledvet's picture

They have winter in California?

Thu, 10/27/2011 - 10:56 | 1817221 dwdollar
dwdollar's picture

Rome was able to keep the farce going for centuries after the Republic died.

Thu, 10/27/2011 - 11:13 | 1817269 Toolshed
Toolshed's picture

I do not consider myself a patriot, but I just wanted to point out that you are as stupid as the Japanese were BEFORE they bombed Pearl Harbor. Americans may be slow to react at times, however, this is the result of having all the toys euro turds like you wish you had. We all have guns. Oh, what's that you say? Your mommy state won't let you play with guns? Guess that makes you just a great big whining pussy.

Thu, 10/27/2011 - 11:18 | 1817294 LawsofPhysics
LawsofPhysics's picture

Let me just add that the answer to many of these questions may depend on what the price of energy is moving forward.  With America and the U.N. now getting the green light on the continued eploitation via military intervention in the ME, look for all of the African continent to be fair game.  Don't kid yourself, China and Russia are on board as well.  Lets, get that oil and other resources onto the "free" market, stat.

Thu, 10/27/2011 - 11:35 | 1817365 lizzy36
lizzy36's picture

You know what the great thing is about Yanks being armed to the teeth? They use the guns on their neighbors. 

It will sound horrible but newflash - nobody cares when the bottom 50% shoots one another. Nobody. Specfically the upper 1%.  In fact the herd culling itself is actually a WIN for the upper 1%.

Saying that outloud may make me a bad person but that is a risk i am willingly to take.

Thu, 10/27/2011 - 11:44 | 1817389 LawsofPhysics
LawsofPhysics's picture

Shhh.  Don't talk about fight club.  You are scaring the sheep.

Thu, 10/27/2011 - 17:22 | 1818753 Cat On A Ledge
Cat On A Ledge's picture

Sir/Ma'am, would you like to purchase some time shares to augment that fine club membership?

Thu, 10/27/2011 - 12:04 | 1817474 Toolshed
Toolshed's picture

Your idiotic remark only proves you are stupid beyond belief. You generalize like a bitch. We use our guns any way we choose and on whomever we choose. This is obviously a freedom you just can't relate to. How sad for you. I wonder where you get that unjustified elitist attitude of yours. Has your therapist figured that out yet?

Thu, 10/27/2011 - 12:19 | 1817549 Fanakapan
Fanakapan's picture

You are a Windbag, we all saw how 'Armed Americans' reacted when Bad Boy Nagin decided to Un- Arm them after Katrina, meek as lambs did they hand over the shooters :)

And to top it all, the Boondoggle that is the NRA, declined to litigate the shit out of New Orleans when Nagin was shewn to be acting Un Constitutionally :)


Thu, 10/27/2011 - 12:29 | 1817597 Toolshed
Toolshed's picture

Which Murdoch rag sheet do you work for? Or are you merely a devotee?

Thu, 10/27/2011 - 12:40 | 1817614 slewie the pi-rat
slewie the pi-rat's picture

you may still hope for a pony

as long as you accept the Central Planners' god-given right to make all economic decisions of import

this is decent on the political background of the city of the black panthers and more recently home of the police gang known as the riders: The Fight for Autonomy in Oakland » Counterpunch: Tells the Facts, Names the Names 

[paste: The Riders scandal only set in motion the latest official turmoil, leading to a federal consent decree with 51 reforms required of the OPD by the US Justice Department.] 


Thu, 10/27/2011 - 11:59 | 1817443 Ghordius
Ghordius's picture

Toolshed, who the fuck gave you the idea that weapons are forbidden in Europe?

Myself, I have quite a nice collection. No, I am an outlier, but it's not the law, it's the culture.

Thu, 10/27/2011 - 12:00 | 1817457 LawsofPhysics
LawsofPhysics's picture

No kidding, hey Ghordus, any idea on the CDS exposure to banks in the U.K.?  Where is Reggie?

Thu, 10/27/2011 - 12:05 | 1817480 Ghordius
Ghordius's picture

Hey there, funny you ask, I had two contacts that gave me after some pressing some wildly differing info - I start to think only duds available.

Reggie? Oh, I don't think I am on his Xmas cards list! Not seen anything from him.

Thu, 10/27/2011 - 12:13 | 1817517 Toolshed
Toolshed's picture

I stand corrected. So you're saying that most Europeans are simply afraid of guns and that is why the Americans have to come and save their asses when the bad men come and overrun their borders? Oh, now I understand. You gentlemen are just too cultured to defend yourselves from criminals, invaders, or your own governments. This is obviously sarcasm and I bear no ill will towards Europeans. It's just that some comments are too stupid to ignore. Have a nice day.

Thu, 10/27/2011 - 12:30 | 1817584 Ghordius
Ghordius's picture

Lizzy36 "yanked" your cord, eh?

I don't know about "afraid", I'd say our women frown a bit on any guntoting behaviour here - and hunting! Don't get me started about European Women and what they think about hunting!

Defend ourselves? Well, we had twice a small brawl here and twice our British brothers called their Yankee cousins into the fray and, well, after the second time the American Friends kind of never left because somehow we had together a little standoff with our Russian Cousins... I am not really sarcastic here - I love the US of A and I don't mind the many military bases, I would just appreciate if the general electorate of the USA would be more conscious of those little details... Perhaps school children competitions about the US bases around the world? ;-)

Ah, something you might find enlightening: most EU countries force young men to join the army for a year or so. So perhaps guns is something most men don't want to touch anymore after military service...

Thu, 10/27/2011 - 12:39 | 1817633 Toolshed
Toolshed's picture

While I am far from a "gun nut" I do own several guns for defensive purposes. And I feel the genuinely obscene number of firearms in the hands of the public (many of which are unregistered) causes our government to pause and reflect before going a bit too far in their oppression. Sadly, the day that our electorate wakes up and realizes what our leaders have been up to is still far off on the horizon. But getting closer by the day.

Thu, 10/27/2011 - 13:12 | 1817789 Variance Doc
Variance Doc's picture

Get your facts straight before you embarrass yourself more.  Many states (i.e government) DO NOT require the registration of many types of guns, e.g. VA - don't need to register handguns and semi-autos.

Thu, 10/27/2011 - 13:30 | 1817861 Toolshed
Toolshed's picture

Ummmm, yes but many states DO require registration, hence  my statement. Are you really that stupid?

Thu, 10/27/2011 - 12:34 | 1817613 VyseLegendaire
VyseLegendaire's picture

You’re a fucking tool.  First off, Pearl Harbor was a false flag attack.  Similarly, these protests and this depression are fully predictable outcomes of the continued path down the road to kleptocracy.  It is not a mystery, and ‘merkans aren’t some noble group that will rise up nobly when aggressed.  Rather, at best, we get a confused and fractured response to a manufactured crisis that we just can’t find it within ourselves to man up to the causes of – our own ignorance, stupidity, support of thief presidents and wars of aggression. Take your gun and shove it up your ass.  Americans are just being taken for a ride

Thu, 10/27/2011 - 12:45 | 1817663 Toolshed
Toolshed's picture

As for me being a fucking tool.......did you see my member name Einstein? Uh, duh! I would really like to see you substantiate your claim that the attack on Pearl Harbor was a false flag event. Pretty please!! I will reserve furter comment on your remarks until that time.

Thu, 10/27/2011 - 13:02 | 1817741 Ghordius
Ghordius's picture

"Pearl Harbor was a false flag event" !!!

Oh this is a nice one!

Toolshed, good answer! Well, he would somehow have to prove that all the documents the Japanese, the Germans and the Italians had about the attack were somehow falsified afterwards...

I believe what he means is something completely different: "that the US provoked Japan to attack - through the general embargo, particularly the oil embargo". Not quite the same...

Sun, 10/30/2011 - 02:22 | 1825846 Marx_it_2_market.
Marx_it_2_market.'s picture

FDR created the Japanese attack on Pearl Harbor.

Extraordinary claim, yes.  The extraordinary proof is in this book: 

Day Of Deceit: The Truth About FDR and Pearl Harbor  by Robert Stinnett, a retired newspaper reporter.  The last 1/3 of the book contains his heavily documented sources. 

Briefly: In 1940-1941, 75% of the US public was isolationist - a real problem for FDR.  Problem soved when Japan, Germany and Italy signed a pact in Oct. 1940, that an attack on one was an attack on all. 

Lt. Cmdr. Robert McCollum wrote an 8 point memo on how to get Japan to attack the US: cut off all sales of iron and oil, move the US Navy from California to Hawaii, etc.  All 8 items were carried out. Feb., 1941, Admiral Richardson, Commander In Chief, Pacific Fleet, resigned in a screaming match with FDR that echoed through the White House.  He was replaced by a patsy who was 41 steps down the hierarchy. Presumably the higher-ranking admirals turned down the job because they knew about the set-up.  The Japanese military historically began wars with sneak attacks.  The US knew exactly how and when the Japanese would attack. Washington forbid Admiral Kimmel to patrol north of Hawaii, and interfered with his command so his aircraft carriers would not be in Pearl Harbor during the attack.  The US had broken Japanese Naval Code JN-25B in April of 1941 and thus knew everything, from the hour of departure of the attack fleet, when Washington issued the "Vacant Seas Order", to the hour of the actual attack.  In the 1980's, Stinnett interviewed Navy radiomen who had intercepted messages from the attack fleet.  These men were threatened by the Navy to never divulge anything, including to US Congressional investigations.  These radiomen were in their 80's when Stinnett knocked on their doors and they no longer feared the government's wrath.

Stinnett also explains the never-ending cover-ups.  Documents were stolen from the National Archives as late as the 1970's.  The British and Dutch intelligence agencies had also broken JN-25B and were fully aware of Japan's sneak attack, but had every reason to remain silent forever.  The Pearl Harbor mentality was used during the Cold War to create irrational fear of Soviet attacks and justfiy spending an obscene amount of our national wealth on an overly-large military, where the goal was to force the Soviets to exhaust themselves trying to keep up, and also of course, to enrich American military contractors.

After reading Stinnett's Day Of Deceit, you will realize that any government, including ours, is capable of anything, and justifications are beside the point.  That's quite a sobering thing to realize, and it helps when trying to understand how these economic crises will play out.

Thu, 10/27/2011 - 11:17 | 1817293 Hephasteus
Hephasteus's picture

So. What did you dream about last night lizzy?

Thu, 10/27/2011 - 11:56 | 1817438 jdelano
jdelano's picture

We're not all fat Lizzy.  Some of us are disciples of Tony Horton.  

Thu, 10/27/2011 - 10:47 | 1817190 trampstamp
trampstamp's picture

So France default is Imminent?

Thu, 10/27/2011 - 10:59 | 1817230 disabledvet
disabledvet's picture

is a 50% haircut generous? the interest rates look "nicer" don't they. with everything else...the debt remains. "how does the economy recover now" seems like the right to place start to answer this question.

Thu, 10/27/2011 - 13:48 | 1817955 CPL
CPL's picture

Only one way now...


Inflate, inflate, inflate.

Thu, 10/27/2011 - 11:25 | 1817295 Ghordius
Ghordius's picture

imminent is a flexible word



Reuters: "Ireland was the second euro member to need a bailout and Prime Minister Enda Kenny is ruling out reneging on its bonds. Yet, he said this week he’s pushing his European partners for alternative ways of reducing Ireland’s “crushing” debt."


ZeroHedge:""Portugal, Ireland, Spain and Italy will promptly commence sabotaging their economies (just like Greece) simply to get the same debt Blue Light special as Greece.""

This is quite disingenuos. Nobody in the EuroZone urged Ireland's previous government to bail out AngloIrish and DOUBLE THEIR DEBT in a day. It was pressure from the City of London.

Then the Irish Electorate changed Government, with the expectation they would do something, preferably default. And what did they do? Nothing.

Meanwhile the MSM is spouting idiocies like EuroZone raping Ireland. I wish at least ZeroHedge would for once have a look how the City of London raped Ireland, but no, I can't remember when ZH ever had a reproach for the City.

Thu, 10/27/2011 - 10:55 | 1817217 spanish inquisition
spanish inquisition's picture

I believe they have called a general strike 11-2-11

Thu, 10/27/2011 - 10:40 | 1817160 GeneMarchbanks
GeneMarchbanks's picture

6 hour half-life, new record?

Anybody else have a strange feeling this is all accelerating?

Thu, 10/27/2011 - 10:53 | 1817206 Unprepared
Unprepared's picture

Can kicking follows a geometric series with a ratio of ~1/2.

Just like Zeno, today's politicians fall for the illusion that can kicking can be sustained indefinitely.

Small problem: "The convergence of a geometric series reveals that a sum involving an infinite number of summands can indeed be finite"

Thu, 10/27/2011 - 10:40 | 1817161 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

The precedent has been set... f**k'em.

Just make sure you identify the individuals who caused this mess so you're good to go when it comes to payback time.

Thu, 10/27/2011 - 10:57 | 1817222 john39
john39's picture

they are in their bunkers by now, but they can't hide forever.

Thu, 10/27/2011 - 10:41 | 1817164 marcusfenix
marcusfenix's picture

ordering my DOW 1 million hat now...

Thu, 10/27/2011 - 10:55 | 1817219 wombats
wombats's picture

It is not generally available.

It is only for those in the 0.0001%

and those that clean the toilets for the top 0.0001%

Thu, 10/27/2011 - 10:42 | 1817166 Quintus
Quintus's picture

The Irish government will never willingly negotiate seriously with Brussels about write-offs or other sweeteners.

They're too busy having their tummy tickled by the Troika and being told what good boys and girls they are for inflicting such pain on their own voters.

At the same time, I don't think the general public in Ireland has yet reached the point where they're prepared to take to the streets.  Only determined and prolonged Greek-style protesting will be sufficient to get the Yes-men in the Irish government to try using their leverage over Europe to negotiate a better deal.

It's years away.

Thu, 10/27/2011 - 10:50 | 1817195 irishlink
irishlink's picture

Ireland will only take to the streets when they start charging us for water. The local councils are so inept that they cannot collect it when its falling in tankers from the sky or distribute it to our houses without loosing over 60% of it on the way. We must be the only country in the world that cannot capitalise on what nature produces most freely.

Thu, 10/27/2011 - 11:01 | 1817235 jdelano
jdelano's picture

OT--Last year I took a trip to Dublin, my first.  You know what surprised me most?  The city is overrun with startlingly attractive dark haired emerald-eyed women.  Seriously, there were more 9's in Dublin than I ever saw in any European city, that includes Prague and Milan.  And they're funny and they love to drink.  What I'm trying to articulate here is, Dublin is fucking awesome.  As to the water problem, might I suggest nationalizing the Guiness factory and replacing the water supply with stout.  Would make for awesome bath time.   



Thu, 10/27/2011 - 11:01 | 1817236 MS7
MS7's picture

I highly doubt the Greek government negotiated seriously with Brussels. Troika may not have tickled their tummy, but it would tell them what bad boys they were, and they liked it. I don't know how un/popular the government is in Ireland, but in Greece, the government is despised and frequently compared with the government under Nazi occupation during WWII.

So, in response to your comment, I have no idea how the EU decided on the haircut. But I cannot believe it was at the prompting of the Greek government. The Greek government does exactly what Troika tells it, and then comes out roaring like a lion (albeit a hypnotized one) telling the Greek people it is all their fault and they're going to get laid off/ cuts to income/ higher taxes.

Thu, 10/27/2011 - 13:09 | 1817769 M.B. Drapier
M.B. Drapier's picture

Yes, TD is completely off the mark here. Michael Lewis was right when he said that the Irish care too much what the rest of the world thinks - by and large, the Irish (in the Republic of Ireland) have an exaggerated need to be loved and thought well of by the rest of the world. Every time a famous or notable person visits Ireland and is interviewed, the interviewer will always ask a question that amounts to "and how much do you love us?" This is the interviewee's cue to say how wonderful Ireland is and how uniquely talented, charming and friendly the people are. On the part of the Irish government and establishment figures this insecurity translates into a burning anxiety to be loved and thought well of by the fine gentlemen of the EU and by the US, IMF and friends. Combine this with the ugly short-term consequences of actually defying the IMF and EU, and it's no surprise that the Irish government is eagerly - and have no doubt, absolutely sincerely - announcing its intention to be the star pupil and escape our problems through a dash for growth.

Thu, 10/27/2011 - 10:42 | 1817167 Village Smithy
Village Smithy's picture

"Ireland won't seek debt discounts" until their Parliament is surrounded by a mob of angry citizens demanding them.

Thu, 10/27/2011 - 13:52 | 1817976 CPL
CPL's picture

So far the Irish have been as quiet as a church at midnight.  I wouldn't count on it.  Population is too old and the only ones that knew how to do it died twenty years ago of old age.


The irish get fat, watch tv, stupify themselves with liquor and slob out.  Just like the rest of the western hemisphere.


The cable will have to go out first before it happens.

Thu, 10/27/2011 - 10:42 | 1817169 srsly-wtf
srsly-wtf's picture

So Bullish?

Thu, 10/27/2011 - 11:46 | 1817393 topcallingtroll
topcallingtroll's picture

Si, Senor.

Thu, 10/27/2011 - 10:43 | 1817172 Fips_OnTheSpot
Fips_OnTheSpot's picture

That was quick.. HF-haircuts

Thu, 10/27/2011 - 10:44 | 1817176 drivenZ
drivenZ's picture

"While Ireland won’t seek debt discounts, the government might pursue other relief given to Greece, including cheaper interest payments on aid and longer to repay it,"


what bargaining power does Ireland have? none. so you propose they'll kill their economy to get a maturity extension? sounds logical. 

Thu, 10/27/2011 - 10:46 | 1817188 Quintus
Quintus's picture

Tell me this genius, what bargaining power did Greece have?

Don't you get it?  The clowns in Brussels will try to hold the Eurozone together AT ANY PRICE.  All anyone has to do to get money out of them is threaten to default or leave the Eurozone.

Worked for Greece, and it'll work for anyone else who wants to try it.

Thu, 10/27/2011 - 10:51 | 1817198 LawsofPhysics
LawsofPhysics's picture

Exactly.  Bond vigilantes are so misunderstood.  So who's bonds are next to go bidless?  Given their CDS exposure I would guess that the U.K. has a vested interest in having the euro-solution drag on as long as possible.

Thu, 10/27/2011 - 10:48 | 1817193 nedwardkelly
nedwardkelly's picture

What bargaining power? How about $115b in debt that holders are A) hoping is paid and B) covered by CDS like fishnets on a hooker

How about  "Voluntarily choose a 50% haircut or a 100% haircut. Don't worry though, it's voluntary"


Thu, 10/27/2011 - 11:02 | 1817240 Unprepared
Unprepared's picture

Self-degradation is the best extortion weapon kids dispose of.

Thu, 10/27/2011 - 10:44 | 1817178 Tommy5454
Tommy5454's picture

How can anyone doubt that this is run by people with a global agenda? They want the EU to succeed because it is the basis for other supra-national states and currencies to come. Which will then be followed by global government and currency. I haven't been doing this very long (and may not for much longer) but it seems pretty clear after reading that ISDA list that CDS only get triggered when the establishment want them triggered to achieve some further goal. No way the writers of CDS allow them to be triggered ever unless there is some more powerful group seeking to achive something more than just money making. It is all becoming pretty scary.

Thu, 10/27/2011 - 11:53 | 1817390 Ghordius
Ghordius's picture

I'm sorry, in my eyes you are a victim of the MSM.

"They" is one of the most misused words in any language.

"I" want the EU to succeed. I live in the EuroZone and most of the times the elected parliaments and governments do what my fellow countrypeople and I want. And we are not that few, call us a quite silent majority.

"We" want:

- An independent hawkish Central Bank, big enough not to be pushed around as we were before the common currency.

- A common currency as stable as possible (which means that internationally it can't diverge too much from the Global Reserve Currency, sadly)

- Supranational institutions to take care of matters that cannot be handled at sovereign level. This is a lesson we learned early.

- To keep our Sovereigns as independent as possible - NO EuroBonds, for example.

Now, if in your eyes this makes us globalists with an agenda of forcing everybody to use the same template as we do, then sorry, you are looking in the wrong direction.

Myself, I would think it would not be that bad if Ireland, the UK and Greece would leave, they have a radically different political culture, for different reasons. Blame Napoleon.

And no, we would not force them to stay or to leave. And we are not treating Switzerland too badly (although it could be better).

But of course, if you listen to Murdoch's goons, we eat British babies for breakfast and tell PM Cameron to STFU every second day...

Now, if our governments would go on and ban all derivatives in the EuroZone I'd be so grateful I would kiss both Angie and Sarko.

Thu, 10/27/2011 - 12:09 | 1817504 earleflorida
earleflorida's picture

not to worry,... sarko has a plan book filled with empty plan pages -

as tyler has implicitly stated a half dozen times

jmo fwiw - i love angie baby

auf Wie dershe`en ;-))

Thu, 10/27/2011 - 12:19 | 1817551 Cast Iron Skillet
Cast Iron Skillet's picture

I agree with your 4 bullets ... thanks!

Thu, 10/27/2011 - 10:44 | 1817180 maxmad
maxmad's picture

let the haircut lines begin.... "Can I get a little off the front" -Ireland

"I would like a mullet"  -Portugal

"Give me a mohawk"  -Spain

"I want a crew cut"  -Italy


"oh F--- it, just shave the whole thing off!"  -Greece

Thu, 10/27/2011 - 11:04 | 1817248 Unprepared
Unprepared's picture

Race to the barber ... bitchezzzzzzz

Thu, 10/27/2011 - 11:11 | 1817261 Panic Panic Panic
Panic Panic Panic's picture

Buzz cut, bitchez!

Thu, 10/27/2011 - 10:45 | 1817182 JenkinsLane
JenkinsLane's picture

It's time to play the music, it's time to light the lights....





Thu, 10/27/2011 - 10:45 | 1817186 nedwardkelly
nedwardkelly's picture

Tag on this post should be 'moral hazard'

Thu, 10/27/2011 - 10:45 | 1817187 Johnny Lawrence
Johnny Lawrence's picture

How would this situation be any different if Greece 100% defaulted?  Default is essentially forced forgiveness of debt.  In other words, what precedent did the EU set by doing this deal, as opposed to leaving Greece to its own means?

Thu, 10/27/2011 - 11:13 | 1817268 MS7
MS7's picture

I could be totally wrong, but from what I've been reading in some Greek blogs-- If Greece on its own initiated a default, and then went on several months or even a year later to get in better shape than it is currently, other countries may get to thinking about following it. So, strict measures will be a condition of this haircut, and the purpose of the measures is to put Greece into an even worse situation to make sure that no other country even thinks of going that way.

These measures haven't been ironed out, but Merkel made clear to economically occupied Greece that the hard times they've been going through for 2 years were only just the beginning. There is also talk of officials from different countries having authority over various aspects of life in Greece. While some may think it makes sense as far as the economy, these officials will be supervising other areas, like police and education. I don't know the details, but clearly it is designed to humiliate and make sure no country envies Greece.

Thu, 10/27/2011 - 11:47 | 1817396 msamour
msamour's picture

So essentially this is a declaration of war on the Greek nation. If I were a smart Greek person i'd be rallying the people to capture every foreign national, and either arrest them, or expel them from the country. My next step would be to forcibly disband the current government, and declare any intervention into the affairs of the Nation-State of Greece Null and void. Do exactly what the Icelandic people did, and tell the bankers to stuff it.

Of course the reaction to such an event would be difficult for a while, but It wouldn't affect the public nearly as bad as being under the financial dictatorship of the Troika. It is possible that what i am describing might actually take place anyways...

Thu, 10/27/2011 - 12:11 | 1817507 Ghordius
Ghordius's picture

"declaration of war on the Greek nation"


and we want to eat their babies and rape their goats, too. Have you any clue about Greece?

Thu, 10/27/2011 - 10:48 | 1817189 topcallingtroll
topcallingtroll's picture

EWZ popped 4 percent today.

So far I am up quite a bit from when I posted my buy price in real time about a month ago.

I always post my trades ahead of time. 53 something.

There is still room on this train if you are patient. Research brazil macroeconomic and financial and demographic/geographic stats. I think you will have to agree with me.

Ignore the noise coming out of europe. Greek debt is so yesterday.

Thu, 10/27/2011 - 10:51 | 1817200 Ragnar24
Ragnar24's picture

Ah the wonders of socialism.  It's great to see the 20th Century Motor Company come alive right before our eyes.

Thu, 10/27/2011 - 10:52 | 1817203 lolmao500
lolmao500's picture

How long before people in Greece realize that the haircut on Greece debt will kill their pensions?

Thu, 10/27/2011 - 11:15 | 1817281 MS7
MS7's picture

They've already realized it. They despise the government, and are quick to note the bad in any bit of "positive" news the government tells them... I myself have read some people saying it would not kill the pensions, but I don't know.

Thu, 10/27/2011 - 12:07 | 1817492 topcallingtroll
topcallingtroll's picture

Since this is a voluntary reorganization greece does not have to give haircuts to bonds owned by their various pension organizations

Thu, 10/27/2011 - 10:52 | 1817205 Taffy Lewis
Taffy Lewis's picture

RoboT is right: the more the can is kicked down the road, the higher PMs go.

Hi-O Silver!

Thu, 10/27/2011 - 10:55 | 1817209 Dick Darlington
Dick Darlington's picture

And Italy 10 year almost back to 5,90%.

May i have another shot from the eurocommunist peashooter, please...

Thu, 10/27/2011 - 10:54 | 1817210 A Man without Q...
A Man without Qualities's picture

The difference is, the Germans never invaded Ireland, so don't have the guilt...

Thu, 10/27/2011 - 10:54 | 1817211 ACP
ACP's picture

Ah-ha moment...the Fed's devious plan is starting to make sense. Since sovereign CDS is worthless, and everyone in their right mind will be selling PIIGS debt, Operation Twist is starting to make sense. Where do people park their cash when they sell their crap debt? Into the 10yr T's. So the Fed has screwed China and now is screwing Europe. I must say, nicely played.

Thu, 10/27/2011 - 11:20 | 1817305 LawsofPhysics
LawsofPhysics's picture

Until China backs EFSF by selling said treasuries.

Thu, 10/27/2011 - 10:55 | 1817213 No Mas
No Mas's picture

My, my the Dear Leader is feeding his Sheeple very well today!!  Look, Greece didn't blow up the union but wait, around the corner!!!  Another bogey man!  And this one is worse than the one we told you about that would destroy the world but didn't but don't pay any attention to our lack of predictive skills because the new bogey man is coming and he is much. much worse than the other bogey man who didn't quite turn out to be a bogey man!!

Seriously ZH Sheeple, get a life and get a grip.  And while you're at it, get a new Dear Leader; this one is failing you miserably.

Thu, 10/27/2011 - 11:02 | 1817238 trampstamp
trampstamp's picture

SHTF! show us your trading accoount. Your probably even for the year. If that.  I've made money up and down this circus. It's not always a one way street. Jeez. You make it sound like we are bearish all the time.

Thu, 10/27/2011 - 12:09 | 1817500 topcallingtroll
topcallingtroll's picture

I believe everything our dear leader says, even before he says it.

Thu, 10/27/2011 - 11:05 | 1817249 prains
prains's picture

You changed your avatar from quixotic not to no mas wow you're clever

Thu, 10/27/2011 - 11:10 | 1817260 The4thStooge
The4thStooge's picture

While we're at it, I think I'll get some more PM's :D

Thu, 10/27/2011 - 12:16 | 1817533 earleflorida
earleflorida's picture

now what kind of stupid statement is that,... have you no honour

or as they say down yonder - "Got Dung!"

Thu, 10/27/2011 - 12:53 | 1817694 homersimpson
homersimpson's picture

Sorry - your application for "monday morning QB" on ZH has already been filled by Robo.

Thu, 10/27/2011 - 10:58 | 1817229 Taint Boil
Taint Boil's picture



Found this some where, wish it was mine:

On a more serious note…

If you had purchased $1,000 of shares in Delta Airlines one year ago, you would have $49 today!

If you purchased $1,000 of shares in AIG, you would have $33.

If you purchased $1,000 of shares in Lehman Brothers, you would have $0 today.

But, if you purchased $1,000 worth of beer, drank all the beer, turned in the aluminum cans for recycling, you would have $214.

So the best current investment plan is to drink heavily & recycle. It is called the 401-Keg Plan

Thu, 10/27/2011 - 13:10 | 1817777 misnomer
misnomer's picture

+1 trillion.....Soundest investment advice I've ever heard...

It's beer o'clock...................somewhere.

Thu, 10/27/2011 - 10:59 | 1817231 sabra1
sabra1's picture

this is the final outcome. all engineered:

The Vatican called on Monday for the establishment of a "global public authority" and a "central world bank" to rule over financial institutions that have become outdated and often ineffective in dealing fairly with crises.

A major document from the Vatican's Justice and Peace department should be music to the ears of the "Occupy Wall Street" demonstrators and similar movements around the world who have protested against the economic downturn.

The 18-page document, "Towards Reforming the International Financial and Monetary Systems in the Context of a Global Public Authority," was at times very specific, calling, for example, for taxation measures on financial transactions.

"The economic and financial crisis which the world is going through calls everyone, individuals and peoples, to examine in depth the principles and the cultural and moral values at the basis of social coexistence," it said.

It condemned what it called "the idolatry of the market" as well as a "neo-liberal thinking" that it said looked exclusively at technical solutions to economic problems.

"In fact, the crisis has revealed behaviors like selfishness, collective greed and hoarding of goods on a great scale," it said, adding that world economics needed an "ethic of solidarity" among rich and poor nations.

"If no solutions are found to the various forms of injustice, the negative effects that will follow on the social, political and economic level will be destined to create a climate of growing hostility and even violence, and ultimately undermine the very foundations of democratic institutions, even the ones considered most solid," it said.

It called for the establishment of "a supranational authority" with worldwide scope and "universal jurisdiction" to guide economic policies and decisions.

Such an authority should start with the United Nations as its reference point but later become independent and be endowed with the power to see to it that developed countries were not allowed to wield "excessive power over the weaker countries."

Thu, 10/27/2011 - 11:00 | 1817233 irishlink
irishlink's picture

What happens to the CRE in UK and EU now that all these banks will have to raise Tier 1 to 9% by June. There is zero appitite for bank equity raising now and the memory of what owning bank stocks have done to peoples' wealth and pensions is very raw still. The Greeks certainly wont be rushing to buy as they just Nationalised a bunch of them with this Bailout. I see a situation where real estate could find a bottom very quickly as this train wreck may be about to speed up. 

Thu, 10/27/2011 - 11:04 | 1817246 J 457
J 457's picture

Mortgage modifications for all!  (USA)

Bond modifications for all! (EU)

Who is going to pay all this borrowed money back?  If Greece bondholders "took" a 50% reduction in value, where does that 50% come from?  Is it pension funds, EU banks, US banks...and who is supporting those banks (taxpayer) to ensure they don't fail.

This is a total mess that can't be fixed with more debt.  The problem can only be fixed by default or life-long taxpayer debt (maybe thats the plan).

All other PIIS will climb aboard the bondmod program and threaten default unless their debt is forgiven.  This new chapter in the global finance book is just getting started.


Thu, 10/27/2011 - 11:31 | 1817353 Red Herring
Red Herring's picture

eat yor PIIS, bitchez!

Thu, 10/27/2011 - 11:13 | 1817271 unionbroker
unionbroker's picture

why work hard when failure is rewarded so well, bulk up your mortgage max your credit cards borrow as much as you can then quit your job. then you are a WINNER

Thu, 10/27/2011 - 11:15 | 1817272 Paul67
Paul67's picture

Greece proves that the quickest way to eliminate debt is to stop paying it.

Thu, 10/27/2011 - 11:18 | 1817283 SwingForce
SwingForce's picture

Opt Out of the Haircut line, boyz. If only 28% of Greek Bonds are getting buzzed, then how is a 90% agreement rate possible? Bankers who want haircuts can't get them? Ah, what fools believe. 

Thu, 10/27/2011 - 11:24 | 1817323 topcallingtroll
topcallingtroll's picture

The fat lady has already left the stage.

Greece is yesterday's news.

Get with the program and BTFR!

Meltup straight ahead!

Thu, 10/27/2011 - 11:29 | 1817347 msamour
msamour's picture

"And courtesy of ISDA, hedging for the next re-contagion episode via CDS is now impossible. The only option: getting out of treasury bonds altogether. Yes, that means selling it all."


I'm thinking on a one to two year basis anyone stupid enough to buy bonds will deserve a 50% haircut. This situation will undoubtedly worsen the situation in Europe as the PIIGS will then be shut out of the bond markets long term. What will that do the the European economy in 2013-2014? I don't really want to be around there to find out. Today's announcement by the ISDA is bad news for anyone investing whom do not want to be paying for other people' mistakes.

Thu, 10/27/2011 - 11:50 | 1817409 GCT
GCT's picture

Won't these haircuts stop people from investing in Europe?  Although I really do not understand alot about CDS did they not just make all of them worthless and screw a bunch of investors?  Can someone explain this a bit for me and thanks in advance.

Thu, 10/27/2011 - 11:50 | 1817412 curbyourrisk
curbyourrisk's picture

"and shot yourself in the femoral artery at the same time."


NICE....nothing like a good slow bleed....

Fri, 10/28/2011 - 19:15 | 1817592 earleflorida
earleflorida's picture

"the irish i am - never to break the shackled legacy of cursed potato famine - with so many faces of shron red-coated  austerity - thy green pastures,... thy soft tears of rain whilst falling upon my empty fields - yet this barrenness  within will someday overcome thou's wretched adversity - thus the emerald isle shall be adorned once again with righted passage" 

go get em Irish!

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