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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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.

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.

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.

dwdollar's picture

Hey brother, can you spare a bailout?

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.

topcallingtroll's picture

There is an old saying among bankers.

A problem delayed is a problem solved.

Melt up straight ahead!

Mike2756's picture

Haircuts for all and for all a good night!

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.

CPL's picture

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

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. 

gojam's picture

Look like Storm Troopers from Star Wars except wearing black.

Thanks for the link UGrev.

Mike2756's picture

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

gojam's picture

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

Mike2756's picture

true dat, lots of combat vets in the crowd.

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.

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.. 

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" 



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.  

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. 


disabledvet's picture

They have winter in California?

dwdollar's picture

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

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.

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.

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.

LawsofPhysics's picture

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

Cat On A Ledge's picture

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

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?

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 :)


Toolshed's picture

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

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.] 


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.

LawsofPhysics's picture

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

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.

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.

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...

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.

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.

Toolshed's picture

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

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

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.

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...

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.

Hephasteus's picture

So. What did you dream about last night lizzy?

jdelano's picture

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

trampstamp's picture

So France default is Imminent?

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.

CPL's picture

Only one way now...


Inflate, inflate, inflate.

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.

spanish inquisition's picture

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