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EFSF Cash For Irish Bailout Running Out
Just when Europe thought it would only have to worry about an Italian bailout, we get news that not only is Greece about to renegotiatie its entire debt haircut, but that Ireland suddenly finds itseld out of bailout cash. From the Independent: "As EU leaders dither, the European Financial Stability Facility (EFSF) -- the limp pan-euro bailout fund -- may struggle to raise enough money to fund the payments to Ireland agreed under the €67bn IMF/EU bailout package. There is "genuine fear" that the fund may not be able to access the markets as investors shun the euro region, according to UBS." As noted earlier, the EFSF's rates are soaring at an alarming pace: "every 1 per cent rise in funding costs for the EFSF costs Ireland about €200m, according to calculations by Goodbody Stockbrokers' economist Dermot O'Leary." All is good though according to UBS because should the EFSF fail in even its existing duties which do not involve being levered at an X multuiple to rescue Italy, others will step in: "But UBS indicated that there was no "immediate funding threat to Ireland" as money may also be available from the IMF and through bilateral loans from the UK, Denmark or Sweden." We wonder if the UK, Denmark or Sweden are aware that suddenly they are on the hook to rescue Ireland, which up until recently was considered the A+ student of the European bailout. If not, we are confident the bond market will shortly remind them.
h/t Ciaran
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The Irish and others, will be in like Flint,
Because the EU is getting ready to roll and Print!
Let's hope they wait after a few more riots because that makes better television than "so you think you can dance"......
Actually it's about the same.... DANCE MONKEYS!! DANCE!!!!
I once listened to a Rickards interview where he discusses a person yelling "fire" in a theatre in terms of a nuclear warhead entering criticality. If one person gets up and heads for the exit you merely watch. If 10 people head for run for the exit screaming every other person will as well. It's got that hockeystick quality. At the time he was speaking of a loss of faith in the dollar, that the rate of loss of faith over time becomes irrelvant because once you hit the critical point the expansion of the belief becomes exponential... fast. I think we have gotten to that point with the Euro, I don't think the powers that be understand that the rate of growth of disbelief has increased the requirement for assurancance much higher than they are currently expecting or projecting. This feels to me like we just turned the corner on the destruction of confidence and they don't understand this.
Do you mean "in like Flynn"? As in Errol Flynn?
Perhaps before your time.
http://www.straightdope.com/columns/read/1127/does-in-like-flynn-refer-t...
"In Like Flint" James Coburn 1967
Much cooler than E Flynn.
Sheesh! Kids today.
An so things excellerate. What is it going to be people of the world, repudiate the fraudulent debt and return to freedom or print ourselves into tyranny and hyperinflation?
The only people who fear a complete collapse are those who know that the true value of their labor is not worth their current compensation. Let it be freedom and let compensation (in whatever form that may be) return to those individuals who are actually worth a shit. Fucking bring it.
End of the european debt ponzi scheme is good news for the people. Disintegration and debt defaults that will follow is THE BEST news in decades! Sure, it will hurt a lot, no doubt, but it's the ONLY viable long term route. And to all the eurofanatics who claim that the disintegration would cost too much, i suggest you look at the price tag of the political utopia, these bail outs and fraudulent debt games. Not to mention the price tag of keeping this utopia running in the future. And of course i encourage all the eurofanatics to get their heads checked. They have been played by endless propaganda and it has ruined their brains.
Funnily enough, this is also the only realistic solution for the US as well ... yet nobody in the US will recognise it!!
All the ZHedgies are calling for Germany, Greece, Ireland, etc to leave the EU/EZ and revert to their nation-state currencies, but won't for a moment consider doing exactly the same and SECEDING from the criminal syndicate in Washington, DC!!
France, Italy and the UK each have an economy the size of California's. Ireland's is the same size as Alabama's. Greece's is the same as WA's. Spain's is the same size as Texas',.,......
So why the reluctance to face reality in the US, while telling the Europeans to face reality!?!
iv wondered the same thing for awhile now
im sure capitol hill is happy letting the EU face all the music while they sit in the false comforts of the almighty $. their time will come
Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha
Ad infinitum.
Your comment about how the Irish pols totally sold out Ireland was spot on beyond belief. they've been raped...i've read the headlines about all the "bankers who have fled." still..."they haven't actually woken up to that fact yet."
I'm sure they are aware because this acts as a "act of god"
And there are always the leprecons at the end of the rainbow who could provide more gutterout money
Guarantee with what? Printing?
http://www.bloomberg.com/news/2011-11-27/euro-rescue-fund-may-insure-30-of-bonds-to-help-fight-crisis-draft-shows.html
"Guarantee with what?"
Exactly what every person on the planet should be saying to themselves. Guaranteed with what REAL assets, the mineral content of Mars?
Wasn't this previously discredited?
Short attention spans, they have to recycle the rumors every other week.
Oh great. So now it's our turn to be sheared? Well, I guess if it comes to that, then it's better to get sheared on behalf of a country that's at least trying to help itself.
it's all an excuse to bring in the ECB and tighten the debt noose around the necks of any European who has any wealth they haven't yet hidden.
Yep the European Colonial Bank to the rescue.
How about those Irish, Italian, Portugeese, Greek, belgian, Hungarian, and Austrian bonds versus Icelandic bonds. Suck it Eurozone.
I'm sure we can come up with a deal. Just bring us 5000 beautifull irish girls and...... Yeah..... .... .... They're fucked!
"Sudden Debt" indeed. Wait 'till the "German Bank Surprise" hits.
It'll be interesting to see what happens there - both Deutsche Bank and Commerzbank look like they could be in serious trouble...
Such a simple but elegant solution...let the Swedes bail everyone out!
Sounds like a lot of blarney to me.
The Irish and others, will be in like Flint,
as in Flint, Michigan
why was 'DSK' saved from the carnage - temporal penance [?], or the usefulness of retiring a prized 'pinocchio' as that of a 'master-craftsman puppeteer', cherishing his idled progenitor offspring - why was "DSK" spared?
'
That is a 64 million $ question i keep asking myself.
L0L!!!
the IMF/EU bailout collapses under the weight of clown cars full of finiMinis!
i predict that heads are gonna roll on shamrocks soon
the irish can not live on fabulous beer, alone!
maybe now they will begin to understand the meaning of "iceland"
Sackistan (Iceland) showed spine.
Ireland indicates invertebrates (and that makes me a saaaaad panda).
at the risk of succumbing to racial or national stereotyping, i think that once the mule finishes kicking the styoooopid micks about the head & ears, they will be so pissed that they will have a better chance of doing the right thing for themselves
The IRA already have their hitlist ready and are polishing their guns as we speak, hits on bankers and politicians to commence shortly!
Finna Fail aka the IRA were one with the banksters such as Seane Fitzpatrick from Anglo Irish.
Indeed, they were. Hard truths for some to swallow.
Howis it possible to 'suddenly' find you're out of bailout cash? What was the time-frame on the bailout?
Tyler - we already know in the UK we are on the hook for more - £40 Billion more through the IMF which is being used as the no Euro bailout to bail out Euro countries route.
Ireland is our largest export market , and George Osbournes roots are in the Irish Landowners . They will get more handouts from us I am sure.