Ireland

Reggie Middleton's picture

Many Institutions Believe Ireland To Be A Model of Austerity Implementation But the Facts Beg to Differ!





Add bad banks, high NPA to GDP ratios, dramatically overly optimistic growth assumptions, and unrealistic perspectives on taxation, and you get a capital "I" in the PIIGS acronym!

 
Reggie Middleton's picture

Ovebanked, Underfunded, and Overly Optimistic: The New Face of Sovereign Europe, and Ireland in Particular!





This is a very meaty piece, written for those who are serious about the true state of affairs in sovereign Europe as NOT reported in the mainstream media. Though not necessarily for freshmen, it is more than worthwhile for those who want to know what is not being said.

Economic contagion begets financial contagion, which will spread across much (if not most) of Europe, causing further economic contagion. This is what is written on the tea leaves in Ireland.

 
Tyler Durden's picture

Ireland Stunned To Uncover "Truly Shocking" Information By Its Banks, Institutes Austerity





Below is the Central Bank Of Ireland's take on dealing with what it has just uncovered to be a busted banking system and imminent austerity measures. The PIIGS have just been rebranded to PIIIGS. Don't take our word for it: here is what the Irish Finance Minister just said:

IRISH FINMIN: INFORMATION REVEALED BY BANKS 'TRULY SHOCKING'
IRISH FINMIN: WE MUST STABILISE BANKING SYSTEM NOW
IRISH FINMIN: BANKS MUST REPAY DEBT BY FACILITATING RECOVERY
IRISH FINMIN: ECB TRICHET BACKS AUSTERITY MEASURES

As disclosed, Ireland has instituted a "Bad Bank" concept to acquire 1,200 loans, or €81 billion worth, at a 47% discount. Sounds about right. Of course, the US financial system still carries most of its loans at about par: you see we have a printer and they don't, so we can do whatever we want.

 
Tyler Durden's picture

A Greek, An Austrian And An Irishman Enter A Bailout Bar... Ireland Joins The 2nd Round European Collapse Brigade





Just in case you needed some more validation for a "strong" Euro thesis, the latest bit of news out of Europe shows that all those problems that were initially swept under the rug, just like in a crappy Japanese horror movie, find a way to reach out and haunt Central Bankers worldwide. First the Baltics, then Greece, then Austria, and now, once again, Ireland. 50% state ownership of Ireland's two leading banks is now on deck. To keep this as surreal as possible, may we suggest that Fred "Iceman" Mishkin quit his job in Columbia where all he does is spread completely factual and thoroughly undiscredited economic non-bullshit and run for [president/despot/tyrant/monarch/steam spewing geyser] of Iceland.

 
Tyler Durden's picture

Ireland Cut To AA+ By Fitch





Nothing to see here... Keep buying stocks.

 
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