jm + bailout   13

Karl Whelan: Promissory Note “Deal”: Not What Had Been, Em, Promised
'I can only assume that the “assuming this arrangement works out” element of Honohan’s reply to Michael McGrath didn’t actually work out. And the likely reason for this failure was that the ECB insisted, as it appears they had all along, that a €3.1 billion ELA repayment be made, something which required a cash payment.  That this cash has been temporarily sourced from NAMA and then Bank of Ireland doesn’t at all change the fact that this deal is not what had been flagged and does not have nearly the benefits of that deal.' oh ffs
ireland  economy  bailout  ecb  eu  euro  anglo 
march 2012 by jm
Colm McCarthy: This burden of bank debt is simply not sustainable
Powerful burn-the-bondholders editorial from Colm McCarthy in the Indo. 'No other eurozone member has incurred bank-related debt under ECB duress. There are no provisions in the Maastricht Treaty, in the Stability and Growth Pact or in any other pact or international treaty which grant this power to the ECB, nor was any eurozone member state ever asked to accede to such an arrangement. Commissioner Rehn's Latin phrase ("pacta sunt servanda") has no pact to refer to, insofar as these imposed debts are concerned. Ireland never signed a pact or treaty which empowered the ECB to behave in this fashion. One can only speculate as to the ECB's motives, since it does not deign to explain. European banks have come to rely heavily on unsecured bond financing and the ECB may have felt that no bank bondholder should suffer losses, in order to encourage the survival of this market in bank debt. If this was the motive, the policy is being paid for, not by the ECB, but by Irish taxpayers and sovereign bondholders and financed by European taxpayers and the IMF. There is no pact which confers powers of taxation on the ECB.'
bondholders  ireland  finance  colm-mccarthy  bailout 
march 2012 by jm
Why I'm Voting "No" to the Fiscal Compact
Cormac Lucey's reasons to vote against the proposed Fiscal Compact in the upcoming referendum
fiscal-compact  ireland  europe  eu  cormac-lucey  economics  bailout 
march 2012 by jm
Review & Outlook: Ireland Bails Out Germany Again - WSJ.com
“As the banks’ losses deepen and Dublin’s credibility withers, now is an apt time to rethink the foundations of the European Union’s Irish-rescue strategy, one that is now effectively premised on sinking one country so that tough political choices may be avoided in another.”  ouch
wsj  news  ireland  politics  eu  bailout  from delicious
april 2011 by jm
Ireland banking crisis: is the worst really over? | Business | guardian.co.uk
still a disaster, and the new government are proving disappointing. Pimco CEO says fail: '"The creditors most of the creditors so far have not gone through any burden sharing, it is remarkable; it is inadvisable; but it is a political decision that has been taken. It surprises me. What they are hoping for is by maintaining the credits intact, that they creditors they are going to rush back in with new money. What they haven't read is the history of debt crisis and the history of debt crises is very simple. Whenever you have a debt overhang, whenever you have this big cloud of debt no new creditor will come in in a big way."'
bailout  banking  ireland  disaster  bank-runs  from delicious
april 2011 by jm
Bondholders safe even if opposition win election - European, Business - Independent.ie
'<br />
In a private phone call this week with hedge funds and other investors from across Europe, the EU team which negotiated Ireland's rescue package, reassured the firms that senior bondholders cannot be burned as part of the €85bn rescue package, even if Fine Gael and Labour seek to reopen the question.'  Argh! this makes me so angry
bondholders  ireland  economy  bailout  scams  from delicious
december 2010 by jm
Eric Cantona's call for a bank run
a French campaign to "bring down the banks" by engineering a massive consumer bank run, tomorrow, Dec 7th. I can see this happening in Ireland if we don't get an election soon
ireland  france  banking  bank-runs  economy  bailout  eric-cantona  from delicious
december 2010 by jm
Here are the Anglo Irish Bank Bondholders | Newswhip
according to Guido Fawkes (who was an ex-bond trader), and seemingly the same list David Norris attempted to read into the Senate record before being ruled out of order.  The vampire squid makes an appearance
vampire-squid  anglo  bondholders  bailout  ireland  economy  from delicious
december 2010 by jm
Bailout will sink Ireland before we can even swim | David McWilliams
'This is not capitalism, it is not European diplomacy; it is a stitch-up.' Adding another voice in favour of default -- starting to look like the only sane option given the crappy ECB deal :(
david-mcwilliams  economy  ireland  bailout  eu  from delicious
december 2010 by jm
What now for Irish Politics?
Leo on the current political situation in Ireland. I'm mostly in agreement
ireland  politics  labour  ff  bailout  from delicious
december 2010 by jm
Barry Eichengreen on the Irish bailout
'The Irish “program” solves exactly nothing – it simply kicks the can down the road. A public debt that will now top out at around 130 per cent of GDP has not been reduced by a single cent. The interest payments that the Irish sovereign will have to make have not been reduced by a single cent, given the rate of 5.8% on the international loan. After a couple of years, not just interest but also principal is supposed to begin to be repaid. Ireland will be transferring nearly 10 per cent of its national income as reparations to the bondholders, year after painful year. This is not politically sustainable, as anyone who remembers Germany’s own experience with World War I reparations should know. A populist backlash is inevitable.'
ireland  economy  bailout  eu  euro  from delicious
december 2010 by jm
Excellent animated treemap dataviz
"How the Giants of Finance Shrank, Then Grew, Under The Financial Crisis". but the data is less interesting than the excellent dataviz technique used to display it
data  dataviz  visualization  economy  animation  nyt  infographic  infographics  treemap  design  flash  banking  nytimes  bailout  from delicious
september 2009 by jm

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