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Archive for the ‘Bailing out the banks’ Category

He could be talking about Ireland

I agree we need to be concentrating of  industrious business ,why can’t I but Irish made shirts, shoes, Irish made bicycles, for god sake Irish made anything?

75% of our business here in Ireland is services, and we are now been forced to become debt servicing junkies by Cowen and his cronies.  

Unless we get up off our collective backsides we will be forced to vote in twiddle dummer when we get rid of twiddle Dee

http://www.youtube.com/watch?v=Kja5aCYuocU&feature=player_embedded

spreads tell a story

CDS spreads  

Mr Lenihan, these figures tell the Irish People the real story the spreads cannot be dismissed and you are going to have to come clean on the true nature of the Banks derivatives time bomb

No more account gimmickry! No More drip, drip losses!

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Angela Merkel consigns Ireland, Portugal and Spain to their fate

Angela Merkel consigns Ireland, Portugal and Spain to their fate

Germany has had enough. Any eurozone state that spends its way into a debt crisis or cannot adapt to a monetary union set for Northern rhythms will face “orderly” bankruptcy.

By Ambrose Evans-Pritchard
Published: 5:37PM GMT 31 Oct 2010

Angela Merkel needs a treaty change to prevent the German constitutional court from blocking the bail-out fund as a breach of the EU law

Bondholders will discover burden-sharing. Debt relief will be enforced, either by interest holidays or haircuts on the value of the bonds. Investors will pay the price for failing to grasp the mechanical and obvious point that currency unions do not eliminate risk: they switch it from exchange risk to default risk.

What were investors thinking when they bought Greek 10-year bonds at 26 basis points over Bunds in 2007, below the spread between British Columbia and Quebec?

 “We must keep in mind the feelings of our people, who have a justified desire to see that private investors are also on the hook, and not just taxpayers,” said German Chancellor Angela Merkel.

Or in the words of Bundesbank chief Axel Weber: “Next time there is a problem, (bondholders) should be part of the solution rather than part of the problem. So far the only ones who have paid for the solution are the taxpayers.”

These were the terms imposed by Germany at Friday’s EU summit as the Quid Pro Quo for the creation of a permanent rescue fund in 2013. A treaty change will be rammed through under Article 48 of the Lisbon Treaty, a trick that circumvents the need for full ratification. Eurosceptics can feel vindicated in warning that this “escalator” clause would soon be exploited for unchecked treaty-creep.

Mrs Merkel needs a treaty change to prevent the German constitutional court from blocking the bail-out fund as a breach of EU law, and a treaty change is what she will get. “This will strengthen my position with the Karlsruhe court,” she admitted openly.

One might argue that bondholders should have been punished for their errors long ago. The stench of moral hazard has been sickening, on both sides of the Atlantic. An orderly bankruptcy along lines routinely engineered by the International Monetary Fund is exactly what Greece needs. It makes no sense to push Greece further into a debt compound spiral by raising public debt from 115pc of GDP at the outset of the “rescue” to 150pc at the end of the ordeal.

If you strip out the humbug, the Greek package allows banks and funds to shift roughly €150bn of liabilities onto EU governments, or the European Central Bank, or the IMF. Greek citizens are being subjected to the full pain of austerity under false pretences, without being offered the cure of debt relief.

It is in reality a bail-out for investors. There is a touch of cruelty in this. Needless to say, the Greek Left has noticed. A socialist dissident from the “anti-Memorandum” bloc (ie anti EU-IMF) is likely to win the Athens region in coming elections.

Note too that the ruling socialists have fallen to 25pc in the Portuguese polls, while the Communists and hard-left Bloco are together up to 18pc. Ain’t seen nothing, you might say.

Yet opening the door to bondholder haircuts at this delicate juncture – with spreads reaching fresh records in Ireland last week, and Portugal struggling to pass a budget – is to toss a hand-grenade into the eurozone periphery.

We now know that that ECB’s Jean-Claude Trichet warned EU leaders on Thursday night that it was dangerous to stir up this hornets’ nest, and moreover that the politicians did not understand what they were unleashing. He was slammed down acrimoniously by French President Nicolas Sarkozy, who later denied that he lost his temper.

“Mr Trichet expressed a number of reserves. There was a debate, there is always a debate, but the European Council took its decision,” he said.

“It is wrong to say I was irritated. You can reproach heads of state for all kinds of things in a democracy, but I don’t think you can reproach them for not being aware of the seriousness of the situation,” he snorted.

Mr Sarkozy was not going to let his Brussels `triomphe’ slip away after stitching up EU affairs once again in a pre-emptive deal with Germany and imposing his will. The notion that the Franco-German axis still runs Europe is potent politics in France, even if the decisions actually reached are often of little value or – as in this case – ill-advised. Such is the chemistry of EU summits, where mad things happen.

Spain’s premier Jose-Luis Zapatero knew he had been mugged. “We need to listen carefully to what the head of the ECB says about the rescue mechanism. Great care is called for because this message is risky,” he said.

Eurozone sovereign states must issue €915bn in new bonds next year, according the UBS, either to roll over debt or to cover very big deficits – though it is hard to outdo Ireland’s deficit of 32pc of GDP in 2009. Yet investors have just been told in blunt terms to charge a hefty risk premium on any peripheral debt that expires after 2013, with great confusion over what happens even before that date. Can any investor be sure what the terms will be if Ireland or Portugal needs to access the EU’s bail-out fund next week, or next month, or next year? Are haircuts already de rigueur?

A study by Giada Giani at Citigroup entitled Bondholders Moving Back Home said data from the second quarter reveals a sharp drop in foreign ownership of debt from Greece (-14pc), Portugal (-12pc), Spain (-8pc), and Ireland (-5pc).

Local banks have stepped into the breach, borrowing cheaply from the ECB to buy their own state debt at higher yields in a `carry trade’ that concentrates risk. These four countries account for the lion’s share of the €448bn in ECB funding for banks (Spain €98bn, Greece €94bn). Frankfurt is propping up this unstable edifice. Mr Trichet may well fret.

A strong case can be made that Spain has decoupled from other PIGS in pain, though the deficit will still be 6pc next year, and the economy is at serious risk of a double-dip recession as wage cuts and higher taxes bite in earnest. But none are safe yet.

An ominous pattern has emerged across much of the eurozone periphery: tax revenue keeps falling short of what was hoped. Austerity measures are eating deeper into the economy than expected, forcing further fiscal cuts. It goes too far to call this a self-feeding spiral, but such policies test political patience to snapping point.

There is little that these nations can do in the short-run as EMU members. They cannot offset fiscal tightening with full monetary stimulus or a weaker exchange rate – as Britain can. All they do can is soldier on, sell family silver to the Chinese and Gulf Arabs, beg the ECB to join the currency war to bring down the euro, and pray that the fragile global recovery does not sputter out.

Chancellor Merkel is ultimately correct. A mechanism for sovereign defaults is entirely healthy. Had it been in place long ago, EMU would have been stronger. The proper timing for this was at the Maastricht Treaty, or Amsterdam, or at the latest Nice, but in those days the EU elites were still arrogantly dismissive about the implications of a currency union. To wait until now borders on careless.

source http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/8100412/Angela-Merkel-consigns-Ireland-Portugal-and-Spain-to-their-fate.html

Comment :

Angela you are forgetting it was the reckless lending practices of the Deutsche Bank to the Irish Banks and in particular to Anglo Irish Bank in the first place that got us into this mess.

The German Banks were guilty of breaching their own criteria and their own rules and regulations for the fast buck, they became gamblers’ and they are lucky that the Irish Government is full spineless traitors

Who have sold out their own people to these casino bondholders .If this was the US they would be told go take a swim up the Mississippi and don’t come back.

Just one word about the latest change to the treaty of Lisbon there will have to be a referendum here in Ireland to ratified this change and the Irish government will now try to Wesel out of this necessity so we have a Ramond Crotty situation all over again! See http://thepressnet.com/2010/11/01/a-tribute-to-mr-raymond-crotty/

A Tribute to Mr. Raymond Crotty

A Tribute to Mr. Raymond Crotty
1925-1994
Economics Lecturer
Trinity College Dublin, Ireland.

Ludwig Von Mises
Quote:
“Everyone carries a part of society on his shoulders. No one
is relieved of his share of responsibility by others and no one
can find a safe way for herself if society is sweeping towards
destruction. Therefore everyone, in his own self interest, must
thrust themselves vigorously into the intellectual battle.”

An Irishman whose life was a real example of the moral
imperative exemplified in the above quote was Raymond
Crotty. Through his actions and writings he tried to do the
right thing. He tried to make a difference.

“Our Enemy the State“, so said Raymond, in 1988 in his
book “A Radical’s Response”. In this treatise Mr. Crotty,
former farmer and economics lecturer at Trinity College, tried
to explain how Ireland was being exploited by its domestic
political groupings. Through his efforts the constitution was
correctly used to try to protect the Irish people from what he
saw as abuse of privilege by an immoral political class. This
class, he believed, was using the resources of the Irish people
for their own selfish benefit. In order to take his high court
action to protect the constitution and safe-guard the right

to a free ballot on fundamental legal changes he pledged, as
security, the title of his own family home. In fact he and his
wife faced possible bankruptcy in the event of failure on the
legal front. What would Mr. Crotty be advising us now about
possible solutions to the predicament Ireland now faces? I will
use some quotes below to try to give you some inkling of a
possible answer to that conundrum.

“Sixty years on (1986), the Irish economy is back again to
a position similar to that of 1922, immediately after the
break with Britain…….Joining the EEC seemed, in 1972, the
answer to 50 years of failed self-government. Fifteen years
of membership of a Community comprising all the former
colonial powers has done nothing to alleviate, but much to
aggravate the problems of Ireland……This happened also with
the earlier Union with Britain, which brought untold hardship
on the Irish masses, while, as intended, securing the position
of the elites who engineered the Union. The new EEC Union
likewise has resulted in wholesale loss of jobs, a quadrupling
of unemployment and an increasing extreme dependence on
subsidies from, and credit through, the EEC.”

Thus we can see that all though much has changed since 1986,
unfortunately most remains the same in 2010.

Ireland is now lurching toward financial ruin because
of insolvent banks, fully state guaranteed international
bondholders, high inflation due to a bloated and inefficient
bureaucracy that produces no goods, reckless public sector

borrowing, an unquantified off-balance-sheet derivative
time-bomb, collapsing cash and credit circulation, insolvent
businesses and an incompetent government executive. We
are being lied to with regard to the true nature and extent
of Ireland’s financial afflictions. Many would say that it is
the international financial crisis that caused the problem
however, I believe, it is the failure of our political class to
ethically regulate itself and effectively manage that is the
true source of the current mayhem. This class is working
closely with a golden circle to bail itself out yet will now leave
a “bill of costs” which will cripple the Irish public finances for
decades. This class has sold out the country to a European
Banking elite that forces itself into every aspect of out lives
to the detriment of real freedom. The ongoing erosion of our
liberty is clothed in a veneer of “greater good” but the effect
is social atrophy.

As Crotty predicted, the state is no longer the friend but
the enemy of the average Irish citizen. This situation was
always the case in mainland Europe and throughout the
British Empire. Constitutions were thus developed by
revolutionaries, such as DeValera, to tame the power of the
state. This lesson of history has been forgotten by the “new”
Irish and they have now sold their children’s birthright to
elites but the Irish people are not to blame because they
have been hoodwinked by a privileged social grouping that
protects its dynastic power while ignoring the horrific social
implications of their drastic austerity measures. In other
words they have the income and the assets whilst we and our

children will be left to carry the debt.

Ray Crotty knew in 1986 that borrowing would end in disaster
for Ireland, and we currently who are socially conscious, are
now experiencing a human tragedy unfolding daily as it did
so in 1985. It was not called the “lost decade” for nothing.
However, in 2010 it is much worse because in addition to
unbridled public borrowing there is private debt of nearly half
a trillion Euros. Thus this time the burden is doubly crippling
particularly when you factor in an Irish cost of living which is
now nearly 50% higher than that in mainland Europe. This fact
can be readily verified during any short holiday trip to Spain or
Portugal or Germany.

But Mr. Crotty did not leave it there, he used his considerable
economic intellect to propound a way forward, an analysis
which we know all too well was never followed. His solution
could be applied even now, if only we found the will and the
determination. In 1986 His formula for economic and moral
salvation ran as follows:

“It is not difficult to identify the nature of the change
that is necessary to transform Irish undevelopment into
development. It involves essentially eliminating banking
privilege. In Ireland producers are charged too little for land
and capital and too much for labour. ……All taxes should
be removed from labour (PAYE & PRSI) and the things that
labour buys (VAT). Tax revenue from land and from the
financial system (Banks, Insurance Companies and Building

Societies) should be maximized. In addition, in order to save
revenue and to preclude further borrowing by corrupt and
corrupting politicians, the public (and banking debt should be
renegotiated or) repudiated …..The proposed fiscal changes
would transform Ireland’s undeveloping economy into a
developing one. The state is the enemy of the nation and
has been the cause of its undevelopment this point the Irish
people must comprehend. But even as the nation has been
undeveloped by the state’s actions, the people have looked
more and more to the state to remedy the situation.”

In 2010 The Irish people somehow must start rejecting the
local/international banking system now robbing the national
coffers. Raymond Crotty cries out from the past. He was not
listened to then and we are paying the consequences. This
moral Irishman correctly analysed Ireland economic problems
and history has shown this analysis to be correct. It is not
too late for Ireland to start again but we need this time to
take the right road and choose true national development
not financial bondage. In other words borrowing in not
the answer, productive commercial enterprise is. And the
benefits of this enterprise must flow, as a moral right, to
the average hard working lower and middle class citizen not
financial elites regardless of whether they are of the home-
grown or international variety. This time let us finally listen
and take the right road of hard work, honour and duty not
a phantom dream of lottery wins, quick rich schemes and
reckless speculation. Yes we are in a difficult situation but let
us take the hard choices that lead to real change not cosmetic

As Oscar Wilde, once famously quipped:

“Yes we are all in the gutter but let us chose to look up to the
stars.”

How spin works

There you have it Brendan Keenan (Independent Newspapers) says the banks are fine swallowing the government’s line that the Irish Banks aren’t insolvent. Then we had Professor Morgan Kelly (UCD) advocating allowing the non retail (Anglo Irish Bank) banks to be let go! Then we had Kevin McConnell, Head of Research, and Bloxham Stockbrokers again touting the spin of the Government

Fast forward to today and see who was right surprise surprise why the noble professor.

Now what have learned out of this?

The establish news media in towing the government line and you can’t believe a word from the vested interests of people like Bloxham Stockbrokers who after all want to sell you shares in these Toxic banks Stockbrokers get paid in fees on trades. They have no incentive to talk down the market. It hasn’t gone unnoticed how they have been the cheerleaders for NAMA.

Bank of Ireland and accounting gimmickry

Bank of Ireland announced that €2.1bn of formerly NAMA-bound loans would not be going to NAMA. Where are they going, if anywhere? Why are they not going to NAMA? Is this a further contraction in NAMA’s performing loan portfolio (BoI have had the best performing loans thus far evidenced by their top of class 36% average weighted haircuts on Tranches 1 and 2). It is interesting that the EU Decision on BoI’s future which was made in July 2010 has not yet been made public more than two months later. BoI emerged from yesterday’s statements as the only healthy NAMA Participating Institution in the sense that it doesn’t need additional capital. Has some jiggery pokery gone on with the €2.1bn of formerly NAMA-bound loans to enable BoI to meet its PCAR requirements?

Full article here http://namawinelake.wordpress.com/author/namawinelake/

Place you’r bets on Bank Of Ireland

 

A few months ago, I said that  Bank of Ireland share price would fall  to 55 cent  and even lower down to the 20’s . Any of my followers that took heed of my advice will now be nursing huge profits

Bank in April I warned that the rights issue was a complete rip off and the Government went ahead and purchased 575.6 million shares at €1.80 each. So at this mornings prices we the taxpayers have sustained loss again of 70 % = 402.92 million Euros in 5 months

In any other business these incompetent baboons Lenihan and Cowen  would be kicked out of office  ,Truly monkeys wouldn’t do any worse!

As for the distressed shareholders I afraid there is more bad news on the way .Bank of Ireland I believe ,Is harboring derivatives, and the news  cannot be  good . Anglo and Allied Irish Bank are also in the dog house and nothing will change the direction of the shares until the full facts are known and I don’t mean the banks telling us fibs we need to have an independent audit done on their derivatives trades of which I believe we are looking at 150billion at least in losses

In other words all the banks are insolvent and we are on course for a final showdown with the IMF having to step in and save the day

Shareholders get rid of the toilet paper you are holding.

http://thepressnet.com/2010/04/29/aib-shares-worth-0-60-cent/

http://thepressnet.com/2010/05/20/ponzi-scheme-warning/

http://thepressnet.com/2010/04/26/%e2%80%9cthis-is-a-blatant-attempt-to-rob-existing-shareholders-of-the-merger-holding-of-the-carcass-that-is-bank-of-ireland%e2%80%9d/

http://thepressnet.com/2010/08/11/bank-of-ireland-posts-huge-losses/

Lenihan logic: heads you win and tails you win for the bondholders

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Irish Finance Minister Demonstrates that he doesn’t believe in Capitalism
By The Fundamental Analyst, on September 24th, 2010
Here again we see another case of those that embraced capitalism on the way up, shudder at the consequences when things go the other way. Take the latest comments from the Irish Finance Minister, from Reuters:
Irish finmin says no chance banks, govt will default
DUBLIN, Sept 22 (Reuters) – It is unthinkable that Ireland or its banks would default on senior debt, Finance Minister Brian Lenihan said on Wednesday.
Opposition politicians and some media commentators have called on Lenihan to force bondholders in Anglo Irish Bank [ANGIB.UL] to take some of the hit for the nationalised lender’s massive losses, which are a major burden on the exchequer.
“It’s unthinkable that Ireland would default on senior debt or that Ireland’s banks would default on senior debt,” Lenihan told Reuters in parliament.
“Ireland is not prepared to be some kind of social experiment for bank default.”
Why is it unthinkable? I’m not up to date with the extent of Anglo Irish Bank’s problems, but if the losses are big enough to eat through all subordinated debt then senior debt is next in line, simple. This is what happens in a restructuring, equity holders get taken out and bondholders take a haircut. Maybe the losses aren’t that big that senior bondholders need to take their lumps, but even so, to make a blanket statement such as the Irish FM has made demonstrates that he is firmly of the belief that bondholders aren’t responsible for their mistakes and that capitalism should be suspended when things go pear-shaped.
 
Comment:
There you have it once again Lenihan is way out of touch with the norms of capitalism
Its all about risk that’s why bondholders get to demand such high interest payments because there taking a gamble and if things go pair shaped they go and take a bath
Lenihan has a logic of heads you win and tails you win for the bondholders and they love him for it!
Maybe it would be better if Lenihan was in charge,”lets shift Cowen “me thinks the bondholders might be thinking”!

Sorting out the financial crisis

A series of unconventional interviews . This week, Tony Soprano
namawinelake | September 19, 2010 at 6:02 am | Categories: NAMA | URL: http://wp.me/pNlCf-AM

This week sees the first of five weekly interviews in which aspects of Ireland’s financial crisis will be discussed with some unusual personalities with some unconventional thinking. This week we are joined by Tony Soprano, New Jersey businessman.
NAMAwinelake: So Tony, I understand that you have some experience of the debt business and we’re here today to talk about the enormous debt burden being faced by Ireland as it tries to restore a functioning banking system to the economy.
Tony Soprano: Right, but somehow I don’t think you’re gonna like what I have to say.
NWL: Well, let’s see. So you know the score. We’ve had a property boom. Banks loaned enormous sums to fund property projects. Property prices have crashed. Which means banks are in danger of going bust which would ruin the economy and the country. The government has borrowed huge sums to shore up the banks and the day to day running of the country and has guaranteed even bigger sums. And now we’re facing a decade or more of crippling austerity. Have you any ideas?
TS: Ever heard of a “bust out” scam? No, let me tell you about it.  Now to work this, you have to have a good credit history but you’re facing ruin and need to be desperate. Say you have a credit card with a €20,000 limit. During the month, you runs up debts right to that limit, you buy things that you can easily sell on – booze, cigarettes, iphones whatever. And then you get your credit card statement. What you do you is you go to the bank and pay in a €20,000 cheque. And here’s the clever bit. The credit card company credit your statement immediately when you pay in the cheque and you get your full €20,000 credit limit restored. However, it takes 3-4 days for your cheque to clear and of course it doesn’t, it bounces. But in those 3 days you spend another €20,000, again on merchandise you can sell on quickly. And you stash the cash. The credit card company comes after you and you declare bankruptcy.
NWL: Jeez! And credit card companies haven’t wised up to that?
TS: Maybe some have. But now let me explain how the bust out scam works in business. I used to have a friend from school, let’s call him John Konna. Now John was a hard working family man and he built up a chain of sporting goods shops, you know, sports kits, sneakers, bicycles, canoes, that sort of thing. The one thing about John was that he had a gambling problem. And he owed a gambling debt of €10,000 to a friend of ours. Now you know how it works, you have a debt, you pay it back with the vig.
NWL: What’s the vig?
TS: The vig? That’s short for vigorish. John owed our friend €10,000 and said he’d pay it back over 4 weeks. Each day €200 in vig was added to the debt. In addition if John missed a debt payment, that was added to the total. It’s tough but that’s how it works. Now John was having difficulty paying back the debt and it had gotten to €20,000. He came to me and begged me to join the “Executive Game”, poker for high rollers. I said to him “John, don’t do this, this game is not for you”. But he begged me, and then he begged me for a €50,000 loan. And what happened? He lost it all. And I wanted my money back. But John had all sorts of debts. So we worked the bust out scam on his stores. We ordered to the limit from his existing suppliers and sold the goods on, we opened up accounts with more suppliers, everything from flat screen TVs to computers and we maxed the credit and when the goods came in the front door we shipped them out the back door. All in, we took €500,000 of goods and sold them for €200,000. That’s when the credit stopped. John was ruined and never recovered. But we got our money.
NWL: But as you say, John was ruined, he was labelled a dead beat, he’d lost all trust and he’d never have a business again.
TS: Yeah but that was John, you’re talking about a country and you know sovereign debt it’s like diplomatic immunity. You remember that guy out of Lethal Weapon, you know the one who tells Mel Gibson that he can’t be shot because he has dip-lo-mat-ic imm-un-ity. Now of course in the movies, he gets shot anyway but this isn’t Hollywood, it’s real life and sure, for a period of time no-one will lend to you and if they do they’ll want extortionate interest. But hey, they can’t take your country, can they? And sooner or later they will start lending again. Maybe you get kicked out of the euro or even the EU. Maybe you move closer to Boston or Beijing or Bahrain.
NWL: But as to how this would work in Ireland. Take NAMA, they’re buying loans with €40bn or so of government-backed bonds. The banks can cash these bonds at the ECB. Now the loans that NAMA is acquiring have a value and if the government defaulted on its debt and NAMA refused to pay back the ECB, I could see the ECB trying to recover its debts from NAMA in the courts – after all NAMA is a company independent of government.
TS: True, but in the bust out scam you move the goods quickly so that the creditor can’t find them. So NAMA sells the loans or assets for whatever it can get for them. Say they buy the loans for €40bn and they sell them at a 25% discount for €30bn. And for good measure the banks cash the NAMA bonds immediately and lend them out to businesses. The bottom line is that your country gets an extra €30bn of cash that is not paid back. And that’s just NAMA. Consider your government bonds, consider the funding from the ECB to your zombie banks. Very quickly you could be talking about over €100bn of debt and that’s before running the bust out scam.
NWL: Well this is very entertaining stuff but it is never going to happen. You’re talking about default which happens very rarely but you’re also talking about a country defrauding its creditors. It just doesn’t happen.
TS: Ever heard of the “trolley problem”?
NWL: Don’t think so, no.
TS: My therapist told me about it. Comes from philosophy. A trolley on a railway line is running out of control. On the line ahead, there’s this one guy tied to the rails and he’s going to get run over and killed. You can flick a switch and the trolley will be diverted onto another rail but on this other rail, there’s two guys tied to the line and both of them will get killed. What do you do? Look, sure, in absolute terms it’s not right that anyone gets killed. But you have to weigh up the alternatives. There is pain ahead one way or the other and you have choices to make. And you might choose to runs up debts of 125% of your GDP and pay them back on the nail. But you might decide that the pain and sacrifice needed is too great and you default. Or maybe there’s something in between. You have choices.
NWL: Interesting but I can’t see the country defaulting and certainly can’t see the country deliberately running up maximum debts and defaulting.
TS: Maybe. Anyway, look it’s been nice talking to you. But I have to get on. I read in the press that these NAMA guys are saying that some developers will not survive. I need to give them a call and maybe offer my services.
Next week: A leading left-wing broadcaster warns of the dangers of Ireland being burdened with Weimar-scale levels of debt which he says will breed a new generation of satirical writers who’ll cast a shadow over Europe for decades to come with their Swiftean prose. Scary.

Afghan depositors assail bank

Angry Afghan depositors assail bank

Looking at this video clip I am immediately struck with the questions of whether the directors of the Anglo Irish Bank and the other bailed out banks Directors have engaged in shipping off funds to other jurisdictions and what if any investigations have been carried out.
Why are the assets of these corrupt Directors not been frozen?
Must things get a whole lot worse before the Irish public demand action?
Wait until the derivatives bubble bursts then the Sh** will hit the fan!
Big time

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