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Posts tagged ‘European Council’

Irish bank debt negotiations going nowhere

Enda Kenny

Enda Kenny (Photo credit: Wikipedia)

We have become used to broken promises in this financial crisis. Remember Enda Kenny in December 2010 after the Greens had pulled the plug on the previous administration and political parties were on an election footing. Remember “Mr Kenny said there is no question of defaulting on sovereign debt or on senior bank bonds that are covered by the Guarantee but he believes that the taxpayer can save between €12-17bn by negotiating a sharing of losses with the unguaranteed senior bondholders”. Of course that promise became more nuanced in the subsequent manifesto a month later but no-one ever disabused us of the notion that this government would pursue to success a significant write-down on the remaining senior bondholder debt. And in June this year, Enda emerged from the all-nighter of the EU summit to tell us that some people had just found out he was not someone to be tangled……………………

full article at source:http://namawinelake.wordpress.com/2012/09/10/irish-bank-debt-negotiations-going-nowhere/

EUROBLOWN: Merkel ‘fears Greek distractions will torpedo currency union’

By the Slog

The poker game that is non-negotiable bailout terms v Greek exit threat continues, but most of the propaganda is now coming from Berlin-am-Brussels. A German source suggested last night that Merkel is adamant that Greece must not derail the dash to Fiscal Union. If Francois Hollande gets his way, however, the Greeks will not be required to call the EU’s bluff – or vice versa.

“It’s the Big One,” as arch unconscious double-entendre expert David Coleman was wont to remark. The EU summit that begins today is an  important one for eurowatchers. Whether it will achieve much is another matter entirely. But either way, the session will be dominated by The Greek Question….something that is, allegedly, now getting very severely on the Fuhrerin’s nerves

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full article at source: http://hat4uk.wordpress.com/2012/05/23/euroblown-merkel-fears-greek-distractions-will-torpedo-currency-union/

10/12/20111: Euro summit twin tests: deficits and structural deficits

In the wake of the European summit, it’s worth taking a look at historical and projected future performance of the member states of the Euro area based on the parameters for fiscal sustainability.
First, consider historical performance of the Euro area member states based on the 3% Government deficit criteria. Charts summarize:

full report at source: http://trueeconomics.blogspot.com/

For God sake Ireland wake up you are been screwed!

German Logo of the ECB.

Image via Wikipedia

By Namawinelake

“It’s shite being Scottish! We’re the lowest of the low! The scum of the fucking Earth!  The most wretched, miserable, servile, pathetic trash… that was ever shat into civilization! Some people hate the English. I don’t! They’re just wankers! We, on the other hand, are colonized by wankers! Can’t even find a decent culture to be colonized by! We’re ruled by effete arseholes! It’s a shite state of affairs to be in, Tommy!” from the movie Trainspotting

Substitute Scotland with Ireland, and England with Europe in the above and you might get an idea of feelings today after the latest marathon 2-part EU summit concluded in the small hours this morning, and resulted in the obligatory summit communiqué, available here. In short, the European bailout fund which started at €250bn and rose to €440bn is now to be boosted to have €1tn of “firepower”, EuroZone banks are to get €100bn of recapitalization by July 2012 so as to boost confidence and absorb losses, and Greece is to get a 50% write-down in its debt

read full article at source here: http://namawinelake.wordpress.com/2011/10/27/latest-eu-summit-delivers-kick-in-the-irish-unmentionables/

Comment:

What did our gombeen politicians running the country come back with?

A wet handshake, a tap on the back and “here is the latest list of Austerity measures we want you to implement because someone has to pay for the 50% discount we are giving the Greeks, They are causing all sorts of trouble and we better give them this discount .Unlike you stupid Irish” (Teachers Pet and all that)
Why can’t they be like you lot and just do what they are told and pay up? Now run along home and start squeezing the wee folk back in the Ba-nama-republic .Beggars can’t be choosers and nice guys get washed away. So piss of and pay up.

Get real Ireland we are been taken for every penny we got ,we must for God sake stand up and say no we won’t pay just like the Greeks Did !

It is totally unacceptable to allow the government of the day to steal
the financial resources of the state to pay this odious debt and thus remove
the resources that otherwise would literally help keep the most vulnerable people of
our society alive
.Every politician that continues to support this subservient action
towards the bondholders, Troika, ECB are guilty treason!

We must default just like Greece now. We are not stooges of Europe!

Anything else is just plain dumb on our part. Our national pension
fund has been depleted, paying off the private gambling debts of the bondholders
of Deutsche bank. How long more are we going to just grovel when told to do
so???

For God sake Ireland wake up you are been screwed!

Europe plots deep Greek writedown

A draft statement from an emergency euro zone summit on  Wednesday, obtained by Reuters, outlined two options to leverage the 440 billion  euro ($600 billion) fund designed to shore up heavily indebted states and thwart  market attacks.If the draft is adopted with little change, the second summit in four days  will have sketched broad intentions but failed to produce a detailed master plan  to scale up the fund, recapitalize banks and reduce Greek debt to a sustainable level.

full article at source:http://www.reuters.com/article/2011/10/26/us-eurozone-idUSTRE79I0IC20111026

What the G20 can do to solve the eurozone crisis

The following article was brought to our attention .

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You cannot remove the fragilities in Europe’s banking system without solving  the sovereign debt crisis… and you cannot solve the debt crisis without  stabilising the banks. This much has finally been recognised by the Group of 20 finance ministers  at their meetings in Paris over the weekend.

full article at source:http://blogs.ft.com/the-a-list/2011/10/17/how-the-g20-can-solve-the-eurozone-crisis/#axzz1b2sm6UsX

New Fine Gael and labour government policy = perpetual debt

 

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