Chair of Risk Capital Partners: Ireland's unravelling "terrifying"

darkknight

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Leading Investor Warns Over Irish Crisis

(video at link above)

A leading investor has warned that Ireland's financial crisis could have devastating knock-on effects to Britain's economy.

Speaking on Jeff Randall Live, Luke Johnson, chairman of private equity firm, Risk Capital Partners said he feared the Irish government could default on its debt within months.

"I think there is a serious risk at some point next year of sovereign default, which is a tragedy," he said.

"In many ways we are a bigger version of Ireland. We are also hugely dependent on property. We have also had a lot of personal and property debt throughout the system and I find the unravelling of Ireland very frightening indeed."

His comments came as borrowing costs for the Irish government have hit a record high as debt markets doubt Dublin's ability to bring its public finances under control...
Sky News business commentators have been focusing on Ireland all day. An earlier contributor acknowledged that, bad as Ireland's situation undoubtedly is, market forces include a considerable element of irrationality, sometimes leading to stampedes. But that's the way things work. To use a favoured Fianna Fail phrase: "We are where we are!".

It is now blindingly clear that the PR battle has been lost by Lenihan and Cowen. The people who matter are no longer listening to them, or, if they are listening, they no longer believe them.

A change of personnel at the political top may (only may) make a positive difference in terms of international credibility and confidence.

If Fianna Fail and the Greens have an ounce of patriotism left in them, THEY MUST CALL A GENERAL ELECTION NOW, or immediately after the Budget!
 


Odyessus

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Leading Investor Warns Over Irish Crisis

(video at link above)



Sky News business commentators have been focusing on Ireland all day. An earlier contributor acknowledged that, bad as Ireland's situation undoubtedly is, market forces include a considerable element of irrationality, sometimes leading to stampedes. But that's the way things work. To use a favoured Fianna Fail phrase: "We are where we are!".

It is now blindingly clear that the PR battle has been lost by Lenihan and Cowen. The people who matter are no longer listening to them, or, if they are listening, they no longer believe them.

A change of personnel at the political top may (only may) make a positive difference in terms of international credibility and confidence.

If Fianna Fail and the Greens have an ounce of patriotism left in them, THEY MUST CALL A GENERAL ELECTION NOW, or immediately after the Budget!


...bad as Ireland's situation undoubtedly is, market forces include a considerable element of irrationality, sometimes leading to stampedes. But that's the way things work.
And many people in Ireland in the media and on this board seem to want things to work that way. Why would the markets believe we can fix our problems when Irish people themselves are lining up to paint the blackest picture possible and insisting the government are corrupt liars?

I'm beginning to believe that many people here actually want the country to default.

I honestly think they would be bitterly disappointed if we got through our problems and returned to economic growth in a few years.

You have only to see the gleeful reaction here when a negative comment is made about Ireland internationally, and contrast it with the hysterical anger at positive international comment.
 

Insole

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Yup, I've seen this sentiment on BBC World about a month back too.
Britain is peppering itself, because when they look at us they are looking in the mirror. I know so many Brits who you would describe as middle class, and they are horribly exposed in a low wage, high tax society with bailiffs calling to their doors and depending on their families. britain is not a funny place to be right now.
I guess to Eurozone countries really are not overly worried about them though. They should be slightly less contagious than us.

We all know though that despite your plea Fianna Fail do not have an ounce of patriotism in them. They were founded by a traitor.
 

Chrisco

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And many people in Ireland in the media and on this board seem to want things to work that way. Why would the markets believe we can fix our problems when Irish people themselves are lining up to paint the blackest picture possible and insisting the government are corrupt liars?
Maybe because Fianna Fail are a shower of corrupt, incompetent liars?
 

GDPR

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Well as you've put it in large capitals, I expect they'll do as you suggest.

You don't walk away from your responsibilities because the going gets tough. They have a job to do and they're doing it to the best of their ability, after the 4 year plan and after the budget is passed there will be time to reassess the situation in light of whatever market reaction there may be.
 

budgie29

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And many people in Ireland in the media and on this board seem to want things to work that way. Why would the markets believe we can fix our problems when Irish people themselves are lining up to paint the blackest picture possible and insisting the government are corrupt liars?

I'm beginning to believe that many people here actually want the country to default.

I honestly think they would be bitterly disappointed if we got through our problems and returned to economic growth in a few years.

Its hard to be positive when every figure we have been given was wrong, when there are +400,000 on the dole and our political system is a joke. Id like to see a the banks defaulting on their debt but certainly not the country. Its frightening and the country seems to be paralysed.
 

Insole

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And many people in Ireland in the media and on this board seem to want things to work that way. Why would the markets believe we can fix our problems when Irish people themselves are lining up to paint the blackest picture possible and insisting the government are corrupt liars?

I'm beginning to believe that many people here actually want the country to default.

I honestly think they would be bitterly disappointed if we got through our problems and returned to economic growth in a few years.

You have only to see the gleeful reaction here when a negative comment is made about Ireland internationally, and contrast it with the hysterical anger at positive international comment.
This is not a case of a self fullfilling prophesy.
As the IBEC man said on Primetime the actual economy is doing fine in terms of exports.
The problem is with the debt for the Fianna Fail funders which the state now has to pay.
 

darkknight

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...
I'm beginning to believe that many people here actually want the country to default.

I honestly think they would be bitterly disappointed if we got through our problems and returned to economic growth in a few years.
Odyessus, this is no longer simply about ousting FF and the Greens. If that were the main issue, I'm sure most people could bide their time until 2012.

It is about a massive collapse of confidence, both here and abroad, in the present Government's capacity to manage the crisis.

There is a growing sentiment, based on Lenihan/Cowen's track record, that their mistakes will carry on making things worse. Right now, we are faced with a major national crisis. In six months' time, it could be a national catastrophe. They have to move aside.
 

Holy Cow

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Well as you've put it in large capitals, I expect they'll do as you suggest.

You don't walk away from your responsibilities because the going gets tough. They have a job to do and they're doing it to the best of their ability, after the 4 year plan and after the budget is passed there will be time to reassess the situation in light of whatever market reaction there may be.
The only job your lot have to do is resign.

Hang on in if ye want, cos it means further destruction for your party.

Its like watching a heroin addict with a bunch of dirty needles, and I'm bloody loving it.
 

darkknight

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...
You don't walk away from your responsibilities because the going gets tough...
If you have any sense of propriety and/or professional duty, you do step aside when it becomes obvious that you are not suitable or equipped for the job.
 

GDPR

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The only job your lot have to do is resign.

Hang on in if ye want, cos it means further destruction for your party.

Its like watching a heroin addict with a bunch of dirty needles, and I'm bloody loving it.
That's the bit that shows you to be an idiot.
 

Holy Cow

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The only problem is they are also blood donors
Clean blood makes no difference once they overdose, and thats very soon.
 

GDPR

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If you have any sense of propriety and/or professional duty, you do step aside when it becomes obvious that you are not suitable or equipped for the job.
You need to allow, in your righteousness, that what may seem an obvious conclusion to you, may not be shared by those involved or indeed by a great many more.
 

budgie29

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Well as you've put it in large capitals, I expect they'll do as you suggest.

You don't walk away from your responsibilities because the going gets tough. They have a job to do and they're doing it to the best of their ability, after the 4 year plan and after the budget is passed there will be time to reassess the situation in light of whatever market reaction there may be.

They shld walk away because they had 2 years to fix and they have fu$ed it up even more. No we are beholden to the markets and they are saying they want a change of government. This is the position FF have put is in. We are now a bannana republic who gets dictated to by traders in London and NY. "Alright Paddy we are going to squeeze u a bit more today". Thanks Biffo, thanks Comical Lenny.
 

Holy Cow

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That's the bit that shows you to be an idiot.
Incorrect, its knowing when the game is up that makes me smart.

Sure, the drug of power is addictive, but fatally addictive?

Most smack addicts can manage to kick the habit, but your lot just dont get it.

Last gasps of some dying wasps going on at the moment, and I am loving watch the wasps (wannabe WASPS) die a slow painful death.
 

Chrisco

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You need to allow, in your righteousness, that what may seem an obvious conclusion to you, may not be shared by those involved or indeed by a great many more.
And do you think, dear tonic, that our bond yields are a vote of confidence in this government?
 

Holy Cow

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You need to allow, in your righteousness, that what may seem an obvious conclusion to you, may not be shared by those involved or indeed by a great many more.
Hey Bertie? Where did you get the cash to be on the interweb? I thought you had minions to type your nonsense?

Hard times, the recession?
 

Chrisco

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Clean blood makes no difference once they overdose, and thats very soon.
That makes no sense at all.

You are forcing me to agree with tonic.

Stop it.
 


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