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ECB have been buying Irish bonds - Bloomberg (incl interview with Micheal Martin)


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davidcochrane
In a piece about Ireland moments ago on Bloomberg, the US business channel said that sources close to them have told them that the ECB have been buying Irish bonds.

The report said that the cost of insuring Irish debts against sovereign defaults are increasing as investors are increasingly concerned that the cost of saving the Irish banks is too costly.

Bloomberg also reports that investors aren't convinced Ireland can continue without asking the EU for funds.

Micheal Martin, Ireland's Foreign Minister was interviewed in the same segement and told Bloomberg's Margaret Brennan that there will be certainty on Anglo "by the end of the week".

Brennan asked Martin if there will be budget cuts beyond previously stated, Martin reaffirmed the planned "minimum of €3n".

Martin said domestic consumption is not as importance as it is in the USA, that Ireland needs an export-led recovery that will depend on Europe and the United States.

In the interview Martin is asked about political instability affecting economic programmes along with the calls on Brian Cowen to resign and how it's affecting investor confidence, along with questions about Ireland's role in the EU.

[ame="http://www.youtube.com/watch?v=Ccdke19_Df8"]YouTube - Margaret Brennan interivews Irish Foreign Minister Micheal Martin[/ame]
 
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polcol2

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In a piece about Ireland moments ago on Bloomberg, the US business channel said that sources close to them have told them that the ECB have been buying Irish bonds.

The report said that the cost of insuring Irish debts against sovereign defaults are increasing as investors are increasingly concerned that the cost of saving the Irish banks is too costly.

Bloomberg also reports that investors aren't convinced Ireland can continue without asking the EU for funds.

Micheal Martin, Ireland's Foreign Minister was interviewed in the same segement and told Bloomberg's Margaret Brennan that there will be certainty on Anglo "by the end of the week".

Brennan asked Martin if there will be budget cuts beyond previously stated, Martin reaffirmed the planned "minimum of €3n".

Martin said domestic consumption is not as importance as it is in the USA, that Ireland needs an export-led recovery that will depend on Europe and the United States.

In the interview Martin is asked about political instability affecting economic programmes along with the calls on Brian Cowen to resign and how it's affecting investor confidence, along with questions about Ireland's role in the EU.

Video will be viewable here in a moment.
Fair play to you David, this is what I love about politics.ie up to date relevant keep up the fantastic work.
 

ChickenBiryani

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I have seen this said and discussed many times both here and on radio over the last couple of days, but could someone tell me how there will be certainty in relation to Anglo this week???

There will be no certainty in relation to any of our banks or NAMA until every last NPL is closed.

I would be very worried about any proclamations of "certainty" at this stage.

We haven't even got to the credit card and residential default problems yet.
 

TradCat

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Martin said domestic consumption is not as importance as it is in the USA, that Ireland needs an export-led recovery that will depend on Europe and the United States.
Looks like tax hikes then. They don't care about the retail sector. Work, go home, stay in.
 

grafter1

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I have seen this said and discussed many times both here and on radio over the last couple of days, but could someone tell me how there will be certainty in relation to Anglo this week???

There will be no certainty in relation to any of our banks or NAMA until every last NPL is closed.

I would be very worried about any proclamations of "certainty" at this stage.

We haven't even got to the credit card and residential default problems yet.
Absolutely its ridiculous.

People looking for 'certainty'. If we don't know for certain that the sun will rise tomorrow how can we have certainty around a cesspit like Anglo Irish.

The human search for certainty continues. I suppose it explains why people believe in things like heaven.
 

cyberianpan

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I'm getting bored of the ECB doing this... they buy bonds every so often

Also they facilitate commercial banks buying Irish bonds on well... a non commercial basis

What I want to see now is

1) What are the volumes ?
2) How many of these are non ECB/ECB backed investors ?

cYp
 

WTTR

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Looks like tax hikes then. They don't care about the retail sector. Work, go home, stay in.
Yea, very curious :confused: The simple task of thinking to get my head around his remark gives me the shudders :shock2:
 

DCon

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We wish Anglo was as cheap as 35,000,000,000 dollars..
 
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THis would explain why the bonds are up and down.

Im fairly sure the 10 year would be over 7% now if it wasnt for the EU fighting to keep tem down, thats why its slowly creeping up.
 

locke

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I have seen this said and discussed many times both here and on radio over the last couple of days, but could someone tell me how there will be certainty in relation to Anglo this week???
I suppose a decision to close Anglo and default on its loans would provide certainty.
 

HarshBuzz

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We haven't even got to the credit card and residential default problems yet.
bing bong! (that's my 'correct' noise)

I'm not so worred about the c.c. debt as it's relatively small. What happens when people start defaulting on their mortgages en masse?
 

roc_

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Looks like tax hikes then. They don't care about the retail sector. Work, go home, stay in.
I'd say it will be worse than that. As someone else pointed out earlier somewhere, it looks like they'll roll out the Ceausescu model - work your ass off to make stuff to send abroad, that brings money in to keep our hallowed 'entitled' classes in the lifestyle they're used to, protect their wealth, all the while our country and homes fall down around our ears and they feed us on the cheapest mass produced guck to keep us alive to work, because there's no one available to tend to the nation's body, soul and spirit - they're all in the export factories! Sounds like a plan, Stan.
 
D

Deleted member 17573

I suppose a decision to close Anglo and default on its loans would provide certainty.
They're worried about a default and the rate hits 7% - what rate would we hit if we actually defaulted? Answers from the Default lobby especially please!!
 

HarshBuzz

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They're worried about a default and the rate hits 7% - what rate would we hit if we actually defaulted? Answers from the Default lobby especially please!!
I can just see Sailor in the Fuhrerbunker circa March 1945:

"ve must continue vith ze Russian offensive mein Fuhrer, victory vill soon be ours! muhahahahaha"
 

nuj

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The ECB has been buying up Irish government debt for quite a while. Same with other peripheral eurozone sovereigns under pressure: FT Alphaville » Sovereign liquidity snapshots
It's been generally in pissant size. They did their first €60bn eurosovereign bonds by early July, and less than €2bn in total since, according to their numbers yesterday. From newspaper/wire/net reports this latter amount has been spread 3 ways across Greece, Portugal and Ireland, and has been far more noise than substance.
 
D

Deleted member 17573

I can just see Sailor in the Fuhrerbunker circa March 1945:

"ve must continue vith ze Russian offensive mein Fuhrer, victory vill soon be ours! muhahahahaha"
:lol::lol::lol:

But what rate could we anticipate in a default scenario?
 

HarshBuzz

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D

Deleted member 17573

the EFSF rate obviously
Agreed - but I was wondering what the market rate would be if we did not have this fall-back - as you know some posters argue that there would be no negative impact resulting from a default.
 

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