Even with ECB help, Ireland has a Failed Bond Auction

Cassandra Syndrome

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The government has just announced that Bond auctions are cancelled indefinitely.

This is another failed Bond Auction. This country is bankrupt and the people at the helm are drunken stupid sailors. What shall we do with them early in the morning as the song goes?

Fine Gael's Finance Spokesman Michael Noonan said the Government's decision to cancel next month's bond auction was because 'our sovereign trade worthiness was gone'.
 


ballot stuffer

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We are raiding our pension fund instead. Somehow this isn't worthy of attention or ire from our media.
 

kerdasi amaq

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Fainna Fáil have got to go. For good.
 

firefly123

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We are raiding our pension fund instead. Somehow this isn't worthy of attention or ire from our media.
They would sell their grannies to stay in power. In fact in some ways they are actually selling off their grannies chances of a decent retirement and their grandkids chances of a decent life.
 

ronsh2000

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We are raiding our pension fund instead. Somehow this isn't worthy of attention or ire from our media.
The NTMA has sufficient cash reserves to keep us going until the middle of next year without having to go back to the market. This is separate to the pension fund.
 

firefighter

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We're focked.

My dad is due his final salary lump sum from the State next month. He's crapping himself at the mo.
 

Cassandra Syndrome

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The NTMA has sufficient cash reserves to keep us going until the middle of next year without having to go back to the market. This is separate to the pension fund.
Do you know they have to rollover at least a billion Euro of debt per working day on average?
 

ballot stuffer

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The NTMA has sufficient cash reserves to keep us going until the middle of next year without having to go back to the market. This is separate to the pension fund.
I'm referring to the national pension reserve fund which will be dipped into for AIB at the very least and probably Anglo.

We would certainly be selling gilts to cover this otherwise.
 

Cassandra Syndrome

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We're focked.

My dad is due his final salary lump sum from the State next month. He's crapping himself at the mo.
Sorry to hear that. Has he a pension fund?
 

borntorum

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How does cancelling bond auctions = failing at bond auctions?
 
D

Deleted member 17573

The government has just announced that Bond auctions are cancelled indefinitely.

This is another failed Bond Auction. This country is bankrupt and the people at the helm are drunken stupid sailors. What shall we do with them early in the morning as the song goes?
The markets are turning their attention on the euro again - it is, therefore, sensible to defer further auctions for the present. In fact, since we don't need an auction it would be downright stupid to have one at this time. Your statement that we have had a failed auction is wrong. And yields are down - 10 year around 6.5% - so why didn't you tell us that? You'd have been quick enough with the news if yields were on the way up. You pursuit of bad news is getting tiresome.
 

HarshBuzz

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The markets are turning their attention on the euro again - it is, therefore, sensible to defer further auctions for the present.
explain this statement please Sailor
 

grafter1

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We are only funded until about April as there are bonds due to be rolled over as well as paying salaries etc.

By January we'll be down to 3 months.

I think the decision is crazy. Bond spreads won't be coming down in the meantime.

The 10 year yield will be 8% by the 1st November.
 

Paulo

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What happens in the new year if the market conditions are even worse? I think that postponing auctions like this could spark a run on Irish bank deposits and bonds. Seriously!
 

firefighter

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The probabilities are still being calculated every second.

It doesn't matter if the Irish Government have temporarily set the volume to zero.
 

firefighter

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This is typical "kicking to touch" politics. We had it with the 2 year bank guarantee and the banning of short selling on the ISE (which is now a redundant historical anachronism).

All they're thinking about is the next election. FF have a solid 20% to 25% base. The fact that Labour and FG have a popularity split right down the middle is ideal for FF.
 

jimmyfour

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The markets are turning their attention on the euro again - it is, therefore, sensible to defer further auctions for the present. In fact, since we don't need an auction it would be downright stupid to have one at this time. Your statement that we have had a failed auction is wrong. And yields are down - 10 year around 6.5% - so why didn't you tell us that? You'd have been quick enough with the news if yields were on the way up. You pursuit of bad news is getting tiresome.
10 yr down to 6.5%? That is great news.

I also read today that boot production has also exceeded 1 million for the year to date.
 

He3

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We are only funded until about April as there are bonds due to be rolled over as well as paying salaries etc.

By January we'll be down to 3 months.

I think the decision is crazy. Bond spreads won't be coming down in the meantime.

The 10 year yield will be 8% by the 1st November.
In FF eyes it makes perfect sense: they have pulled the pin out of the grenade and are about to hand it over to FG/Lab.
 
D

Deleted member 17573

explain this statement please Sailor
HB - you know perfectly well what I'm talking about - but you have a habit of asking this type of question and when given a response you don't like, you disengage from the discussion - sorry, but I'm not participating in this little game anymore.
 


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