Has Ireland discovered a legal loophole to avoid a bailout?



Sucker Punch

Well-known member
Joined
Apr 29, 2008
Messages
1,556
interesting stuff indeed.

As an aside, I was wondering whether the EU might be using the crisis to devalue the Euro, as to keep up with the respective devaluations in the dollar, rather than printing more money ala quantatative easing.

The G20 reminds me of a gathering of a bunch of hypocondriacs discussing amongst themselves which one of them is the sicker so that they will be least induced to accomodate the other.
 
Last edited:

markjbloggs

Active member
Joined
Nov 24, 2009
Messages
171
That is just so effing Irish.....

What a bunch of ******************************************s
 

asknoquestions

Well-known member
Joined
Oct 25, 2006
Messages
2,951
It's a bit of a U-Turn for a government which fostered an economy that was addicted to debt though - now they get a letter saying "You have been pre-approved for a loan of €80 billion" and they're saying "No thanks."
 

Sucker Punch

Well-known member
Joined
Apr 29, 2008
Messages
1,556

antiestablishmentarian

Well-known member
Joined
May 25, 2009
Messages
2,150
FF have screwed the ECB...a shower of incompetents but sly all the same, we should have known that they'd pull a stroke like this. They have the ECB by the balls, literally.

It is the European Central Bank that is in uncharted waters and feels suddenly that it has lost control. What it intended to be a stability pact has emerged as a de-stabalising pact where a country with 1% of the economy of Europe is eating 15% of the funding of Europe.

Until Euopean leader have the opportunity to reform this recent agreement, the Euro seems to be the hostage of Ireland.
 

justme1

Well-known member
Joined
Oct 4, 2010
Messages
595
Question is will the EU screw us over for screwing them?
You can bet your bottom block of cheese they will,this current government have less of a standing outside Ireland than here in Ireland,which says it all really.
 

robut

Well-known member
Joined
Apr 6, 2008
Messages
8,729
You guys read the comments under this article by "A little note from Ireland" and "Tonic"? Stuff like:

"Stuff the British banks, they can burn, and the Germans can forget about their invasion plans, they couldnt win 2 world wars and they arent going take Europe by economic force either.

Ireland is stronger under Fianna Fail."

"As for the British pirate bankers who foreclosed. Think of it as part repayment for 600 years. W****rs."

Rather low grade stuff?

Robut
 

Fr. Hank Tree

Well-known member
Joined
Feb 1, 2007
Messages
5,845
I don't quite follow. Sure, that's a good explanation as to how we got this far, but I don't see how this facility is any good to us hereon in vis a vis what's happening at the moment. If that was the case, then our bond spreads wouldn't be so high as we'd have a continuous (albeit indirect) supply of funds. And don't the ECB have a discretion with regards to lending this money anyway. Obviously, it may not be wise for them to stop lending money, but the fact that they have that option at least nominally gives them a bit of bargaining power and certainly cancels out any advantage Ireland derives from indirect access to the facility.
 

johnfás

Well-known member
Joined
Feb 22, 2007
Messages
2,715
The "player briefing against Ireland" is quite possibly the ECB because they are being forced to be the only lender to Irish banks. German pension funds etc are running down their exposure to Irish banking debt and it is all falling to the ECB. The ECB want us to go to the EFSF or the IMF in order to move some of this trash off their balance sheet because they're scared (legimately so) about the effect of all this on the €uro over the next few weeks/months/years.
 

GreenIsGood

Well-known member
Joined
Apr 26, 2010
Messages
1,536
Europe and the markets have been slow to understand that this country is run by gangsters. They have figured it out now though.

As a people, this means we now have two choices
  • ruthless regime change,
  • we go the North Korean route, outcast basket case nation under perpetual FF control

It's your choice, we fight or we
 

Wakeupcall

Well-known member
Joined
Jan 7, 2009
Messages
1,010
Hey FDI, come invest in Ireland, we will show you how to control Europe...I could sell it no bother, endlessly!
 

robut

Well-known member
Joined
Apr 6, 2008
Messages
8,729
BBC ( Paul Mason ):

Irish bailout: "But Dougal, that money was only resting in my account"

BBC - Newsnight: Paul Mason: Irish bailout: "But Dougal, that money was only resting in my account"

"The Irish government is resisting this - while it tries to design an austerity budget to be presented on 7 December, and because it does not need to raise any new money until next year.

It is arguing in the back-channels that it should be allowed to take EFSF money for the banks, since it is the banks that are insolvent not the government.

This is tantamount to asking the ECB to act as the sovereign authority, bypassing the Irish national government and bailing out the banks direct. You would then be in a position where the Euro, based on a no-bailout rule, had seen its monetary authority bail out private businesses and keep them afloat with no penalty to the national authorities that had allowed the catastrophe to happen.

As several economists have already commented: it is a giant game of pass the parcel, solving nothing."

Robut
 

oddsox

Well-known member
Joined
Oct 20, 2010
Messages
802
If theres a hole or a loop ff will find it, but it wont be to save the country,, women and children get off the lifeboat theres no room for fianna fail.
 


New Threads

Most Replies

Top