IMF Bailout Deal must be finalised this weekend or next week the markets crash.

Cassandra Syndrome

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Last Sunday before markets opened, there the government confirmed that they were formally requesting IMF assistance. This had the intention of avoiding a contagion and collapse of the global financial system. However during the week, the details of the deal became murky and political uncertainly led to mild uneasiness among the money and capital markets.

This weekend the pressure is on to finalise a deal or else the spill over of contagion into the Portugese and Spanish systems intensifies and spreads further afield.

Watch for another intensified round of "negotiations" this weekend with the objective of a sealed deal before 11pm Sunday night.

If nothing happens, PANIC

Its a no brainer, we have the Aces, these are our terms. Comply or the Global Financial System gets it. Oh, so do we? Well, we are a large island rich in resources with a low density of population, we'll do ok. How would your overlords in London, New York, Paris, Berlin cope?

Irish officials raced to complete a deal for an international aid package before financial markets reopen next week with talks centering on the status of bondholders in Ireland’s largest banks.

Euro-area finance ministers plan to finalize an agreement on Nov. 28, a European Union official said on condition of anonymity. Senior bonds of Allied Irish Banks Plc and Bank of Ireland Plc slumped today amid concern the government will force holders of such debt to share the cost of bailing out its financial system.

The need for speed in securing a deal for Ireland is growing amid an outflow of funds from its banks and as investors dump the bonds of other European governments on concern they too will be infected by the sovereign debt crisis. As officials from Portugal and Spain rejected speculation that their economies would also need saving, the average yield investors demand to hold 10-year debt from Greece, Ireland, Portugal, Spain and Italy today reached a euro-era record of 7.56 percent.

“A move by Ireland to hit senior bankholders will raise systemic risk across the euro area,” Harvinder Sian, a senior fixed-income strategist at Royal Bank of Scotland Group Plc in London, said in a note to clients today. “The countries then most at risk are Portugal and in particular Spain.”
Ireland Races to Secure Aid Deal Amid Bank Debt Fears (Update1) - Bloomberg.com

Unfortunately the people negotiating on our behalf are hybrids of clowns and gombeens and really couldn't care less about us. All we can hope for is that they are that stupid and greedy that they screw it up before Monday and nothing happens.
 


Astral Peaks

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So, Herr Lenihan, you vill zign zis paper or ze hund vill be shot!
 

Cassandra Syndrome

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Dear oh dear.

WE HAVE THEM BY THE BALLS AND WHAT DO WE DO? ROLLOVER LIKE PUPPY DOGS

Ireland’s negotiations over an 85 billion-euro ($113 billion) aid package came down to setting the interest rate it will pay on emergency loans as European finance ministers battled to contain the fiscal crisis.

A “staff-level” accord on Ireland’s aid will be endorsed today, European Union Economic and Monetary Commissioner Olli Rehn said today in Brussels. French Finance Minister Christine Lagarde said Ireland’s interest rate is the only “little detail” to be nailed down.

With 10-year bond yields climbing above 7.5 percent in Greece, Ireland, Portugal, Spain and Italy on Nov. 26, European leaders are fighting to prevent the spread of Ireland’s fiscal woes from threatening the survival of the 12-year-old euro.

“We have to discuss the broader ramifications of the current crisis and we have to discuss a systemic response to this crisis,” Rehn told reporters as the officials gathered in Brussels for a meeting that was only announced this morning.

European Central Bank President Jean-Claude Trichet made no comment on the way in to today’s meeting, which is slated to end in late afternoon. Spain, the fourth-largest economy in the 16- nation euro region, doesn’t need a bailout, Spanish Economy Minister Elena Salgado said.

Leaders including Trichet, EU President Herman Van Rompuy, European Commission President Jose Barroso, Jean-Claude Juncker, head of the euro-area finance ministers group, German Chancellor Angela Merkel and French President Nicolas Sarkozy held telephone consultations before today’s meeting, the EU said in a statement.

‘Under Threat’

“The euro is under threat here,” said Alan McQuaid, chief economist at Bloxham Stockbrokers in Dublin. “The market has got it into its head that it is going to pick off one country at a time.”
Ireland

This has to be done before 11pm or else the markets go into freefall.

Hello?

What a useless bunch of traitors. They are insiders to the new world order, it is very obvious now that they relish in selling us into a lifetime of serfdom.
 

MPB

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Dear oh dear.

WE HAVE THEM BY THE BALLS AND WHAT DO WE DO? ROLLOVER LIKE PUPPY DOGS



Ireland

This has to be done before 11pm or else the markets go into freefall.

Hello?

What a useless bunch of traitors. They are insiders to the new world order, it is very obvious now that they relish in selling us into a lifetime of serfdom.
CS.

Did you or anybody hear Pat Rabbite on the lunchtime news? I did,nt but I believe he said that the problem with the Banks was not the senior bonds but CDSs.

Seemingly they had been using the ECB money to gamble their way out of trouble and lost.

Can anybody clarify, as Richard Dowling had Dan O Brien and Richard Curran on afterwards and they said if true it was very dangerous as it further imperiled the state?

They were also of the opinion that the Minister of Finance would have had to have given the go ahead.
 

WTTR

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=Cassandra Syndrome;3224843]Dear oh dear.

WE HAVE THEM BY THE BALLS AND WHAT DO WE DO? ROLLOVER LIKE PUPPY DOGS



Ireland

This has to be done before 11pm or else the markets go into freefall.

Hello?

What a useless bunch of traitors. They are insiders to the new world order, it is very obvious now that they relish in selling us into a lifetime of serfdom.
All is not lost. The German people are very worried about the stability of their own country. The fact that Portugal and Spain will be coming with their outstretched hands fast on the tails of the Irish will waken Europe up to what is the real elephant in the EU corner is!
The refrain was picked up this week by German finance minister Wolfgang Schäuble. "We're not swimming in money, we're drowning in debts," he told the Bundestag.

While Germany's public and private debt is not extreme, it is very high for a country on the cusp of an acute ageing crisis. Adjusted for demographics, Germany is already one of the most indebted nations in the world.
EU rescue costs start to threaten Germany itself - Telegraph
Now, but we knew this already!
Do the government not realise the gravity of the international situation now facing us? We will be caught in the dangerous eddy as the great Western Economies go into rapid decline, caused by the hidden power of demographics and not any highly visible terrorist deed. The hole that Leinster House is digging is getting deeper and the further down they go, the less opportunity for movement. A former leader had much firmer foundations to stand on, when he resisted international pressure. Leinster House now, more than ever for the sake of our future, our young workforce, badly needs a stabilising influence.” From Editorial Mayo Association Yearbook 2002.
Aw! for goodness sake! Have we lost all respect for life of our most vulnerable citizens, unborn or alive? Do we not know that this money will disappear into the Black Hole of the International Banking of Gamblers? This is the result of twenty to thirty years of utter madness in throwing out foundation principles on which a people should build a future; when voices of reason were ignored by all avenues of the establishment: banking; politics; main stream media etc. What is left to keep order? A belligerent Gardai leading to the rise of control by a Jackboot party! Yes................! I better stop, for ye would lock me up! Welcome to the era of Big Brother! How I longed for a situation which could be an improvement in many ways on an era where we only had to confess our own sins in confession!

Again I ask! What in Ireland is education all about? Let us hope that the wisdom the Germans have so horribly inherited throughout the last century, that they will have more cop-on in saving their own future; and not be so stupid to give us a loan that we cannot pay back and help to sink themselves. Then once again, we might revert back to using money(banking) as a means to an end rather than as an end itself. Lessons that our so called sophisticated educational system seems to have ignored!
The policy of putting aside a pension sinking fund is laudable, but the misapprehension that this is enough to look after the future pension needs of today’s workers is only demonstrating a total lack of knowledge of the international vicissitudes of the monetary system (see below). Money and wealth should be viewed as a means to achieve a better quality of life for all citizens rather than as an end in itself. Taken from the Editorial, Mayo Association Yearbook 2001
This will be my last post for a while. I enjoyed everybody’s submission and I dare say that Politics.ie has greatly enhanced my understanding of life. I maybe back after Christmas PG. I need your prayers! So Happy Christmas to everybody!

Yes, the Martians were here ;)
 

He3

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Happy Christmas to you WTTR and hope to hear from you in the New Year.
 

MPB

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All is not lost. The German people are very worried about the stability of their own country. The fact that Portugal and Spain will be coming with their outstretched hands fast on the tails of the Irish will waken Europe up to what is the real elephant in the EU corner is!

Now, but we knew this already!

Aw! for goodness sake! Have we lost all respect for life of our most vulnerable citizens, unborn or alive? Do we not know that this money will disappear into the Black Hole of the International Banking of Gamblers? This is the result of twenty to thirty years of utter madness in throwing out foundation principles on which a people should build a future; when voices of reason were ignored by all avenues of the establishment: banking; politics; main stream media etc. What is left to keep order? A belligerent Gardai leading to the rise of control by a Jackboot party! Yes................! I better stop, for ye would lock me up! Welcome to the era of Big Brother! How I longed for a situation which could be an improvement in many ways on an era where we only had to confess our own sins in confession!

Again I ask! What in Ireland is education all about? Let us hope that the wisdom the Germans have so horribly inherited throughout the last century, that they will have more cop-on in saving their own future; and not be so stupid to give us a loan that we cannot pay back and help to sink themselves. Then once again, we might revert back to using money(banking) as a means to an end rather than as an end itself. Lessons that our so called sophisticated educational system seems to have ignored!


This will be my last post for a while. I enjoyed everybody’s submission and I dare say that Politics.ie has greatly enhanced my understanding of life. I maybe back after Christmas PG. I need your prayers! So Happy Christmas to everybody!

Yes, the Martians were here ;)
Happy Christmas and keep the martians on their toes. You are well able for them.

I look forward to hearing from you after Christmas.
 
M

MrFunkyBoogaloo

Have a Cool Yule WTTR.

I await your return in the Neues Jahr.
 

MDaniel

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chriskavo

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Great piece blogged by a financial writer yesterday.

Washington’s Blog
November 27, 2010


Punishing the populace for the bankers’ sins is worse than a crime.
Paul Krugman wrote yesterday:
These debts were incurred, not to pay for public programs, but by private wheeler-dealers seeking nothing but their own profit. Yet ordinary Irish citizens are now bearing the burden of those debts.
***
Punishing the populace for the bankers’ sins is worse than a crime; it’s a mistake.
Mike Whitney noted yesterday:
Don’t believe the hype about European unity or saving Ireland. My ass. This is about bailing out the banks. The bondholders get a free ride while workers get kicked to the curb.
And Mish pointed out last week:
Today the Irish Government sold its citizens into debt slavery by agreeing to guarantee stupid loans made by German, British, and US banks.
 

Buddies

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Lads what about article 29-5-2

2° The State shall not be bound by any international agreement involving a charge upon public funds unless the terms of the agreement shall have been approved by Dáil Éireann.

Is this not relevant here
 

Padraigin

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The IMF bailout must be finalized this weekend or the markets crash.....


And that is bad news - how?

Which is worse for Ireland?

The complete destruction of Ireland's economic base, the impoverishment of its people, and condemning them to servitude to foreign masters for generstions?

Or a market crash affecting the rest of Europe?

Hmmmm.....

Gee, that's a hard one ..... NOT.

The only duty the Irish govenrment has is to Irish people - no one else.

An Irish government that has put the interests of foreign banks and foreign governments ahead of the Irish people has betrayed the Irish people.

This government needs to fall and fall fast - and then dust off the statutes that define treason.
 

Padraigin

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The Irish Constitution may be the salvation of the Irish people.

What this government has done is wholly unlawful and in violation of the Constitution, which means this it has acted without proper authority.

Whatever deal they struck needs to be immediately repudiated.

What is the quickest way to do this?

An action by the Dail? A legal challenge in the courts? An Article 27 referendum if the corrupt politicians actually approve the deal?
 

Buddies

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Could it be argued that the Seanad is gone anyway should FG win the election and that the last thing the house do is to make itself a blinding representation of democracy under Article 27

50 TD's though is a tough one, but not unreasonable.

A legal route is to challenge any deal by a High Court action under article 5, 6.1 and 29-5-2

Im not a lawyer though
 

Squire Allworthy

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CS.

Did you or anybody hear Pat Rabbite on the lunchtime news? I did,nt but I believe he said that the problem with the Banks was not the senior bonds but CDSs.

Seemingly they had been using the ECB money to gamble their way out of trouble and lost.

Can anybody clarify, as Richard Dowling had Dan O Brien and Richard Curran on afterwards and they said if true it was very dangerous as it further imperiled the state?

They were also of the opinion that the Minister of Finance would have had to have given the go ahead.
WHAT!

Is there no end to the stupidity. Is the country run by a bar stool economist and a compulsive gambler? Crazy if even true only in part.


Agree nothing this side of an election, no immediate hurry.

Don't blink.



WTTR take care intend to leave for the southern hemisphere myself, if I can escape to reality.
 

Crazy Horse

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Can someone explain the need to get a 7 Billion Bi Lateral Loan from UK on top of the IMF/EU/ECB Bailout? I know its in the UK interest due to their banks exposure to Irish debt but why do we have to accept this loan? The sight of George Osbourne offering a 'helping hand' is stomach churning and a further blow to the national morale which doesnt seem neccessary on top of the 85 billion loan.
 

Padraigin

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Say no to all loans and bailouts.

A default is inevitable, and Ireland's recovery after a default will happen quickly if the default happens now.

All of these loans and bailouts are being secured by Ireland's natural resources and assets - which will be owned by foreign interests if we agree to these toxic deals. If we give these away to foreign lenders, we will be unable to use our own resources in the future to regenerate our economy.

Accepting these loans and bailouts would immediatly destroy the economic base of the country, making a recovery after a future default (inevitable) virtually impossible.

What will happen if these killer debts are assumed is that Ireland will fall into the endless borrow more money to service an ever increasing amount of debt that characterizes third wold economies - with the end result is that no viable economic base is left and everyone remains in grinding poverty.

Think Iceland. They told the EU and IMF to get lost, they have had to tighten their belts for a year, but they are not on the road to economic recovery. In another year or so, they will be where they were - without the debt.

There is only one sane solution for the current disaster created by the lunatic and corrupt Irish government - default.

Dump the debt, live within the tax base of the Irish economy, no more borrowing - and move on.

Debt free.
 


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