Important Olli Rehn comments which everybody has missed

feargach

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The media do not appear to have placed a transcript of this comment online, so I decided to do it myself. From yesterday's RTE webcast of the news conference.

It's very important to underline that the challenges Portugal is facing are very different by their nature compared to the Ireland, in Ireland it is a very serious problem of the banking sector which is, uh, spilling over into the sovereign.

While in Portugal the banking sector is relatively resilient and healthy while the country is uh facing challenges in relation to fiscal consolidation and structural reforms.
Rehn's just one guy, but if his opinion holds enough weight, and he doesn't change his mind, then this seems somewhat hopeful for Lenihan and Cowen.

In this quote, Rehn draws a clear and solid distinction between the banks and the sovereign. On P.ie the assumption is that they are one and the same.

But, if states and banks are united and non-separate, then that would imply that Angela Merkel and Nicolas Sarkozy were to blame for their banks' exposure to US mortgage-backed securities, for example.

Lenihan and Cowen want to get EU funds for the banks, but for the sovereign to be left alone.

(It's interesting that this is probably the first and last time that something of importance and relevance has been written on P.ie which was not written elsewhere, although it is only the full transcript of an important comment).
 


krusty

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The media do not appear to have placed a transcript of this comment online, so I decided to do it myself. From yesterday's RTE webcast of the news conference.



Rehn's just one guy, but if his opinion holds enough weight, and he doesn't change his mind, then this seems somewhat hopeful for Lenihan and Cowen.

In this quote, Rehn draws a clear and solid distinction between the banks and the sovereign. On P.ie the assumption is that they are one and the same.

But, if states and banks are united and non-separate, then that would imply that Angela Merkel and Nicolas Sarkozy were to blame for their banks' exposure to US mortgage-backed securities, for example.

Lenihan and Cowen want to get EU funds for the banks, but for the sovereign to be left alone.

(It's interesting that this is probably the first and last time that something of importance and relevance has been written on P.ie which was not written elsewhere, although it is only the full transcript of an important comment).
The Bank Guarantee has tied the Banks Bill into the Sovereign bill , they are sadly one an the same for all intents and puproses.
 
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The media do not appear to have placed a transcript of this comment online, so I decided to do it myself. From yesterday's RTE webcast of the news conference.



Rehn's just one guy, but if his opinion holds enough weight, and he doesn't change his mind, then this seems somewhat hopeful for Lenihan and Cowen.

In this quote, Rehn draws a clear and solid distinction between the banks and the sovereign. On P.ie the assumption is that they are one and the same.

But, if states and banks are united and non-separate, then that would imply that Angela Merkel and Nicolas Sarkozy were to blame for their banks' exposure to US mortgage-backed securities, for example.

Lenihan and Cowen want to get EU funds for the banks, but for the sovereign to be left alone.

(It's interesting that this is probably the first and last time that something of importance and relevance has been written on P.ie which was not written elsewhere, although it is only the full transcript of an important comment).
Feargach

Its not the only think P.ie writers have missed, there is lots more but if it doesn't correspond to their desire for the bailout then expect to be abused for highlighting it.
 

HarshBuzz

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feargach, ownership of the banks is key

the banks in Germany are owned by private investors. The banks in Ireland are not (barring the remaining free float in BoI).

your thesis is null and invalid
 

feargach

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The Bank Guarantee has tied the Banks Bill into the Sovereign bill , they are sadly one an the same for all intents and puproses.
For the next 45 days until it lapses.
 

Nipper

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After two years of telling us the Bank debt is State debt, you FF fools now try to seperate them

A bank bailout is now not a state bailout

Orwell would be impressed

FFS!
 

Gadfly

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feargach

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If I'm an FF shill, how come my posts were almost all about the housing bubble, back in the days when Bertie was telling every property skeptic about his thoughts on their suicide?
 

Watcher2

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The media do not appear to have placed a transcript of this comment online, so I decided to do it myself. From yesterday's RTE webcast of the news conference.



Rehn's just one guy, but if his opinion holds enough weight, and he doesn't change his mind, then this seems somewhat hopeful for Lenihan and Cowen.

In this quote, Rehn draws a clear and solid distinction between the banks and the sovereign. On P.ie the assumption is that they are one and the same.

But, if states and banks are united and non-separate, then that would imply that Angela Merkel and Nicolas Sarkozy were to blame for their banks' exposure to US mortgage-backed securities, for example.

Lenihan and Cowen want to get EU funds for the banks, but for the sovereign to be left alone.

(It's interesting that this is probably the first and last time that something of importance and relevance has been written on P.ie which was not written elsewhere, although it is only the full transcript of an important comment).[/QUOTE]

Jesus, unless I misinterpret what you are saying, that is the largest amnount of self agrandisation IU have ever seen. You are the only person so far, and the only person to ever write anything of importance on p.ie.

Again, apologies if I misinterpret what you are saying.
 
G

Gimpanzee

I don't think that was missed. It was broadcast repeatedly and pretty obvious to anyone who listened. But he did not suggest clear blue water like you are making out because he also said that the two can't be separated.

This is obviously one aim that the Government are playing for - the main reason being that it provides them with a piss weak excuse to claim that their books are ok and it is all the banks fault. It may be advantageous to us to have it limited to the sovereign, but I don't know if our 'partners', (or us) can afford the risk of the deficit being too big to handle on our own with a mistrustful bond market.
 

meriwether

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Feargach

Its not the only think P.ie writers have missed, there is lots more but if it doesn't correspond to their desire for the bailout then expect to be abused for highlighting it.
Oh look, its Odie.

What had Odie consistently shown up regarding his knowledge of the economy?
That he knows very little, however he does support FF.

Thats what we know about Odie.

And the INDISCRIMINATE use of CAP locks to emphasise his POINTS.
 

feargach

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Mondo

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Doesn't he precisely confirm there that in Ireland's case the woes are 'spilling over into the sovereign' (presumably because of the limitless Govt. guarantee) meaning that they have become one an the same?
 
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Oh look, its Odie.

What had Odie consistently shown up regarding his knowledge of the economy?
That he knows very little, however he does support FF.

Thats what we know about Odie.

And the INDISCRIMINATE use of CAP locks to emphasise his POINTS.
Who lifted the rock.
 
G

Gimpanzee

Jesus, unless I misinterpret what you are saying, that is the largest amnount of self agrandisation IU have ever seen. You are the only person so far, and the only person to ever write anything of importance on p.ie.

Again, apologies if I misinterpret what you are saying.
Never underestimate the brain of Feargrach and its talent for self-wonder.
 

feargach

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Jesus, unless I misinterpret what you are saying, that is the largest amnount of self agrandisation IU have ever seen. You are the only person so far, and the only person to ever write anything of importance on p.ie.

Again, apologies if I misinterpret what you are saying.
I'm not being particularly self-aggrandizing: I transcribed an important comment. That's, at best, a fairly useful addition to the public discourse. No more, no less.

But yeah, p.ie's normally useless at best.
 

meriwether

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I'm not being particularly self-aggrandizing: I transcribed an important comment. That's, at best, a fairly useful addition to the public discourse. No more, no less.

But yeah, p.ie's normally useless at best.
You only think P.ie is useless because everyone thinks you're a lunatic.

Ergo, if everyone else is useless, then they must also be wrong about your lunacy, meaning you in fact are right.

I like it. You pursue this path regularly.
 

MPB

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The trick is to dis connect them. It is easy really. You just do not renew the guarantee.

Letting the EU/IMF/British know that this is your intention should insure favourable terms and conditions.

It is their Banks that are in the real trouble. Ours are only in the ha penny place.

The very fact that the IMF are prepared to get involved in bailing out the Banks of a tiny country like Ireland tells you how frightened they are of contagion.

Assuming any of these Private Bank debts would be a huge underplaying of the hand we hold.
 


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