Ireland Risking Bank Run Without Remedy - Bloomberg

robut

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Ireland Risking Bank Run Without Remedy, Pimco's El-Erian Says: Tom Keene - Bloomberg

El-Erian: "What You Advise Your Sister In Ireland Now Is That You

Ireland bailout

"One of the world's biggest bond dealers and former deputy director of the IMF said there could be a run on Irish banks. And he predicted ordinary deposit holders would take flight soon.

"What you advise your sister in Ireland now is that you'd say take your money out of an Irish bank and put it in another bank headquartered elsewhere," said Pacific Investment Management Co (Pimco)'s Mohamed A El-Elrian. "That's what happened in Argentina and in emerging countries. People worry about their savings."

"The numbers so far have shown that the Irish banking system has been bleeding deposits," he told Bloomberg Radio. "It will seriously undermine the prosperity of this country for a generation. The first thing they must do is execute on what they announced this weekend – which is a big external aid package and steps by the Irish government."


F sake - this is all we need now and the story is spreading!

Robut
 
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Miserable eFFer

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This government have now reached the point that no matter what they do we are heading further into the maw of oblivion. There is a very fine window, this evening and perhaps tomorrow morning when they must put their parochial politics to the one side and either bring forward the budget or call an election. They have called their last hand in their game of bluff and come up with nothing. Better to go now or risk financial armageddon.
 

Cato

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How long before the mods censor this thread?
 

TODevastated

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the ECB/IMF must come out immediately and back the govt guarantee on sums up to €100,000 to stave off queues stretching down the streets looking for their money

a waste of time this being done by biffo as no one will believe him
 

sport02

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I heard of this story earlier, didn't want to alarm people, but now it is on a thread maybe we need more re-assurance.
 

imokyrok

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"What you advise your sister in Ireland now is that you'd say take your money out of an Irish bank and put it in another bank headquartered elsewhere," said Pacific Investment Management Co (Pimco)'s Mohamed A El-Elrian. "That's what happened in Argentina and in emerging countries. People worry about their savings."
Would the Ulster Bank count as a "bank headquartered elsewhere" ?
 

hmmm

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This isn't news. The problem is that El Erian is a heavy heavy hitter in the financial markets, not like the usual Celente/Schiff garbage that gets posted here, and what he says makes a convenient headline. We need the government, a government, to get on with getting our IMF funds ASAP.

All was going as well as could be expected until the Greens made their final attempt to kill off the country yesterday. Just when we had a bit of certainty they went and declared three months of uncertainty.
 

Chrisco

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Well done John Gormley and the glasraí...
 

18 Brumaire

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Was told this evening a bank draft is no longer good for the money - treat it like a cheque!
 

geri

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Maybe we'll get withdrawal restrictions as in Greece, although given the public anger at the moment, this could make a volatile situation worse.
 

Anorakphobia

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Our posturing and politicing is creating market turmoil.

Id say we have 24 hours to sort out our affairs or our Euro "pals" are going to see that we get crucified.
They must be looking at this and shaking their heads in bewilderwment at a bunch of retards almost singlehandedly destroying teh euro zone.
 

Congalltee

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Maybe a Run on the Banks could be a good thing...hmmm?
1. First come, first served: Angela, Nick, Dave.
2. All 6 banks go belly-up much quicker.
3. The Irish State pays out €100,000 per depositer. And refuses to honour any other debt.

Effects:
1. Some people with savings, may queue.
2. Some might skip the queue.
3. Some people might object to people skipping the queue.
4. OMG, the ATMs don't work.
5. But my salary has gone into an account?
6. Tough luck, should have been paid in beans and bottled water.

Christmas can get back to things it should be about. The Birth of Santa.

But what I don't understand is why a poster starts a thread but adds this.
F sake - this is all we need now and the story is spreading!
 

Anorakphobia

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This isn't news. The problem is that El Erian is a heavy heavy hitter in the financial markets, not like the usual Celente/Schiff garbage that gets posted here, and what he says makes a convenient headline. We need the government, a government, to get on with getting our IMF funds ASAP.

All was going as well as could be expected until the Greens made their final attempt to kill off the country yesterday. Just when we had a bit of certainty they went and declared three months of uncertainty.
100%

The markets took the weeknd news really well but have been tanking without pause since mid morning yesterday when the smart ass Greens made a balls of everything needlessly.
Ignorant naive apes.
 

king5494

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This isn't news. The problem is that El Erian is a heavy heavy hitter in the financial markets, not like the usual Celente/Schiff garbage that gets posted here, and what he says makes a convenient headline. We need the government, a government, to get on with getting our IMF funds ASAP.

All was going as well as could be expected until the Greens made their final attempt to kill off the country yesterday. Just when we had a bit of certainty they went and declared three months of uncertainty.
Obviously you haven't taken out any savings you have despite the warnings but be careful what you wish for , do you think the IMF is here to protect YOUR savings.

Beware of strangers baring gifts.

"Bank manager , I can't repay my loan" . "Don't worry about it ,I'll lend you the money to repay it."

I wish people could cop on.
 

FlyOver

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Let me add a bit of reality here.

My family was a victim of the Savings and Loan debacle in the 80's and while our money was secured, it didn't mean we had instant access to it either. It took several weeks before the bank freed our deposits.

So my advice is to not pull out all your deposits, they are insured, but make damn sure you have some monies on hand for the chance you can't get any for a few weeks.
 


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