- Sep 5, 2007
Implied probability of default has just rocketed on all the Irish bank subordinated and senior debt.
IndeedIt's probably the blinding f*cking obvious, which is that we will not have ANY growth next year with so much money being taken out of the economy and with our government trying to tell everyone the opposite, despite the very clear evidence of the last 12 months, I'd imagine the markets have now completely thrown in the towel with us...
Reading the article.... Nah I had another read of it and we are totally fupped. We might get some breathing space with a new government with a solid majority but this article would seem to suggest that McWilliams is rightEven slash and burn won't effect the credibility deficit...
Time gentlement - please
Another Day, Another Record For Irish Default Insurance - WSJ.com
Also lads for the luddites amongst us could you at least use the full term once before the abbreviations. I now know what a pip is but I had to read the WSJ to find out."Ireland is in a very different fiscal position to Greece, but the markets have looked at Ireland and said: 'This is unsustainable,'" said Simon Penn, market analyst at UBS AG. "With 10-year yields up around 7.5%, fiscal savings will be sucked up by higher borrowing costs. The [bond] market has lost patience."
Yes it was laughable to see how this tactic was portrayed in the business pages as a laudable and selfless act when in reality it was simply about shoring up their reserves using exorbitant interest charges levied on the Irish taxpayer.Are Irish pension industry heads still lobbying for a law change to let them sink their customers money into Irish bond?