Is it time to default?

thetruthsback

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May 20, 2007
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Obviously, the markets have written us off with yields over 9%, is it time to do unthinkable and default? At least on the banking debt.
 


anarko

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"its the only show in town" as lendahand would say
 

locke

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Banking debt, maybe, but not other debt.

If we default on Government debt, our ability to borrow will disappear and it will end up with the salaries of state employees and debts due to government suppliers not being paid. That would destroy what remains of the economy.
 

McDave

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Nope. Default is a stunt. The consequences would be so immediately destructive we'd be really talking about a revolution!

We have to find every reasonable way we can to stay in the Euro. An Ireland with its own currency is utterly unsustainable. We simply don't have the institutional capacity to support a meaningful independent currency.

Better by far to find some way of undoing FF's outrageous sell out of the Irish taxpayer to the outrageous debts of commercial lenders.
 

Jquinn

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Feb 23, 2009
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YES, split current relationship between state and banks entirely, do whatever we have to to pay back state/sovereign debt and default on bank debt.
 

Simbo67

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Nope. Default is a stunt. The consequences would be so immediately destructive we'd be really talking about a revolution!

We have to find every reasonable way we can to stay in the Euro. An Ireland with its own currency is utterly unsustainable. We simply don't have the institutional capacity to support a meaningful independent currency.

Better by far to find some way of undoing FF's outrageous sell out of the Irish taxpayer to the outrageous debts commercial lenders.
Well it seems to me we have two options: an unordered default (which is where we are heading) or a renegotiation of the bank debt.
Take your pick.
 

eoghanacht

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Apr 18, 2006
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Yes on bank debt. Why we are even debating the merits of it is beyond me. We cannot take this it.

If FF had any balls they'd do it. Then the incoming Gov wouldn't have as much of the stigma attached to them and could then enter the market again.

C'mon Cowen redeem yourself you traitorous fat phuck.
 

eoghanacht

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Apr 18, 2006
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Nope. Default is a stunt. The consequences would be so immediately destructive we'd be really talking about a revolution!

We have to find every reasonable way we can to stay in the Euro. An Ireland with its own currency is utterly unsustainable. We simply don't have the institutional capacity to support a meaningful independent currency.

Better by far to find some way of undoing FF's outrageous sell out of the Irish taxpayer to the outrageous debts of commercial lenders.
We don't have to go back to the Punt. Sterling would do us fine for the interim
 

Buddies

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McDave, you speak with authority

What makes you more right than the panel on VB last night?
 

Clanrickard

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Apr 25, 2008
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Nope. Default is a stunt. The consequences would be so immediately destructive we'd be really talking about a revolution!

We have to find every reasonable way we can to stay in the Euro. An Ireland with its own currency is utterly unsustainable. We simply don't have the institutional capacity to support a meaningful independent currency.

Better by far to find some way of undoing FF's outrageous sell out of the Irish taxpayer to the outrageous debts of commercial lenders.
Default on sovereign debt would be wrong but we will default on bank related ebt because it is too high to pay. We are getting a bailout for German and French banks which is wrong.

We would be far better off outside the Euro and it was huge mistake to join.

The underlined bit is dumb in the extreme.
 

Aindriu

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We have to find every reasonable way we can to stay in the Euro. An Ireland with its own currency is utterly unsustainable.
Utter cac! We had our own currency for decades!
 

tullahogue

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Aug 25, 2010
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YYYeesss, Sinn Fein have been saying this show the IMF the door, this is a bad deal being negotiated by the ******************************************s that got us here. Time is limited before our childrens and grand childrens futures are destroyed.
 

Clanrickard

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McDave, you speak with authority

What makes you more right than the panel on VB last night?
It is not about our economy. For the eurotrons it is about being a "good European" and towing the line.
 

tullahogue

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Aug 25, 2010
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Why are we and our children suffering to pay back the bondholders as this is what is happening the soveriegn debt can be managed, but the IMF loan is only so that the Irish Banks can use it to repay the bondholders who have been lending them money. Not one Irish person will see a penny of the IMF bailout.
 

newell666

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Mar 13, 2010
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Default on sovereign debt would be wrong but we will default on bank related ebt because it is too high to pay. We are getting a bailout for German and French banks which is wrong.

We would be far better off outside the Euro and it was huge mistake to join.

The underlined bit is dumb in the extreme.
Correct. Denmark survives just fine with their own currency and they are more closely linked to the German economy than we are to Britain's.
 


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