Lenihan blames Merkel for bond rate rise



culmore

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suprise suprise he didnt blame Enda yet , but it was not himself or his buddies thats at fault for sure
 

Odyessus

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*phew* I thought it was our incompetent gobdaws in Leinster House but luckily I was wrong and it was in fact Merkel's fault.

I am not excusing the "incompetent gobdaws", and I am not saying it is all the Germans' fault. Neither is Lenihan. He is saying, and I agree, that their ill-considered comments are making a bad situation worse.
 

CookieMonster

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Thus far the reason for our woes according to the government :

Lehman Brothers
Commentators “talking the economy down”
The opposition for not voicing adequate concern during the boom years
Ebbs and Flows
Bond Vigilantes

and now,

Zeee Germans

what next, the f*cking bogeyman?
Has Dick Roche blamed the Brits yet?
 
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Yeez shud be tankin me I left him on de bakbences for so long. Evrytime he spoke the room would fill wid de blackest smoke, shur twas all comin out of his ass....
 

SocialistHR

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As much as it pains me to admit it, Lenihan was correct. She did the exact same thing to Greece before the NorthRhineWestphalia elections, and she's doing it again as her party is slipping behind the Greens for the next elections. She would bankrupt her own mother if she thought the tough talk would bring the CDU up in the polls.
 

Odyessus

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As much as it pains me to admit it, Lenihan was correct. She did the exact same thing to Greece before the NorthRhineWestphalia elections, and she's doing it again as her party is slipping behind the Greens for the next elections. She would bankrupt her own mother if she thought the tough talk would bring the CDU up in the polls.

Spot on. Merkel's comment are for internal political purposes. She was either oblivious to, or reckless of the wider effects they would have on the peripheral European nations' bond spreads.
 

ulsterscotnua

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I don't think it is just the fault of the German, Merkel, there are multi reasons but the one major reason, is the effect that Mr Brian Cowen had on friendly Countries and Bond dealers, on the morning after his late night drinking and singing before attempting to give an important interview regarding Ireland's economy.
 

controller

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After Christmas, it will probably be the fault of Santa Claus who delivered all those presents to all the boys and girls in Ireland, and because of this none of the Mammies and Daddies spent any money at Christmas thus causing the country to sink further into a recession
 

eyeSpy

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Lenny:

".....there is no doubt in my mind that while the announcement about the banking sector in September was not disbelieved by the market, it wasn't fully believed either."


Read more: Cost of Irish borrowing continues to soar | BreakingNews.ie

I don't not believe you because I don't not believe or I don't disbelieve Merkel's comments were not not un-helpful and not not un-insensitive.
 

Ganyer

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Spot on. Merkel's comment are for internal political purposes. She was either oblivious to, or reckless of the wider effects they would have on the peripheral European nations' bond spreads.
All that may be so. But the fact remains that if Lenihan and his imbecile predecessor had displayed an iota of competence over the last 3 years, our economic fate would not be contingent on how every utterance that Merkel makes is interpreted. So, as far as I am concerned this is yet another exercise by Lenihan in deflecting criticism from the gross failure of government
policy.
 

Grumpy Jack

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It seems Lenihan is not the only person who is blaming Frau Merkel. Even ECB boss Trichet warned of the danger before Merkel opened her mouth. This is more than a week old now.

Merkel's Bond-Pain Plan Provokes Selloff Foreseen by Trichet: Euro Credit - Bloomberg

German Chancellor Angela Merkel is once again provoking a selloff in the bonds of the region’s most indebted nations.

After stalling European Union efforts to rescue Greece in the first four months of this year, Merkel yesterday stepped up her push to make bondholders pay toward any future bailout of a euro nation. Her proposal helped worsen a selloff in the bonds of the bloc’s so-called peripheral nations. The extra yield that investors demand to hold Irish debt over German bunds rose to a record and the spreads on Greek and Portuguese debt widened.

“Merkel wants to reassure voters Germany won’t underwrite the obligations of the rest of Europe,” said Tom Sartain, a fund manager at London-based Schroders Plc, which has $245 billion under management and doesn’t own Greek, Irish or Portuguese debt. “Talk of burden sharing is the opposite of what bond holders want to hear. The price action vindicates our decision not to hold these bonds.”

Traders have dumped Irish and Portuguese bonds since EU leaders on Oct. 29 endorsed Merkel’s push for a permanent debt- crisis mechanism, renewing speculation that those countries may follow Greece in seeking a bailout as they struggle to cut budget deficits.

The premium on Irish 10-year bonds over bunds rose 22 basis points to 505 basis points at 4:03 p.m. in London. Portugal’s spread widened 11 basis points to 388 basis points. The Greek spread reached 844 basis points yesterday, the most in more than a month.

Trichet Warning

Merkel’s push caused apprehension among some officials even before this week’s selloff. European Central Bank President Jean-Claude Trichet told EU leaders he’s concerned that talk of a debt restructuring mechanism would hurt the bonds of peripheral euro nations, according to an EU official familiar with the talks.
And if anyone listened to what Lenihan actually said today, he stated that the advice the NTMA was giving him was that the bondmarket moves on Irish debt was it reacting to the German (ie, Merkel's) suggestion that bondholders share some of the pain of sovereign debt restructuring.

Does anyone here actually realise that if Cowen and Lenihan vacate Merrion Street this evening, Kenny, Noonan, Gilmore and Burton will be getting the exact same advice the second they get their arses in their new office chairs?

While I can't wait to see Cowen, Lenihan and Fianna Fail booted out of office, I'm seriously concerned that the people who are advising them now and have been doing so since the sh1t hit the fan in the summer of 2008 - with every wrong and disastrous step the govt has taken - will be the same people advising FG and Labour ministers. Is no one else worried about this?
 
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greengoose2

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It seems Lenihan is not the only person who is blaming Frau Merkel. Even ECB boss Trichet warned of the danger before Merkel opened her mouth. This is more than a week old now.



And if anyone listened to what Lenihan actually said today, he stated that the advice the NTMA was giving him was that the bondmarket moves on Irish debt was it reacting to the German (ie, Merkel's) suggestion that bondholders share some of the pain of sovereign debt restructuring.

Does anyone here actually realise that if Cowen and Lenihan vacate Merrion Street this evening, Kenny, Noonan, Gilmore and Burton will be getting the exact same advice the second they get their arses in their new office chairs?

Getting the advice is one thing but blindly accepting it is another matter. Lenihan is a fool and the more he opens his gob the more ludicrous he sounds.
 

FakeViking

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Does anyone here actually realise that if Cowen and Lenihan vacate Merrion Street this evening, Kenny, Noonan, Gilmore and Burton will be getting the exact same advice the second they get their arses in their new office chairs?
Yes, and they might actually listen to it and not jump off at the first tangent they think of.
 

Mondo

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As stated previously:

Lenihan and Cowen are the basket cases.

Without them Ireland stands a chance.
 

Grumpy Jack

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Yes, and they might actually listen to it and not jump off at the first tangent they think of.
What makes you think Lenihan and Cowen aren't following the advice of the DoF, NTMA and the likes of Alan Ahearne to the letter?
 

GDPR

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It seems Lenihan is not the only person who is blaming Frau Merkel. Even ECB boss Trichet warned of the danger before Merkel opened her mouth. This is more than a week old now.



And if anyone listened to what Lenihan actually said today, he stated that the advice the NTMA was giving him was that the bondmarket moves on Irish debt was it reacting to the German (ie, Merkel's) suggestion that bondholders share some of the pain of sovereign debt restructuring.

Does anyone here actually realise that if Cowen and Lenihan vacate Merrion Street this evening, Kenny, Noonan, Gilmore and Burton will be getting the exact same advice the second they get their arses in their new office chairs?
You are trying to talk sense to the most myopic bunch of goons you'll ever meet in a very long days march.

These are the same posters who up to this morning were saying that if Lenihan was any good he’d tell the bondholders/Merkel (depending on time of day) to go take a jump.

Not a brain between them.
 

sport02

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We should never have a person like Lenihan taking up the stewardship of the finance portfolio, in America he would need a background in Finance and economics and would be grilled by a select committee on various outcomes to many circumstances, before their parliament accepted him in the finance position.
What we have learned from our minister is, he uses his skills as a barrister, to defend the indefensible and presuade everyone his client "B.Lenihan himself" does not accept the accusations put at him.
 


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