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Reuters - ECB have rejected Irish Promissory Note deal


robut

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Exclusive: ECB rejects Irish bid on promissory note - sources | Reuters

The European Central Bank has rejected Ireland's preferred solution to a dispute over the cost of servicing money borrowed to rescue a failed bank, EU sources familiar with the talks said on Saturday.
The sources said the ECB's Governing Council discussed the plan for the first time at a meeting on Wednesday and Thursday and agreed that it amounted to "monetary financing" of the Irish government, banned under article 123 of the EU treaty.
I realise this is talked of in another thread called:

"New Conditional IMF Deal: Government’s Attempt To Exert Pressure On EU To Expedite Agreement On Debt Concessions?"

BUT this is so important I reckon it deserves its own thread. ( If mods disagree, then into the Zoo I go )

The implications here are huge for Noonan & Co? They have pretty much staked the government on this?

The spin about this one is going to be very interesting, anyone hazzard a guess on how it will be "positively" spun??
 
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YouKnowWhatIMeanLike

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sport02

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I mentioned it on another thread but Honohan's response will be interesting. At the recent Oirechtas finance committee, reading between the lines he gave a strong signal of a deal in the offering.

Megan Greene ‏@economistmeg: ECB gives Ireland the proverbial finger and rejects promissory note deal
 

Mrwoody

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It will happen have faith my friends, we will pay back all this debt plus interest.
 

dresden8

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The spin about this one is going to be very interesting, anyone hazzard a guess on how it will be "positively" spun??
"ECB invite Noonan to explore positive options" Or some such other sh1te. Over to you hbap and thick paddy.
 

robut

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Twitter Machine buzzing about this:

@economistmeg ECB gives Ireland the proverbial finger and rejects promissory note deal

@gtcost It's official (now that ECB let the cat out of the bag): Noonan creativity span is revealed to be… "repeat same that you did in March 2012 every year after". It took him ca 10 months to come up with this pearl of policymaking & he called it 'Ireland's preferred option' to ECB and 'highly technical in nature' to RTE & Irish Pravda.

@GTCost @NChildersMEP well, gov has staked credibility on a deal. If they get none, then..... Smart thing: say no deal, do a referendum

@Rich_Chambers Well that's a hammer blow. RT @pdacosta: Exclusive: ECB rejects Irish proposal for funding bank bailout

@brianmlucey @NChildersMEP Yes. But the fault is of Irish Govt. ECB simply did its job. Thank gods someone still does!

@ElaineByrne Oh "@pdacosta: Exclusive: ECB rejects Irish proposal for funding bank bailout, saying its "monetary financing
 

dizillusioned

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Red faces all around? I somehow do not think so, sure we failed to get a deal, we all partied, now we will pay all their debts... Noonan and Edna, fools,,,,, (if this is true)
 

gerhard dengler

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How many times has this government's mooted deals, all of which have been lies, been rejected to date?

March 2012
June 2012
October 2012
January 2013.

Were there any "deals" that got the same treatment in 2011?

Pacta sunt servanda.
 

ger12

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Is this a biggie because some quarters demand a deal or because this government foolishly promised it?

Why should the ECB cut a deal anyway ...
 

Analyzer

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Once again somebody has been proven to be full of sh!t

 
M

MrFunkyBoogaloo

Posted in other thread

This can not be a coincidence

IMF deal on table if no bank debt agreement, sources say - The Irish Times - Sat, Jan 26, 2013

Govt seems to be "threatening" IMF only assistance. The IMF have never shied from arguing bank debt should be written down. Interesting.


OP get your facts right. The ECB have NOT rejected the deal. They have rejected a certain method but not a deal.
Would Ireland be permitted to borrow more from the IMF when we're already at 1,300% of our quota?...
 

robut

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Posted in other thread

This can not be a coincidence

IMF deal on table if no bank debt agreement, sources say - The Irish Times - Sat, Jan 26, 2013

Govt seems to be "threatening" IMF only assistance. The IMF have never shied from arguing bank debt should be written down. Interesting.


OP get your facts right. The ECB have NOT rejected the deal. They have rejected a certain method but not a deal.
I APOLOGISE ODLUM, are you a MOD, if so feel free to change it as you see fit.

MODS: Please change the Thread Title as per odlums complaint. Maybe the word DEAL to be switched for PROPOSAL??
 

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