The Final Countdown - Speculation on Irish bailout EU/IMF

What Goes Up... · **Posted:** Thu Nov 18, 2010 8:56 am

What Goes Up... wrote:

Aaaaaaaaaaaaarrrrrrrrrgggggggghhhhhh!!!!!!

Their fucking paddywhackery - "Europe needs to bail out the banks, not the government" - has cost them days and friends.

I reckon the IMF lads arriving will be dying to sit across the table from the bunch of fuckwits who tried this ill-conceived strategy.

They gotta be thinking they're going get all the states assets for a promissory note of magic beans (with an optional call on the beanstalk).

Nope - they're still at it!

http://www.independent.ie/business/iris ... 25497.html

Quote:

Last-ditch bid to fund banks and avoid bailout
Thursday November 18 2010
By Siobhan Creaton, Emmet Oliver and Fionnan Sheahan

Plan risks EU wrath over raising cash

THE Government has drawn up a last-ditch plan to avoid being forced to accept a bank bailout.

It wants to borrow money for the banks -- supported by a guarantee from the European Central Bank.

That would mean technically avoiding a bailout and the politically damaging perception of a loss of sovereignty.

However, it would also risk alienating EU leaders who are convinced that the Government should take the bailout and get on with restoring the public finances.

And regardless of what sort of 'bailout' eventually emerges -- there will be strict budgetary conditions attached -- the Government will have to enforce a draconian Budget next month.

.....(cont'd)

What Goes Up... · **Posted:** Thu Nov 18, 2010 8:58 am

yoganmahew wrote:

And the worst thing? (Although it's hard to specifically pick one out) - de gubbermint will once again underestimate the cost and will be back with their tails between their legs and the country whipped with them.

Sweet Jesus!

I really hope not.

We'll be turned into North Korea.

temene · **Posted:** Thu Nov 18, 2010 8:58 am

Irish Republic to get bail-out loan, says central bank 18 November 2010 Last updated at 08:49 GMT
Irish Central Bank governor Patrick Honohan has said he expects the Irish Republic to accept a "very substantial loan" as part of an EU-backed bail-out. Mr Honohan told RTE radio he expected the loan to amount to "tens of billions" of euros.

everybody knows · **Posted:** Thu Nov 18, 2010 9:12 am

A banking crisis is so 2008 . Take the baiout and face the thing head on .

If FF manage to swing this as a funding problem for the banks and not Ireland . Does that not set a precedent ? And how would that effect the IMF 's work in Third World / Developing countries ?
Could Portugal , Italy and Spain not try the same thing ? Would that not affect the The ECB 's credability ?

Open Window · **Joined:** Jan 1, 1970 **Posts:** 18126

Ok enough of this crap, refrences to poker and all the other bullshit and lies.

Everyperson in Ireladn now needs to ask this one question:

Have Fianna Fail offcially invited the IMF in?

YES or NO?

Email yuor TD's call them on the phone or ask them in person. Right now nothing else matters.

everybody knows · **Posted:** Thu Nov 18, 2010 10:12 am

Open Window wrote:

Ok enough of this crap, refrences to poker and all the other bullshit and lies.

Everyperson in Ireladn now needs to ask this one question:

Have Fianna Fail offcially invited the IMF in?

YES or NO?

Email yuor TD's call them on the phone or ask them in person. Right now nothing else matters.

You are a lone voice . Yes they have . The banks are fucked . The economy is fucked . NAMA is fucked . FF are Fucked . FG and Labour are fucked . Joe public is most definitly fucked . Anglo is a fucking machine .

Yet the issue is ' Sovereignty ' which is and has been handed over to the EU for the last 30 years , seems to be on peoples minds . The issue should be about complete reform and hitting the restart botton .

Ireland and its people should enter the Betty Ford clinic and admit that it , like an alcoholic is at absolute rock bottom . Unless there is further to go .

Wake the fuck up , Ireland is a banana republic . If the EU / IMF handed FF 150 billion with no conditions . The first thing FF would try to do would be to restart the property market .

Ireland has failed to such an extent that even its banks are not for purpose . They should not even have a banking licence .

Open Window · **Joined:** Jan 1, 1970 **Posts:** 18126

I know it is mot likley to be YES, but I want people to ask it of them as it is only FF who can answer it unless they decided to collapse the government and run leaving it to an emergency council. They may push a "neogitaitons have broken down giove collpases" rather than accept their final duty and run.

Serisouly do you trust them not to pull a stunt like that? I do not and so people need to know the order of process of an external body like the IMF who do not just waltz in as they please, they have to be invited. Look if their is one thing people tell each other about in the office at the watercooler and any where else is that Fianna Fail will need to invite them in.

It is the reponsible question to ask at this point.

soc · **Joined:** Mar 19, 2008 **Posts:** 1305

What Goes Up... wrote:

soc wrote:

The game is changing...

http://www.irishtimes.com/newspaper/bre ... king1.html

Quote:

......
Although the Government sought at first to draw a distinction between any emergency aid for the banks and for the State, there is a reluctant acceptance now that any funding for the banks will have to be drawn by the State. The Government will try to limit the size of the drawdown and the scale of outside involvement in wider economic management.

Aaaaaaaaaaaaarrrrrrrrrgggggggghhhhhh!!!!!!

Their fucking paddywhackery - "Europe needs to bail out the banks, not the government" - has cost them days and friends.

I reckon the IMF lads arriving will be dying to sit across the table from the bunch of fuckwits who tried this ill-conceived strategy.

They gotta be thinking they're going get all the states assets for a promissory note of magic beans (with an optional call on the beanstalk).

It's all a game of negotiation although for the life of me I can't figure out what justification they're using for trying to play hardball with the very people we need to support us - it all seems very stupid to me

Even for these corrupt and inept sh!ts this doesn't make any sense - the only thing I can think is that they convinced the EU & IMF to agree to let them make a public show of fighting for the Irish sovereign cause knowing that everything is already agreed. A last ditch attempt to curry some sort of favour with the Euro skeptics and dumb Irish public who might believe the "it's everyone elses fault line (i.e. lehmans, global downturn, nasty EU, etc"

Anyone who was paying any attention the past 12 months knew this was coming :nin

soc · **Joined:** Mar 19, 2008 **Posts:** 1305

http://www.irishtimes.com/newspaper/bre ... king1.html

It's so comical I can't help laughing - someone didn't tell Honohan the game is not to let the cat out of the back to the Irish people...

Quote:

Speaking this morning, Prof Honohan said he expected the Government to accept a loan of tens of billions of euro. "It's my expectation that that is what is definitely likely to happen. That's why the large technical teams are sitting down discussing these matters," he told RTÉ's Morning Ireland.
.
.
.
"It will be a large loan because the purpose of the amount to be advanced, or to be made available, is to show Ireland has sufficient firepower to deal with any concerns of the market," he said. "We're talking about a substantial loan." He also understood the money would be borrowed at a rate in the region of 5 per cent.

And then Eamon "I'm fcuking useless and have no clue about anything other than being fcuking useless" comes out with this...

Quote:

Also speaking this morning, Minister for Communications Eamon Ryan accepted the Government "may need help" from Europe. "I don’t have a problem with that, and I don't have a problem recognising the scale of the problem," he said. "What we need to do is get the terms and conditions right."

Haven't you got it yet Eamo - we have no choice but to take a bailout so the terms and conditions are something the EU/IMF will be giving us - dumb schmuk :evil:

But if you thought he couldn't get any more stupid...

Quote:

He also said he believed the teams from the IMF, the ECB and the EU would see that the position of the Irish banks were strong. "Our banks are solid and I believe that that will be shown to be the case."

Someone in government really needs to tell this idiot not to make public statements anymore

onestepbehind · **Joined:** Oct 3, 2008 **Posts:** 3015

http://www.roubini.com/strategy/view/139101.php

Quote:

Irish Rescue Package: Solution or Bandage?
By Arun Motianey and David Nowakowski
•An official external assistance package for Ireland is around the corner, though markets may deteriorate before the EU and Irish politicians find agreement. Risks are large and skewed to the downside, so underweight/short positions should be kept small.
•Expect a short-term rally post-announcement, but if the financial sector’s problems are not fully resolved, the reprieve should be viewed as a selling opportunity.
•A larger loan package and painful reorganization of the financial sector would be better for sovereign bondholders and would likely involve a further bail-in of bank[...]

jacobmarley · **Joined:** Dec 5, 2007 **Posts:** 814

There here, from the Guardian Live blog

Quote:

11.23am: We're getting the first pictures of the IMF officials who have flown to Dublin for bailout negotiations.

Photograph: Peter Morrison/AP Here you can see Ajai Chopra (on the left), the deputy director of the European department of the IMF, walking towards the Central Bank of Ireland where the talks are taking place. We can't immediately identify his colleague, I'm afraid, but once we have a name I"ll let you know. Unless you've got an idea?...

http://www.guardian.co.uk/global/2010/n ... nd-bailout

El Stuntman · **Posted:** Thu Nov 18, 2010 11:49 am

somewhat hilarious that they are strolling past a beggar

Lir · **Joined:** Oct 6, 2008 **Posts:** 219

That's Sven-Goran Eriksson ... for sure

Mrs Mac Pee · **Joined:** Oct 4, 2008 **Posts:** 383

I wonder will the IMF guys be making guest appearance on the Late Late show? Just a thought.

coc · **Joined:** Nov 3, 2008 **Posts:** 1280

everybody knows wrote:

Open Window wrote:

Ok enough of this crap, refrences to poker and all the other bullshit and lies.

Everyperson in Ireladn now needs to ask this one question:

Have Fianna Fail offcially invited the IMF in?

YES or NO?

Email yuor TD's call them on the phone or ask them in person. Right now nothing else matters.

You are a lone voice . Yes they have . The banks are fucked . The economy is fucked . NAMA is fucked . FF are Fucked . FG and Labour are fucked . Joe public is most definitly fucked . Anglo is a fucking machine .

From the excellent Burn After Reading ...

The Final Countdown - Speculation on Irish bailout EU/IMF

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