Today on newstalk: http://www.newstalk.ie/news/1minister-says-some-bondholders-will-have-to-share-banking-debts38/

Must be the deaf , dumb and blind bondholers that he is talking about .

Yeh, but they sure play a mean pinball.

Is he really only talking about subordinate bonds? But surely that is mostly done?

Subbies only? That's a joke. It's not enough. It should be all non ELG bonds.

As usual Lenihan is a day late and a dollar short.

He should fuck off back to the Four Courts...he's been out of his depth since the start of this crisis.

Looks like bondholders in Anglo are happy at the news.

@yogan: Maybe he'd talking about AIB and BoI...Could a resolution regime finally be on the way?

Pah, if you listen to the audio, it is historical about Anglo and INBS. The tone of the conversation suggests the government is resisting moves to impose losses with the impetus coming from the IMF and latterly the EU (probably under IMF prodding there there is no alternative?).

8000 what?

There HAS to be something up. All of a sudden there is all this talk of sharing the pain. What about this Al Erian chap:

http://www.bbc.co.uk/news/business-11835044

WTF? He holds trillions of € of goverment debt. This is all very odd.

Maybe this is why FF are holding on, maybe they want their names to be associated with the investors taking their share of the pain and hence FF will end up looking like champions of the people, Jesus wept it might actually work!!

Looks like Pimco have finally sh-t their pants at the thought of a disorderly default. About f-cking time. It is in the creditors' interest that the international financial system doesn't go to hell in a hand-basket. We better leave Lenny and Cowen in the negotiations for the moment. Looks like they are doing a great job, ably abetted by Batt O'Keefe (his "time to panic the hoop" pronouncements on Primetime) and Michael Noonan (if we're left hanging we won't be hanging alone).

Mr. El Erian's comments were made a couple of days ago and reported here. There are two points to note:
1. Pimco are very long sovereign bonds and so very short inflation. Haircutting bank debt would generally be good for sovereign bonds and deflationary.
2. If Pimco are saying this publicly, they and other buyers of sovereign debt must also be saying it privately. This has big implications for larger states with big banking systems. If the bond markets start to make judgements on sovereign risk based on the size of the banking sector, it could increase costs to states whether their banking system goes bust or not. The pressure is on and not just from the left...

8,000bps CDS spread.

Pig-soldier Lenihan will know that those international money makers must now never suffer any of the pain inflicted on us Irish !