The Big Bailout of the Eurozone (Another crisis coming? - Seriously)

[bcarrier]

Just 2 weeks - 14 days before 2nd Nov when Ireland pays 100% of $1bn (€730m) Anglo unsecured unguaranteed senior bond.

http://namawinelake.wordpress.com/

Anglo has received €29.3bn of a state bailout, yet according to Leo is repaying this bond from asset sales?

[Main Street]

Sale of pension fund assets, I would guess
The Pension Fund has been ordered by the government to sell off €10bn worth of assets, to be sunk into AIB and BOI.

[Declan]

It's True, Bankers Really Do Control the World: Study
by Catherine McLean
WINTERTHUR, Switzerland - Here's a gift to Occupy Wall Street protesters around the world: you now have scholarly proof that banks control the world.

Researchers at the Swiss Federal Institute of Technology Zurich, also known as ETH, have published a paper that argues just 147 companies account for a large chunk of the total economic value of all the transnational companies around the world. No exact dollar figures, but it's obviously a vast sum.


Among the top 50 corporations, 45 operate within the financial industry. Barclays PLC is the most powerful, according to the ETH study, followed by such well-known names as JPMorgan Chase & Co., UBS AG, and Merrill Lynch & Co., Inc.

The United States takes home first prize with 24 companies cracking the researchers' top 50 list, followed by the U.K. with 8, France with 5, Japan with 4, and Germany, Switzerland and the Netherlands tying with 2 companies each. Canada has one company in the researchers' top 50: Sun Life Financial, Inc. secures the 35th spot.

The research shows "a large portion of control flows to a small tightly-knit core of financial institutions," authors Stefania Vitali, James Glattfelder and Stefano Battiston wrote in their study entitled: The network of global corporate control.

"This core can be seen as an economic 'super-entity' that raises new important issues both for researchers and policy makers."

While the authors note that many in the worlds of academia and the media already believe the world's economy is run by a small number of companies, there was no actual data to back it up. So they set out to study the elaborate ownership structures of 43,060 transnational companies, eventually uncovering more than one million ownership ties within that network.

The authors believe this level of control among a small number of players has a significant impact on the world's economic health. The 147 companies in the "core" control 40 per cent of the total economic value of all transnational corporations.

"The top ranked actors hold a control ten times bigger than what could be expected based on their wealth," the authors noted.

The intense interconnection and concentration of power weakens market competition as players form blocs, according to the study. There's another drawback to those close links, particularly among the banks: when one runs into problems its woes spread quickly to the others.

Critics say the study doesn't take into account that fund managers don't always choose to control a company's strategy via their investment, among other complaints.



http://arxiv.org/PS_cache/arxiv/pdf/1107/1107.5728v2.pdf

[muppet]

This is doing the rounds on FB now:


Warren Buffett, "I could end the deficit in 5 minutes," he told CNBC. "You just pass a law that says that anytime there is a deficit of more than 3% of GDP, all
sitting members of Congress are ineligible for re-election. The 26th
amendment (granting the right to vote for 18 year-olds) took only 3 months
& 8 days to be ratified! Why? Simple! The people demanded it. That was in
1971...before computers, e-mail, cell phones, etc. Of the 27 amendments to
the Constitution, seven (7) took 1 year or less to become the law of the
land...all because of public pressure.

Warren Buffet is asking each addressee to forward this email to a minimum of
twenty people on their address list; in turn ask each of those to do
likewise.
In three days, most people in The United States of America will have the
message. This is one idea that really should be passed around.

*Congressional Reform Act of 2011*

1. No Tenure / No Pension. A Congressman collects a salary while in office
and receives no pay when they are out of office.

2. Congress (past, present & future) participates in Social Security. All
funds in the Congressional retirement fund move to the Social Security
system immediately. All future funds flow into the Social Security system,
and Congress participates with the American people. It may not be used for
any other purpose.

3. Congress can purchase their own retirement plan, just as all Americans
do.

4. Congress will no longer vote themselves a pay raise. Congressional pay
will rise by the lower of CPI or 3%.

5. Congress loses their current health care system and participates in the
same health care system as the American people.

6. Congress must equally abide by all laws they impose on the American
people.

7. All contracts with past and present Congressmen are void effective 1/1/12.
The American people did not make this contract with Congressmen. Congressmen
made all these contracts for themselves. Serving in Congress is an honor,
not a career. The Founding Fathers envisioned citizen legislators, so ours
should serve their term's), then go home and back to work.

If each person contacts a minimum of twenty people then it will only take
three days for most people (in the U.S.) to receive the message. Maybe it is
time.

THIS IS HOW YOU FIX CONGRESS!!!!! If you agree with the above, pass it on.

[Gaoth Dobhair Abu]

With Greece getting 50% of their debts written off, how does this leave Ireland - do we just have to "suck it up?"

[Rossfan]

Yes !
Because we are an honourable race who pay our debts 
Now if we could only get the Brits to pay us what we're owed for 800 years of  you know yerself we'd be grand .
And we could pay Greece's debts as well 

[Gaoth Dobhair Abu]

Surely there has to be penalties that Greece will suffer?!

[muppet]

Surely there has to be penalties that Greece will suffer?!

The Greeks have no economy and no assets. Look at the Greek people in suits going to soup kitchens. Their being 'allowed' to default is merely Merkel and Sarky bowing to reality and accepting that French and German banks must write off the debt. We have an economy and we have assets (although we are giving them away for free). We could default unilaterally but then we would be like Greece minus the friends.

We should be marching outside Pat Rabbitte's office demanding he sets up a State organisation through which all of our oil and gas is dealt, for the benefit of the citizens and only the citizens.

[Hardy]

A great line on Green Tea on the radio now - the people have been subjected to rectal fistitude. 

[Denn Forever]

Eurozone crisis is hitting the states now.

http://www.bbc.co.uk/news/15519124

MF Global files for Chapter 11 bankruptcy protection
MF Global could be one of the biggest eurozone debt casualties Continue reading the main story
Global EconomyEuro deal at a glance
What's the matter with Italy?
Eurozone crisis explained
Europe's four big dilemmas
US brokerage firm MF Global has filed for Chapter 11 bankruptcy protection after revealing £4bn of eurozone debt exposure.

[seafoid]

Government to repay unsecured Anglo bonds in full even though the price in the market is 52% of face value.

http://www.ft.com/intl/cms/s/0/0d16aec2-03df-11e1-98bc-00144feabdc0.html#axzz1cRZVYVnG

You know when you've been Tangoed.

[Hardy]

Willie McAteer, former finance director of Anglo arrested this morning (for the second time).

[boojangles]

Willie McAteer, former finance director of Anglo arrested this morning (for the second time).

''Hi Sergeant, go up and lift yon Mc Ateer buck and make sure the press know all about it. That will keep them happy. Now where's the cheque book?''

FFS they really must think we'r stupid. If he is guilty of something then charge him. If not then quit with the theatrics.

So the spin now is that this unsecured debt is being paid to the unnamed large French and German banks who are basically propping up this country with financial assistance. And if we don't pay over this 1 billion Euro then they won't have the money to bail us out.
Have I picked this up right?

[Declan]

So the spin now is that this unsecured debt is being paid to the unnamed large French and German banks who are basically propping up this country with financial assistance. And if we don't pay over this 1 billion Euro then they won't have the money to bail us out.
Have I picked this up right?

Yep - farcical isn't it.

Nearly as farcical as this:

Report: Govt debt €3.6bn less after 'accounting error'
Tuesday, November 01, 2011 - 01:04 PM

Government debt is some €3.6bn less than was previously thought owing to an "accounting error", it was reported today.

The sum, which would represent some 2% of GDP, was "double counted" by two government agencies, TV3 News reported.

The error was discovered on Friday last during an examination of the classification of the state's assets and liabilities, the broadcaster said.

"The €3.6bn had been advanced by the National Treasury Management Agency last year to another, unnamed state agency and was debited by both agencies in their financial reconciliations," a TV3 statement said.

"Sources at the Department of Finance have verified and confirmed the TV3 story."

Contacted for comment today a Department of Finance spokesperson declined to confirm the details of story but said "there will be an adjustment" in the medium-term fiscal statement set to be issued on Friday


Read more: http://www.examiner.ie/breakingnews/ireland/report-govt-debt-36bn-less-after-accounting-error-526658.html#ixzz1cStEarYr

[lynchbhoy]

brighten up our day yet again Dec !

never did trust politicians, teachers and accountants.
yet the f**king country is run (ruined) by all of the above.