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

[screenexile]

f**king Exchange Rate has gone to the dogs now as well. We get a lot of stock from UK and the weak Euro is bloody crippling at the minute.

Does anyone who knows anything about these things have an idea when it will improve??

[armaghniac]

NTMA hails bond switch and sale a success

Investors have committed a total of €5.23 billion into longer-dated bonds maturing in 2017 and 2020.

The NTMA says of this, some €4.19 billion was new money for the purchase of the two longer-term bonds on offer - a new 5 year bond maturing in October 2017 and an existing bond maturing in October 2020.

A further €1.04 billion was for the exchange of their holdings of the shorter-dated 2013 and 2014 bonds into the 2017 and 2020 bonds.

The 2017 bond carried a yield of 5.9% and the 2020 bond a yield of 6.1%. The weighted-average yield on the combined transaction was 5.95%.

Speaking today, NTMA Chief Executive John Corrigan said: "We are very pleased with the success of today's transaction, particularly the fact that investors committed more than €4 billion of new money to our first long-term issuance since September 2010.

"This marks a very significant step for Ireland on the way to full bond market access. As a result of today's transaction, the NTMA has now covered a significant proportion of the €8.2 billion bond maturing in January 2014 which up until now has been seen as a challenging "funding cliff," he added.

It marked Ireland's re-entry to the primary market with longer term bonds for the first time since the EU/IMF bailout in 2010.

The Minister for Finance Michael Noonan said our return to the bond markets this afternoon was not earlier than he had expected.

Mr Noonan said he indicated on a number of occasions in the past that we would dip our toes in the markets in the summer of 2012.

He did not want to make any further comment which might influence the sale until it was complete.

The Secretary General of the Department of Finance has described today as a very good day for the Irish economy.

John Moran said that "what we wanted to gauge was not just how much people would roll over their positions but would actually want to come back in, which is really selling to new investors."

He also said the figure of €4.19 billion was a very satisfactory result.
   

[LeoMc]

With talk of the UK withdrawing from the EU and the continued weakness of the Euro against Sterling is there any benefit to Ireland in jumping ship also and pegging an Punt Nua to their major trading partner?

[Rossfan]

No.
And the YUKs won't leave the EU either because they'd have no one to buy their stuff.

[Hardy]

Merkel pulls the rug from under Kenny.

Enda came home from Brussels happy that the June deal was endorsed and it's hard to blame him, given the wording that "the spirit" of the June deal was to be respected. This "spirit" included an understanding that there was an opportunity for  retrospective recapitalisation of the Irish banks by the new ESM.

But, today, Merkel came out baldly to say "There will not be any back-dated direct recapitalisation" of eurozone banks ...and... "If recapitalisation is possible, it will only be possible for the future." (http://www.rte.ie/news/2012/1019/eu-bank-supervision.html)

I know she has both eyes on domestic politics at the moment, but this is not on. Watch Ireland's bond yields jump today after this.

[armaghniac]

Watch Ireland's bond yields jump today after this.

In some ways it would be better if they did. It might be no harm to get across the message that this deal would allow Ireland return to the markets, which would not be possible without it.

[Declan]

Enda and Baldy would be f**k all use in a game of poker that's for sure

[Billys Boots]

Should we be inviting Bertie and his cohorts back to represent us?

[Declan]

Should we be inviting Bertie and his cohorts back to represent us?

Jaysus Billy stop will you

[Tubberman]

Merkel pulls the rug from under Kenny.

Enda came home from Brussels happy that the June deal was endorsed and it's hard to blame him, given the wording that "the spirit" of the June deal was to be respected. This "spirit" included an understanding that there was an opportunity for  retrospective recapitalisation of the Irish banks by the new ESM.

But, today, Merkel came out baldly to say "There will not be any back-dated direct recapitalisation" of eurozone banks ...and... "If recapitalisation is possible, it will only be possible for the future." (http://www.rte.ie/news/2012/1019/eu-bank-supervision.html)

I know she has both eyes on domestic politics at the moment, but this is not on. Watch Ireland's bond yields jump today after this.

Their long-term game to create a German empire is getting closer all the time.
Heil!

[muppet]

It seems this Euro crisis is going to run and run.

Next up we have Italy even though Spain hasn't even started to deal with its problems.

Italy has elections in February where word is Berlusconi will try to regain power on a populist manifesto. Apparently this may involve a promise to pull Italy out of the Euro. That will set the cat among the already nervous pigeons.

While that might sound mad remember Mr. Bunga controls the majority of the Italian media.

[Denn Forever]

Could we sue?

AIG is considering whether to join a lawsuit against the government that spent $182bn (£115bn) to save it from collapse.

American International Group said its board of directors will weigh whether to take part in a shareholder lawsuit against the US over the government's bailout of the New York-based insurer.

http://www.guardian.co.uk/business/2013/jan/09/aig-lawsuit-us-government-bailout

[muppet]

Could we sue?

AIG is considering whether to join a lawsuit against the government that spent $182bn (£115bn) to save it from collapse.

American International Group said its board of directors will weigh whether to take part in a shareholder lawsuit against the US over the government's bailout of the New York-based insurer.

http://www.guardian.co.uk/business/2013/jan/09/aig-lawsuit-us-government-bailout

This is more like Anglo's shareholders suing for not being compensated enough by the Government for their worthless shares.

If we sued we should look at Lenihan's assurances that the Bank Guarantee was needed because of a liquidity problem and that it was not a solvency one. He was wrong but what information was he acting upon? Who lied?? Did the banks seek and get the guarantee under false pretences? Or did the Government lie to us? And even if we can prove we were lied to can we withdraw from the guarantee and get money back?

[seafoid]

Could we sue?

AIG is considering whether to join a lawsuit against the government that spent $182bn (£115bn) to save it from collapse.

American International Group said its board of directors will weigh whether to take part in a shareholder lawsuit against the US over the government's bailout of the New York-based insurer.

http://www.guardian.co.uk/business/2013/jan/09/aig-lawsuit-us-government-bailout

Who would you sue, Muppet ? The government is broke. Borrowing 15bn a year or whatever.
Maybe sue the consultants...

This is more like Anglo's shareholders suing for not being compensated enough by the Government for their worthless shares.

If we sued we should look at Lenihan's assurances that the Bank Guarantee was needed because of a liquidity problem and that it was not a solvency one. He was wrong but what information was he acting upon? Who lied?? Did the banks seek and get the guarantee under false pretences? Or did the Government lie to us? And even if we can prove we were lied to can we withdraw from the guarantee and get money back?

[muppet]

Could we sue?

AIG is considering whether to join a lawsuit against the government that spent $182bn (£115bn) to save it from collapse.

American International Group said its board of directors will weigh whether to take part in a shareholder lawsuit against the US over the government's bailout of the New York-based insurer.

http://www.guardian.co.uk/business/2013/jan/09/aig-lawsuit-us-government-bailout

Who would you sue, Muppet ? The government is broke. Borrowing 15bn a year or whatever.
Maybe sue the consultants...

This is more like Anglo's shareholders suing for not being compensated enough by the Government for their worthless shares.

If we sued we should look at Lenihan's assurances that the Bank Guarantee was needed because of a liquidity problem and that it was not a solvency one. He was wrong but what information was he acting upon? Who lied?? Did the banks seek and get the guarantee under false pretences? Or did the Government lie to us? And even if we can prove we were lied to can we withdraw from the guarantee and get money back?

I'd suggest we would sue to remove liabilities, e.g. the Promo.