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

[Bingo]

Surprised that this has been made so public. This isn't the first deal nor will it be the last.

The worry from the banks point of view is that people will see a chance now to get a mortgage write-off.

From experience the bank would have gone full hog on this and this was the only solution. Its not enough to go in with a house in negative equity, the bank will turn the screw on your income and outcome and thats what they will go into minute detail on this area until they arrive at a solution. Any other security will also have been a factor.

The banks are playing ball but only when the circumstances fit.

It gives false hope to people when they read these headlines.

[magpie seanie]

I think politicians in many countries are less than stellar, and most political systems have an element of corruption in it. Look at the lobby groups in the states, and any amount of crap going on in the world. Maybe instead of 'f**k this country' you mean 'f**k the human race'.

I love this country. I like the majority of the people I've met, I can have a good craic in any town in the country. I love our culture, our scenery, our games. I dislike our political class, but to be honest I think I would dislike most politicians in the entire world, so be it.

There's things that are pretty far from ideal, and I think we're getting better at throwing the bad shit out in the open. But it's still a great country to live in and raise kids in. In my opinion at least.

Is it though? What makes it great? The greatness you refer to - our culture, our scenery, our games is despite our ruling class*. Will our kids get a fair crack of the whip or will they be fcuked around by the ruling classes like we have, like my parents were?

My biggest abmition growing up was to never have to leave this country. Right now I'm not sure that was a great idea.


* - I say ruling class because the politicians are only the ones at the coalface. There are many unelected very powerful people who set the agenda - the politicians of FF/FG/Lab and others are merely their gophers.

[muppet]

% of total income going to the top 1% of taxpayers:



US debt as a percentage of GDP:

[magpie seanie]

Very interesting the correlation between those two graphs.

[muppet]

Very interesting the correlation between those two graphs.

Yes, but I am hoping we don't follow the same trends after 1929!

[Ulick]

Yes, but I am hoping we don't follow the same trends after 1929!

Cavan dominating Ulster? Or as Joe Brolly might term it "Return of the Black Death".

[muppet]

http://www.irishtimes.com/business/economy/morgan-kelly-warns-our-real-economic-crisis-will-begin-if-ecb-credit-stops-1.1724130?page=3

.......Nowhere is Draghi's wizardry plainer than in our exit from the bailout. The sale in December of €500 million of government bonds at rates slightly above German ones was trumpeted here as national resurrection and in Berlin as vindication of the view that European peripherals can only recover when they start to admit the error of their spendthrift ways. However, behind the narratives of redemption and a triumphant return to the markets, with international financiers vying to lend to a newly creditworthy Ireland, the dismal reality is that these bonds were bought entirely by the State-controlled (or effectively controlled) banks AIB and Bank of Ireland with money slipped into their pockets by the ECB...........

[seafoid]

http://www.irishtimes.com/business/economy/morgan-kelly-warns-our-real-economic-crisis-will-begin-if-ecb-credit-stops-1.1724130?page=3

.......Nowhere is Draghi's wizardry plainer than in our exit from the bailout. The sale in December of €500 million of government bonds at rates slightly above German ones was trumpeted here as national resurrection and in Berlin as vindication of the view that European peripherals can only recover when they start to admit the error of their spendthrift ways. However, behind the narratives of redemption and a triumphant return to the markets, with international financiers vying to lend to a newly creditworthy Ireland, the dismal reality is that these bonds were bought entirely by the State-controlled (or effectively controlled) banks AIB and Bank of Ireland with money slipped into their pockets by the ECB...........

National resurrection is pure spin.

I think people are better off listening to the Stone Roses  tbh

http://www.youtube.com/watch?v=cRwR7avc5Oc

The lyrics are made for people like spindoctors and economic overlords like Olli Pactus

Turn, turn, I wish you'd learn
There's a time and place for everything
I've got to get it through.
Cut loose 'cause you're no use
I couldn't stand another
Second in your company.
Don't waste your words I don't need anything from you,
I don't care where you've been or what you plan to do.

[AQMP]

http://www.bbc.co.uk/news/uk-northern-ireland-26880492

Nama Northern Ireland property loan portfolio 'sold for £1bn'

Nama has sold its entire Northern Ireland property loan portfolio.  The purchaser is an international investment firm Cerberus Capital Management based in New York. It is understood they paid £1bn.  Nama properties include office blocks, shopping developments, pubs and hotels and development land.  The deal represents the largest single transaction ever by Nama, set up to handle property loans by the Republic's banks before the financial crash.  Nama is the Republic of Ireland's state controlled "bad bank".  It controls property loans originally made by Dublin-based banks, including loans worth about £4bn for NI property. First Minister Peter Robinson said the sale was "excellent news for the Northern Ireland economy".  "For some time I have made clear the danger to the local economy of leaving valuable assets undeveloped and the threat that these posed to otherwise profitable businesses. I believe that this deal can be of real benefit to our economy," Mr Robinson said.  "I am grateful to the authorities in the Republic for the way in which this transaction has been handled and the importance of assisting the Northern Ireland economy."  The first minister said he had spoken to Nama chairman Frank Daly and former United States Vice President Dan Quayle of Cerberus Capital Management on Thursday evening.  He said the conversation with Cerberus provided "great encouragement that they will work with the developers and the Executive to the benefit of all concerned".  "Dan Quayle offered to send a team to Belfast to meet with us to discuss the way forward and we intend to take him up on that offer.  "In the weeks to come the Northern Ireland Executive will work with Cerberus to ensure that the deal can help kick start growth in this area of our economy."
=======================================================================================

As an aside I note Cerberus is headed up by Dan Quayle, the man who famously couldn't spell "potato" - AQMP

[Billys Boots]

Cereberus also, recently, acquired Greenstar - the state's largest waste management company, from the receiver (without its landfill 'assets'). 

[give her dixie]

Some interesting reading on Cerberus .....

http://en.wikipedia.org/wiki/Cerberus_Capital_Management

[Rois]

This has been good reading for me this morning - means a report I had to do for NAMA isn't necessarily required now!  Woohoo.  One less stress to think about. 

[muppet]

http://www.thejournal.ie/anglo-irish-trial-1406214-Apr2014/?utm_source=twitter_self

Some charges against Seán Fitzpatrick dropped in Anglo trial

The jury has been directed to find two of the former executives not guilty on a number of accounts.

[muppet]

http://www.rte.ie/news/business/2014/0415/609081-ecb-parliament-banks/

European lawmakers have signed off on new laws to make it easier to shut problem banks after long wrangling over rules for an industry blamed for triggering the economic crisis.......

...."The EU has lived up to its commitments," said Michel Barnier, the European official in charge of regulation.

"The banking union completes the economic and monetary union, puts an end to the era of massive bail-outs and ensures taxpayers will no longer foot the bill when banks face difficulties.".......

.....Crucially, the scheme introduces new rules making it easier to shunt losses onto the bondholders and even large depositors of failing banks although the conundrum of what to do if a very large bank wobbles remains.

There will also be an obligation for countries to ensure that schemes are in place to guarantee the first €100,000 in any savings account, although no European backstop is foreseen should they fall short.......

..But for many, Europe's response has been too slow.

Jamie Dimon, the chief executive of JP Morgan Chase recently said that European banks lag US peers who had largely recovered from the financial crash.

Some lawmakers also point to the shortcomings of Europe's centrepiece reform, in particular the failure to tackle megabanks.

"Too big to fail banks are simply too dangerous to exist," said Philippe Lamberts, a lawmaker from Belgium's Green party.

"As long as systemic financial institutions are allowed to exist in their current shape, taxpayers will remain exposed to paying for the follies of a runaway financial industry."....

[seafoid]

http://www.rte.ie/news/business/2014/0415/609081-ecb-parliament-banks/

European lawmakers have signed off on new laws to make it easier to shut problem banks after long wrangling over rules for an industry blamed for triggering the economic crisis.......

...."The EU has lived up to its commitments," said Michel Barnier, the European official in charge of regulation.

"The banking union completes the economic and monetary union, puts an end to the era of massive bail-outs and ensures taxpayers will no longer foot the bill when banks face difficulties.".......

.....Crucially, the scheme introduces new rules making it easier to shunt losses onto the bondholders and even large depositors of failing banks although the conundrum of what to do if a very large bank wobbles remains.

There will also be an obligation for countries to ensure that schemes are in place to guarantee the first €100,000 in any savings account, although no European backstop is foreseen should they fall short.......

..But for many, Europe's response has been too slow.

Jamie Dimon, the chief executive of JP Morgan Chase recently said that European banks lag US peers who had largely recovered from the financial crash.

Some lawmakers also point to the shortcomings of Europe's centrepiece reform, in particular the failure to tackle megabanks.

"Too big to fail banks are simply too dangerous to exist," said Philippe Lamberts, a lawmaker from Belgium's Green party.

"As long as systemic financial institutions are allowed to exist in their current shape, taxpayers will remain exposed to paying for the follies of a runaway financial industry."....

the next crash is going to be worse I think.
Most financial assets are overvalued and too much liquidity is the cause.