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

[muppet]

Credit where credit is due.

but there is no credit!

I'd have preferred some liquidity myself but he wanted credit.

[Rossfan]

The deal with the unions is amazing. No more pay cuts for them.

That means (unless someone can see another possibility) one of either:

a) the Government is about to fall before they have to honour this deal

or

b) there are be serious tax hikes for everyone on the way.

I hope it's a).

The Unions have fairly sold out in this case. Problem is they wont get it through the membership.
If they do then whatever Govt is in power is bound by it .....unless the Budgetary position worsens which it will wit hthe Billions being poured into the fcukin banks.
No matter what happens there will be taxation rises which will remain for about 40 years.
Just remember the Brits are still paying off debts they got into for the Napolenic wars.

[Bogball XV]

Credit where credit is due. Hours after the Bank Guarantee Bogball posted this:

Just back from the beer I mentioned earlier.

Shouldn't have gone.

From what I hear Irish banking will not be the same by lunchtime today. Better stay in bed.

Beer on a Monday night is never a good thing unless you've just won the AI - In that instance, it's almost compulsory ! 

Good news for Irish banking ?

Will UK and other governments follow suit ?

I don't know the ins and outs of it yet, but it seems to be a massive piece of bluffing by lenno - if he were ever asked to pay up, he couldn't, i suppose it depends on how long it will be before the markets either test his promise or just decide to disbelieve him.  If he has to come up with the goods, it'll be a disaster for the taxpayer.  We're currently talking about the budget from hell coming up because tax revenues are short by 7bn on estimates (you have to wonder what idiot came up with the estimates), yet the minister finds it okay to guarantee over €400Bn of loans made by banks?  If 10% go bad (probably not an unreasonable assumption) that's €40 Bn, almost our total annual budget.
It would have been a better idea to force some mergers between the banks who appeared in serious bother yesterday and the ones who just appeared in bother.

I thought this was worth posting for a laugh. I actually miss his FF worshipping.

Surely the Irish banks are solid now?

Aye, the Gnevin quote was funny alright, did you notice how he drifted from FF soon after his neighbour was turfed out to make way for the biffo. 
Unfortunately, my €40bn prediction seems a touch conservative too.

[Bogball XV]

The deal with the unions is amazing. No more pay cuts for them.

That means (unless someone can see another possibility) one of either:

a) the Government is about to fall before they have to honour this deal

or

b) there are be serious tax hikes for everyone on the way.

I hope it's a).

The Unions have fairly sold out in this case. Problem is they wont get it through the membership.
If they do then whatever Govt is in power is bound by it .....unless the Budgetary position worsens which it will wit hthe Billions being poured into the fcukin banks.
No matter what happens there will be taxation rises which will remain for about 40 years.
Just remember the Brits are still paying off debts they got into for the Napolenic wars.

I would have thought that union membership would be biting the hands off the govt to get this signed asap, they're being guaranteed their positions at the same salary they're currently on (of course, they may have reservations as to the ability of this govt to guarantee anything).
I heard someone say that if we plunge further into recession this deal is off, how is that measured?  What if we don't recover as quickly as is being currently estimated?  Are pay cuts still out of the question?

[Bogball XV]

Lenno on talking some absolute shite as I sit here, he doesn't look too bad though, I really can't understand why he's putting himself through this though.

[An Gaeilgoir]

The deal with the unions is amazing. No more pay cuts for them.

That means (unless someone can see another possibility) one of either:

a) the Government is about to fall before they have to honour this deal

or

b) there are be serious tax hikes for everyone on the way.

I hope it's a).

The Unions have fairly sold out in this case. Problem is they wont get it through the membership.
If they do then whatever Govt is in power is bound by it .....unless the Budgetary position worsens which it will wit hthe Billions being poured into the fcukin banks.
No matter what happens there will be taxation rises which will remain for about 40 years.
Just remember the Brits are still paying off debts they got into for the Napolenic wars.

I would have thought that union membership would be biting the hands off the govt to get this signed asap, they're being guaranteed their positions at the same salary they're currently on (of course, they may have reservations as to the ability of this govt to guarantee anything).
I heard someone say that if we plunge further into recession this deal is off, how is that measured?  What if we don't recover as quickly as is being currently estimated?  Are pay cuts still out of the question?

It was handy that the deal was done before the numbers of the bank bailout came to light. I think they call it synchronised politics. Maybe i am just a tired and 50 billion poorer cynical irish taxpayer.

[bcarrier]

Of course you can repudiate debt.

Second Question ... who are the " irish businesses" with anglo bonds.

Call me cynical but I suspect quinn is probably near top of the list  and biggest beneficiary of todays move. Time will tell.

[An Gaeilgoir]

Lenno on talking some absolute shite as I sit here, he doesn't look too bad though, I really can't understand why he's putting himself through this though.

Watching him as well. Maybe he is right or maybe he is wrong in what he is doing, but he knows his brief and has a bit of passion and belief in his voice, the only one in this shambolic government. Time will tell if he is right.

[mayogodhelpus@gmail.com]

Anyone else thought Ned O'Keejfes racist rant in the Dail was shameful.

[bcarrier]

I think lenihan is genuine man trying to reverse one big error of judgement ( largely based on in accurate representations of others).

NOK is clueless as are those who elect him.

[An Gaeilgoir]

Anyone else thought Ned O'Keejfes racist rant in the Dail was shameful.

Just one of the shuout down brigade. another Maurice Hickey of the dail We deserve to get this mountain of shit what we elect these type of people. The Parish pump politician is still going strong while the country burns.

[sammymaguire]

this whole NAMA thing is funny as hell, you couldn't make it up and expect people to believe it

[gerry]

This a bigger day to remember when asked  " where were you when you put your grand kids into debt"  than where were you when kennedy got shot

[Bogball XV]

Lenno on talking some absolute shite as I sit here, he doesn't look too bad though, I really can't understand why he's putting himself through this though.

Watching him as well. Maybe he is right or maybe he is wrong in what he is doing, but he knows his brief and has a bit of passion and belief in his voice, the only one in this shambolic government. Time will tell if he is right.

I think you're right about a lot of that, truth is we don't know if he's right or wrong (although every time he finally sorts something out, he's back finally sorting it out again a few months later), but I do think he could have listened to other views and opinions.  It seems to me that this idea was put to him back in April last year, he liked it and has championed it to such an extent that amending the plan would seemed like a personal failure or weakness or something. 
He blustered a lot on there too, saying that the rest of europe have bank guarantee schemes (on deposits only Brian, not quite the same as yours) and that banks worldwide have experienced the same problems as ours have and so many other countries will be adopting NAMA like plans and are studying ours at present (they may be, it'd be a good way of ruling that option out).

[Declan]

RIP - Ireland 30/3/2010. Final nail in the coffin.

http://www.financedublin.com/debtclock.php Debt clock