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

[muppet]

what did Eamon Gilmore say, i only got the start of his speech but he said that our best days are ahead of us. Did he go on the explain what was going to be so good in the 2050's?

We won't have any heating bills thanks global warming?

[muppet]

http://video.consilium.europa.eu/index.php?pl=&sessionno=3169&lang=EN

Live and exclusive from 1900.

Update: Lenny late as usual

[seafoid]

I couldn't believe Biffo's speech. He said nothing. What was the point? 

[muppet]

I couldn't believe Biffo's speech. He said nothing. What was the point?

It was 2 O'Clock. He needed to distract everyone so he announced a statement for 5 O'Clock. He didn't think beyond that.

[muppet]

EU/EMF/IMF team coming to Ireland 'in case we need to ask'.

That means no bailout until Cowen and co figure out how to ask for it and save face/stay in power.

Ireland/EU/Euro & Portugal/Spain might all fail. But 'for de sake of de party'.

[seafoid]

What sort of accent does Lenihan have? It's not Dublin. Is it Roscommon ?

Interesting that they were talking to the IMF at the weekend.
The banks must be truly F$%^&d.

[CiKe]

Muppet that last comment is a bit OTT I think. There is a tendency for knee jerk reactions to financial market conditions - bond spreads are certainly worrying but Ireland does not currently need to borrow. The banks are obviously in bad shape and locked out of the money markets but Cowen, Lenihan et al owe us all to get what they can. According to BIS, Germany is a creditor to Ireland to the tune of about £205bn, while the UK is a creditor to the tune of £220bn (think those were the figures i saw today anyway). That gives a bit of scope to try and negotiate. That and the fact that should Ireland get a bail out, all that will happen is that focus will shift to Portugal. There is no point rushing things so that all of a sudden bond spreads tighten tomorrow and the equity market recovers today's losses, when that doesn't do a damn thing for the economy.

[Bogball XV]

What sort of accent does Lenihan have? It's not Dublin. Is it Roscommon ?

Interesting that they were talking to the IMF at the weekend.
The banks must be truly F$%^&d.

It's a Belvedere accent.

I think you're wrong btw, they couldn't have been talking to the IMF at the weekend, I just heard Dermot Ahern say that they definitely weren't.

[turk]

If Dermot Ahern said it then it must be true!

[muppet]

Muppet that last comment is a bit OTT I think. There is a tendency for knee jerk reactions to financial market conditions - bond spreads are certainly worrying but Ireland does not currently need to borrow. The banks are obviously in bad shape and locked out of the money markets but Cowen, Lenihan et al owe us all to get what they can. According to BIS, Germany is a creditor to Ireland to the tune of about £205bn, while the UK is a creditor to the tune of £220bn (think those were the figures i saw today anyway). That gives a bit of scope to try and negotiate. That and the fact that should Ireland get a bail out, all that will happen is that focus will shift to Portugal. There is no point rushing things so that all of a sudden bond spreads tighten tomorrow and the equity market recovers today's losses, when that doesn't do a damn thing for the economy.

The banks do and their debt is our debt.

[CiKe]

Muppet that last comment is a bit OTT I think. There is a tendency for knee jerk reactions to financial market conditions - bond spreads are certainly worrying but Ireland does not currently need to borrow. The banks are obviously in bad shape and locked out of the money markets but Cowen, Lenihan et al owe us all to get what they can. According to BIS, Germany is a creditor to Ireland to the tune of about £205bn, while the UK is a creditor to the tune of £220bn (think those were the figures i saw today anyway). That gives a bit of scope to try and negotiate. That and the fact that should Ireland get a bail out, all that will happen is that focus will shift to Portugal. There is no point rushing things so that all of a sudden bond spreads tighten tomorrow and the equity market recovers today's losses, when that doesn't do a damn thing for the economy.

The banks do and their debt is our debt.

You're right they do, and are pretty much insolvent, but a lot of debt is held by Germany and UK. Germany don't want fiscal transfers (understandably), but if they force a debt restructuring, that is a decent haircut they are looking at. Probably more politically expedient as while it will still likely cost the German taxpayer money (via Landesbanken losses), it isn't as obvious.

I think the end game is a foregone conclusion, but I sure as hell hope FF are fighting tooth and nail for every last concession they can get if Ireland bow to the pressure and ask for an aid package (and the pressure does not seem to be unanimous btw, some countries seem a bit uncomfortable with it).

[give her dixie]

Max Keiser from Russia Today gives a good spin on the crisis.
Well worth a watch........

http://www.youtube.com/watch?v=nQFHgcFlrlw&feature=share

[Declan]

Well folks hope you all remember this day. I've just watched Dick Roche on Primetime and he is continuing the fine tradition of FF as a liar and charlatan and RTE are well on message producing the puff piece on the friendly IMF with Mr Casey and Mr Bourke ex employees saying how nice they are and just want to help.
We certainly are living through extraordinary times and I really feel sorry for the next generation and can only apologise for being complicit in letting it happen. 
Saw that Keiser piece already - he's a piece of work alright and there's a great clip of him nailing goldman sachs out there

[seafoid]

All of the waffle about sovereignty is pointless. The Government has run out of options. 

[thejuice]

Well folks hope you all remember this day. I've just watched Dick Roche on Primetime and he is continuing the fine tradition of FF as a liar and charlatan and RTE are well on message producing the puff piece on the friendly IMF with Mr Casey and Mr Bourke ex employees saying how nice they are and just want to help.
We certainly are living through extraordinary times and I really feel sorry for the next generation and can only apologise for being complicit in letting it happen. 
Saw that Keiser piece already - he's a piece of work alright and there's a great clip of him nailing goldman sachs out there

What options are there though. Should we be out lobbing bricks at Leinster house. That's what I feel like doing the more I watch this shambles by the way