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

[johnneycool]

http://www.youtube.com/watch?v=vLniOkpl1QY

even robots know the score.

[seafoid]

So what happens now to the money the IMF gave us. It goes to the banks and they do what with it. They hand it back to the people they borrowed it from. Where will that leave us.

A brief synopsis and accurate figure please.

The government didn't get the money yet . The stuff that goes to cover day to day spending will be drawn down as the spending occurs but it is not clear what will happen to the banks because we don't know much they need and anyway Ireland has very little capacity left on the credit card.

[Zapatista]

So what happens now to the money the IMF gave us. It goes to the banks and they do what with it. They hand it back to the people they borrowed it from. Where will that leave us.

A brief synopsis and accurate figure please.

The government didn't get the money yet . The stuff that goes to cover day to day spending will be drawn down as the spending occurs but it is not clear what will happen to the banks because we don't know much they need and anyway Ireland has very little capacity left on the credit card.

If the Banks apply to the Dep of Finance for another 5bn and it is drawen from the fund will we know about it?

[Banana Man]

So what happens now to the money the IMF gave us. It goes to the banks and they do what with it. They hand it back to the people they borrowed it from. Where will that leave us.

A brief synopsis and accurate figure please.

The government didn't get the money yet . The stuff that goes to cover day to day spending will be drawn down as the spending occurs but it is not clear what will happen to the banks because we don't know much they need and anyway Ireland has very little capacity left on the credit card.

alright then, where did this ''we are fully funded until well into next year come from'' - was this absolute bollocks, if so has Lenihan retracted it or been pushed on it???

[EC Unique]

Don't pay. Walk away!

http://www.xtranormal.com/watch/7818305/

[Zapatista]

alright then, where did this ''we are fully funded until well into next year come from'' - was this absolute bollocks, if so has Lenihan retracted it or been pushed on it???

We've already borrowed enough to cover to then. We have been kicked out of the bond market and cann't borrow anymore from them therefore we have been given this fund to use as we need it.

The theory was that with this to back us up it would put confidence back in the market and we could borrow from there. That hasn't worked so we will need to draw down on the IMF/ECB loan next year.

[johnneycool]

Don't pay. Walk away!

http://www.xtranormal.com/watch/7818305/

Jez,
  the more you delve into this (and I'm not talking about these cartoons) the more it seems the best course of action and let the banks and bond holders go to f**k.

[seafoid]

So what happens now to the money the IMF gave us. It goes to the banks and they do what with it. They hand it back to the people they borrowed it from. Where will that leave us.

A brief synopsis and accurate figure please.

The government didn't get the money yet . The stuff that goes to cover day to day spending will be drawn down as the spending occurs but it is not clear what will happen to the banks because we don't know much they need and anyway Ireland has very little capacity left on the credit card.

If the Banks apply to the Dep of Finance for another 5bn and it is drawen from the fund will we know about it?

The banks are going to be restructured anyway. The bailout will probably take a different form since the banks are losing deposits and have all had their debt downgraded today by S&P. 
It is whole new ball game now. The State can't pony up anything else to the bonfire that is the banks.   

[Bogball XV]

I think that the bailout as outlined over the last few days will go ahead, there's talk that the IMF/ECB are going to try and make bank bondholders take a bit of a hit, but I don't know if that can really be done (just yet).
It seems that the plan is to stabilise the overall european situation and try and reassure everyone that we're all going to be fine and that ireland will play by the rules and do her duty.  In a year's time, when we've a new govt etc and hopefully the financial world will have settled down a lot, then they'll revisit us and admit that Ireland cannot meet her obligations and the bank portion of our bailout will be restructured, or at least that's the plan.  At the minute they're just playing for time, is it a bluff like Lenno tried the night of the guarantee?  I hope it works out better this time.

[seafoid]

There would be no problem with the national debt if it wasn't for the banks. If they keep on losing deposits they won't be able to keep going for a year. It is all looking very uncertain.

Teh only thing we can say for sure is that one of the lads will start a Mayo thread in January and that by February it will be up to 100 pages and confidence will be sky high only for a complete climbdown by June.   

[Bogball XV]

There would be no problem with the national debt if it wasn't for the banks. If they keep on losing deposits they won't be able to keep going for a year. It is all looking very uncertain.

Teh only thing we can say for sure is that one of the lads will start a Mayo thread in January and that by February it will be up to 100 pages and confidence will be sky high only for a complete climbdown by June.   

I doubt there'll be anybody left in Mayo come January, they're great for the emigrating them boys.

[mayogodhelpus@gmail.com]

There would be no problem with the national debt if it wasn't for the banks. If they keep on losing deposits they won't be able to keep going for a year. It is all looking very uncertain.

Teh only thing we can say for sure is that one of the lads will start a Mayo thread in January and that by February it will be up to 100 pages and confidence will be sky high only for a complete climbdown by June.   

I doubt there'll be anybody left in Mayo come January, they're great for the emigrating them boys.

Always one of the counties to lose most of its population. Think I read somewhere that Mayo's population was around 400,000 in 1845, it was about 124,000 at the height of the boom circa 2006.

[Hardy]

RTÉ news are reporting that the bailout interest rate is to be 6.7%.

That's it. Forget it. That's rape. 8.75 billion per annum in interest. THE IMF/EU/EFSF must be told to sling their hook, we're revoking all guarantees, the bondholders can take their medicine and we're borrowing just enough for the budget deficit. If they want us to co-operate in saving the Euro they play ball or f**k off.

[Hardy]

One possibility is that this is FF (or somebody) spinning so that a negotiated rate lower than this can be presented as a victory.

[muppet]

RTÉ news are reporting that the bailout interest rate is to be 6.7%.

Rte rounded it up, it is really 6.66.