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

[Kerry Mike]

AIB down 20%
IL&P down 50%
BoI up 25%

Looks like the markets are none too impressed with the stress tests and the extra €24,000,000,000.00ish

Than again 50% of nothing is nothing !

[AZOffaly]

Did Fine Gael not 'promise' before the election that 'Not one more cent' would be put into the banks without the bondholders also sharing the burden?

What happened to that?

They are all wankers.

[Kerry Mike]

A good day to reveal news like that.

So far:

* Anglo announces worse results in Irish corporate history
* Anglo announce CX gets nearly €1,000,000 in Bailout money as remuneration
* Irish Nationwide Basketcase Society will raise Variable Rate by .65%

Anything else out there that people are hoping we won't notice after 1630 today?

Another bit of great Anglo news that escaped the news yesterday, incredible none of this made the main evening news on RTE TV last night, was there a moratorium on bad news put in place !!

Top executive left with €3.2m 'goodbye money'By Conor Ryan - Friday, April 01, 2011

THE former chief executive of Anglo Irish Bank's British arm walked away from the bank last year with €3.2m in goodbye money.

Declan Quilligan had been in the post since 2005 and before that he was the head of the institution's banking business in Ireland.

Anglo's annual accounts showed that he was given €844,222 instead of working out his notice and this was topped off with €65,417 in holiday money he had not claimed.

However, the bulk of his parachute payment came by way of a €1.98m cash contribution for his pension.

When he left the bank, he had loans of more than €3m outstanding. For this reason, Anglo held back his pension pot, €915,625 after tax, to cover part of the bill.

Another €439,829 was held on deposit to help service the rest of what he owed the bank.

He left the nationalised institution in March 2010 after receiving a bonus of €262,223 for work he did in 2006.

The bank had to stump up €409,205 in taxes that were due, but Anglo's accounts said the majority of this had been repaid to it.

Mr Quilligan moved to take over the British operations after working his way up through a bank he joined in 1990. He survived the cull of key managers following the nationalisation in 2009 and remained on until the second clear-out in March 2010.

[Declan]

Two things in todays Times that hit me. Firstly Patsy McGarry's piece which I'm sure will strike a resonance with people:

http://www.irishtimes.com/newspaper/opinion/2011/0401/1224293541808.html

But more strikingly a letter from a mother and wife in Malahide which details the real impact on our people

Madam, – Today my husband left Ireland to work abroad. For how long? I'm not certain, six months for sure, maybe longer.

And as the reality of our situation sets in, the elation of him finally getting a job – after two years and four months of being unemployed – turns to sadness, seasoned with a slight hint of panic. To quote my 12 year old son: I am confused.

The most frustrating thing is that while there are plenty of people to blame, plenty of people who can be held responsible, I don't believe any of them will actually be held accountable.

So tonight we said goodnight to him over the phone and I cursed all those who created this bizarre mess and I would like them to read this letter and know that even though they will probably escape both trial and conviction, I and our three children hold them absolutely and personally accountable. – Yours, etc,

[balladmaker]

Did Fine Gael not 'promise' before the election that 'Not one more cent' would be put into the banks without the bondholders also sharing the burden?

What happened to that?

They are all w**kers.

They did indeed say that, as was replayed again on RTE last night.  No better than the last shower.

[seafoid]

Two things in todays Times that hit me. Firstly Patsy McGarry's piece which I'm sure will strike a resonance with people:

http://www.irishtimes.com/newspaper/opinion/2011/0401/1224293541808.html

But more strikingly a letter from a mother and wife in Malahide which details the real impact on our people

Madam, – Today my husband left Ireland to work abroad. For how long? I'm not certain, six months for sure, maybe longer.

And as the reality of our situation sets in, the elation of him finally getting a job – after two years and four months of being unemployed – turns to sadness, seasoned with a slight hint of panic. To quote my 12 year old son: I am confused.

The most frustrating thing is that while there are plenty of people to blame, plenty of people who can be held responsible, I don't believe any of them will actually be held accountable.

So tonight we said goodnight to him over the phone and I cursed all those who created this bizarre mess and I would like them to read this letter and know that even though they will probably escape both trial and conviction, I and our three children hold them absolutely and personally accountable. – Yours, etc,

I was really struck by those 2 pieces. The Ballaghadereen emigration trail and that poor mother.

[GaillimhIarthair]

Did Fine Gael not 'promise' before the election that 'Not one more cent' would be put into the banks without the bondholders also sharing the burden?

What happened to that?

They are all w**kers.

As per Thomas Molloy in todays independent -

"That was just a load of guff to win the election. The Government made it clear last night that there would be no change in the Fianna Fail policy of rolling over and doing everything we're told"

[Franko]

Where is the FG chief drum beater Mayogodhelpus now? No defence of your beloved party and it's leader?? 

[Bogball XV]

It's clear that there will be a default, everyone knows it, but until the fear of contagion is gone it can't be realised.
In my opinion we just have to wait out the next year odd and join in the charade that we're going to repay all our debt.  I don't know if this little bluff will work, I can't see how it will tbh, but it's probably the only chance we have.

Anyone got any other solutions?

[Rossfan]

Did Fine Gael not 'promise' before the election that 'Not one more cent' would be put into the banks without the bondholders also sharing the burden?

What happened to that?

They are all w**kers.

As per Thomas Molloy in todays independent -

"That was just a load of guff to win the election. The Government made it clear last night that there would be no change in the Fianna Fail policy of rolling over and doing everything we're told"

When a Country and it's banks between them owe about €400,000,000,000 you do what your told .

[orangeman]

Surely though he can't blindly continue Lenihan's lunacy of shoveling money we don't have and can't repay, down a bottomless pit?

Well I've heard nothing from him yet that indicates any different. All I've heard is renegotiate the interest rate which is bullshit really. We have un unsurmountable debt and yet all the indications are that we will make that debt bigger today by lumping more money into failed institutions.

If he stands up today and says that we will renegotiate the monies owed by offering to repay 1 million a year for 40000 years to the the ECB/IMF/German/French banks then we are not defaulting only restutructuring we may have a way out otherwise we'll just be delaying the inevitable

In your opinion declan what is the inevitable?

Imagine your home budget where you owe 200k, spend 50k a year and earn only 32k (tax free). Where would this end up?

For Ireland switch the 'k' for Billion.

Anyone who understands the above is as qualified as the next man to predict what comes next.

That's as good an explanation as I've seen from amybody so far on the plight that Ireland now faces.

[muppet]

Did Fine Gael not 'promise' before the election that 'Not one more cent' would be put into the banks without the bondholders also sharing the burden?

What happened to that?

They are all w**kers.

http://www.irishexaminer.com/ireland/kfeyeyidcwgb/rss2/?sms_ss=yahoomail

Not a cent more for the banks, vows FG
By Mary Regan, Paul O'Brien and Ann Cahill
Thursday, February 10, 2011
FINE GAEL insisted it would not commit "another cent" to the banks on top of the €35 billion agreed to under the EU/IMF bailout deal.


Read more: http://www.irishexaminer.com/ireland/kfeyeyidcwgb/rss2/?sms_ss=yahoomail#ixzz1IHHNmB00


I am as pissed off as anyone but can people at least stick to the facts.

[AZOffaly]

Frontbench spokesperson Leo Varadkar said banks should not be given any more capital without renegotiating with bondholders.

"Any bank coming to us looking for more money is going to have to show how they are going to impose losses on their junior bondholders, on their senior bondholders, and on other creditors before they come looking to us for any more money. Not another cent."



Read more: http://www.irishexaminer.com/ireland/kfeyeyidcwgb/rss2/?sms_ss=yahoomail#ixzz1IHJ7EPF9


I thought this stress test amount *was* on top of the €35b. So basically, This extra €24b or whatever stupid number it is now, is going to be committed without involving the bondholders. Or am I missing something entirely?

[muppet]

Frontbench spokesperson Leo Varadkar said banks should not be given any more capital without renegotiating with bondholders.

"Any bank coming to us looking for more money is going to have to show how they are going to impose losses on their junior bondholders, on their senior bondholders, and on other creditors before they come looking to us for any more money. Not another cent."



Read more: http://www.irishexaminer.com/ireland/kfeyeyidcwgb/rss2/?sms_ss=yahoomail#ixzz1IHJ7EPF9


I thought this stress test amount *was* on top of the €35b. So basically, This extra €24b or whatever stupid number it is now, is going to be committed without involving the bondholders. Or am I missing something entirely?

It is part of the €35 Billion earmarked for banks as part of the IMF/EU bailout. There was €10bn up front, up to €25bn more dependent on the stress tests (we know now it will be a max (haha) of €24bn after yesterday. FG promised no more on top of that. Yes it was a clever political ploy because people didn't know the difference but it is not a broken promise.

[AZOffaly]

Frontbench spokesperson Leo Varadkar said banks should not be given any more capital without renegotiating with bondholders.

"Any bank coming to us looking for more money is going to have to show how they are going to impose losses on their junior bondholders, on their senior bondholders, and on other creditors before they come looking to us for any more money. Not another cent."



Read more: http://www.irishexaminer.com/ireland/kfeyeyidcwgb/rss2/?sms_ss=yahoomail#ixzz1IHJ7EPF9


I thought this stress test amount *was* on top of the €35b. So basically, This extra €24b or whatever stupid number it is now, is going to be committed without involving the bondholders. Or am I missing something entirely?

It is part of the €35 Billion earmarked for banks as part of the IMF/EU bailout. There was €10bn up front, up to €25bn more dependent on the stress tests (we know now it will be a max (haha) of €24bn after yesterday. FG promised no more on top of the. Yes it was a clever political ploy because people didn't know the difference but it is not a broken promise.

So the 'stress tests' have miraculously shown that the 'up to' amount was just enough. How convenient.

I knew that FG had more or less said that what's done is done wrt the €35b, but I was under the illusion that this €24b was on top of that amount. IF that is not the case, then I withdraw my remark, although I am getting less convinced by the day that there will be any difference, sadly.