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

[Bogball XV]

b]Ireland's downgrading to junk status last week means the NTMA will have to raise debt from "investors at the margin with a higher risk appetite", said Mr Corrigan.[/b]

it all sounds like a former celebrity wife now turned prostitute and reduced to accepting €20 for a trick without any protection.

I'd say it's more that the rumour mill has put it about that the former celebrity wife is HIV positve, so punters have to make the decision about what represents better value, the german lady in the nice parlour across the road for €50 or the former celebrity wife at €20.

[magpie seanie]

That Lucinda Cretin is an embarrassment. How she ever got elected, let alone the job she has at present, I will never know. An empty vessel spouting the establishments rhetoric when its obvious she hasn't the slightest clue about what she is talking about. 

http://www.rte.ie/news/2011/0722/eu.html

[muppet]

That Lucinda Cretin is an embarrassment. How she ever got elected, let alone the job she has at present, I will never know. An empty vessel spouting the establishments rhetoric when its obvious she hasn't the slightest clue about what she is talking about. 

http://www.rte.ie/news/2011/0722/eu.html

She is FG's version of Mary O'Rourke, simply there to get her picture in the paper.

[seafoid]

The government needs a corner back to stop voters thinking there might be a chance of a bank run and going for the score. Lucinda is as good as anyone else. It is all nonsense but it keeps the banking system ticking over. I think.

[magpie seanie]

Yeah, I agree with you both on that but its disappointing that people are so thick that they don't see through it.

[seafoid]

Yeah, I agree with you both on that but its disappointing that people are so thick that they don't see through it.

Yeah Seanie but if the only source of info most people have is RTE news or the Irish newspapers how are they supposed to know anything about how bad the financial situation is ? I  think RTE's main job these days is to keep everyone calm enough so that there is no bank run.

[muppet]

I am trying to break the habit of a lifetime and read a bit before posting anything on the news above.

It is hard to escape a couple of conclusions though:

a) the rate reduction has been agreed because the French and Germans finally accept (what any idiot knew but they tried to use for political gain) that the rate was too high.
b) they have once again kicked the can down the road and we have deja vu, all over again.

You could go for a more authoritative explanation, but the best of luck with it: http://blogs.wsj.com/brussels/2011/07/22/a-stab-at-greek-clarity/

[seafoid]

I am trying to break the habit of a lifetime and read a bit before posting anything on the news above.

It is hard to escape a couple of conclusions though:

a) the rate reduction has been agreed because the French and Germans finally accept (what any idiot knew but they tried to use for political gain) that the rate was too high.
b) they have once again kicked the can down the road and we have deja vu, all over again.

You could go for a more authoritative explanation, but the best of luck with it: http://blogs.wsj.com/brussels/2011/07/22/a-stab-at-greek-clarity/

the FT is implying the IMF have a bigger say in the bailouts now and that they are more likely to face facts.
If the IMF had been in charge in November AIB, Anglo  and BoI would probably have been wound down .

[bcarrier]

You could go for a more authoritative explanation, but the best of luck with it: http://blogs.wsj.com/brussels/2011/07/22/a-stab-at-greek-clarity/

Good article. Still having a clue where this is headed though.

[muppet]

From the EU leaders joint statement:

"In this context, we note Ireland's willingness to participate constructively in the discussions on the Common Consolidated Corporate Tax Base draft directive (CCCTB) and in the structured discussions on tax policy issues in the framework of the Euro+ Pact framework."

One man's participate constructively is another man's bend over.

[seafoid]

From the EU leaders joint statement:

"In this context, we note Ireland's willingness to participate constructively in the discussions on the Common Consolidated Corporate Tax Base draft directive (CCCTB) and in the structured discussions on tax policy issues in the framework of the Euro+ Pact framework."

One man's participate constructively is another man's bend over.

I think the French have backed down now. Maybe the IMF had a quiet word about economic growth and getting your money back.

[muppet]

http://namawinelake.wordpress.com/2011/07/23/just-one-week-after-the-eba-stress-tests-one-spanish-bank-needs-e2-8bn-of-capital-more-than-the-eba-calculated-for-the-whole-of-europe-confirmation-that-the-stress-tests-were-a-joke/

Incroyable!

Last weeks' stress tests said only 8 banks in the eurozone failed the tests and needed only a total of €2.5bn.

One week later: One of those banks needed a Government bailout of €2.8bn and a new line of credit for another €3bn.


Moodys & Muppet's ratings agency announce the downgrading of those performing the ECB's stress tests from Senderos to Sludden.

[seafoid]

The ads for Irish state savings on Sunday sport caught my attention.
There is no mention of default. I presume if Ireland gets the Greek debt treatment that
savings bonds will not be spared.

[muppet]

The ads for Irish state savings on Sunday sport caught my attention.
There is no mention of default. I presume if Ireland gets the Greek debt treatment that
savings bonds will not be spared.

I believe January 2014 is our key hurdle. Over €11bn debt maturing.

http://www.reuters.com/article/2011/07/14/ireland-bailout-debt-idUSWLB789520110714

[orangeman]

This is scary :


http://www.bbc.co.uk/news/technology-14340470



Apple now has more cash to spend than the United States government.

Latest figures from the US Treasury Department show that the country has an operating cash balance of $73.7bn (£45.3bn).

Apple's most recent financial results put its reserves at $76.4bn (£46.9bn).

The US House of Representatives is due to vote on a bill to raise the country's debt ceiling, allowing it to borrow more money to cover spending commitments.

If it fails to extend the current limit of $14.3 trillion (£8.7tn) dollars, the federal government could find itself struggling to make payments, and risks the loss of its AAA credit rating.

The United States is currently spending around $200bn (£122bn) more than it collects in revenue every month.

Apple, on the other hand, is making money hand over fist, according to its financial results.

In the three months ending 25 June, net income was 125% higher than a year earlier at $7.31bn (£4.6bn).

With more than $75bn (£35.8bn) either sitting in the bank or in easily accessible assets, there has been enormous speculation about what the company will do with the money.

"Apple keeps its cards close to its chest," said Daniel Ashdown, an analyst at Juniper Research.

Industry watchers believe that it is building up a war chest to be used for strategic acquisitions of other businesses, and to secure technology patents.

Bookstore Barnes and Noble and the online movie site Netflix have both been tipped as possible targets, said Mr Ashdown.

The company may also have its eye on smaller firms that develop systems Apple might want to add to its devices, such as voice recognition.

Apple dipped into some of its reserves recently when it teamed-up with Microsoft to buy a batch of patents from defunct Canadian firm Nortel.

The bidding consortium shelled out $4.5bn (£2.8bn) for more than 6,000 patents.