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

[lynchbhoy]

We would have ( and will) get back to the top rating whether we burned the bond holders and banks or we took it up the ass and bailed the fcukers out or not

( eg Iceland)

It wasn't the country's lack of industry or money making that went belly up so we were always going to get 'back up there' relatively quickly
- ok not there yet but we will be

Some will trot out the old ' our reputation would have been shot if we had burned or didn't bail them out' etc
But these money men don't care for reputations etc once there's a buck to be made- that's commerce

But we erred on the side of caution and the banks /politicians/cronies suited themselves and screwed the ordinary folk when there was no need to!

Yep, I'm still pssed off over it!

[armaghniac]

as FF used to say before it all went arseways, a lot done, more (way more) to do

Ireland is now towards the top end of Eurozone growth, if the Eurozone generally picked up a bit then things might really improve. The main problem is that with an A rating and some growth it is rather tricky to go to the EU and demand they pay off a whack of our bank debt, we no longer look needy. Our main hope is some general measures for the Eurozone which can't be denied us.

[muppet]

http://www.cnbc.com/id/100726168

Canada's Housing Market: The Next Big Short?
Matt Clinch    | @mattclinch81
Friday, 10 May 2013 | 1:38 AM ET
CNBC.com
   
Steve Eisman, the hedge fund manager who famously bet against mortgages in the United States in the run up to the 2008 financial crash, has recommended investors now bet against Canada's mortgage lenders and banks.

Eisman, founder and portfolio manager of hedge fund Emrys Partners, rose to prominence with subprime mortgage bets that were chronicled by Michael Lewis in the book "Big Short".

Eisman is wary of Canadian mortgage originator Home Capital Group in particular, according to Reuters. And investors may have taken his advice; the stock is down 4 percent since Wednesday.

"If housing rolls over, this company is going to have serious problems," Reuters cited him as saying at the Sohn Investment Conference. The news agency said he added that the housing market is troubled and estimated the domestic funding gap for the six big Canadian banks at roughly $427 billion.

House prices in Canada have doubled in the last ten years, according to the Teranet-National Bank Composite House Price Index. The surge in the index, which measures price changes for repeat sales of single-family homes, has stuttered this year falling back by 0.09 percent in what some believe is a cooling off period.

This year's figures show a long slow winter of decline following the government's move to tighten mortgage lending rules. In July 2012, Finance Minister Jim Flaherty unveiled major changes to the limits of what state-owned Canada Mortgage and Housing Corporation (CMHC) is allowed to insure.

Last year, outgoing governor of the Bank of Canada Mark Carney added his weight to the debate by warning on numerous occasions of elevated household debt levels which represented a significant threat to the financial system.

Fears remain that Canadians aren't listening as the ratio of credit market debt (such as mortgages) to disposable income continues to rise, according to Statistics Canada, reaching 165.0 percent in the last quarter, compared with 164.7 percent in the previous.

[muppet]

Again from Canada, the complete opposite argument:

https://ca.finance.yahoo.com/blogs/balance-sheet/canada-housing-bubble-fears-due-wildly-inaccurate-estimates-183545158.html

With all of the talk about a housing bubble in Canada, homeowners may find comfort in a new report suggesting the market could actually be undervalued.

That's right, undervalued.

Maybe you don't have to worry about trying to sell at the top of the market after all. For buyers, now might not be the worst time to get in.

At least, that's the takeaway from housing industry economist Will Dunning who dispels the housing bubble myth and takes aim at doomsayers who believe we're all living under overpriced roofs.

[magpie seanie]

We would have ( and will) get back to the top rating whether we burned the bond holders and banks or we took it up the ass and bailed the fcukers out or not

( eg Iceland)

It wasn't the country's lack of industry or money making that went belly up so we were always going to get 'back up there' relatively quickly
- ok not there yet but we will be

Some will trot out the old ' our reputation would have been shot if we had burned or didn't bail them out' etc
But these money men don't care for reputations etc once there's a buck to be made- that's commerce

But we erred on the side of caution and the banks /politicians/cronies suited themselves and screwed the ordinary folk when there was no need to!

Yep, I'm still pssed off over it!

I won't ever get over it. It was treason, pure and simple. Calling it "economic treason" didn't do it justice.

Good ould Inda going to get a reward for it anyway and probably Gilmore too.

[muppet]

We blew any leverage we had with the guarantee. And, worse again, any chance Lenihan & co had of negotiating a decent deal with the IMF, went when Honohan went public.

Morgan Kelly described it as follows: (http://www.irishtimes.com/debate/ireland-s-future-depends-on-breaking-free-from-bailout-1.565236)

At this stage, with Lenihan looking set to exploit his strong negotiating position to seek a bailout of the banks only, Honohan intervened. As well as being Ireland's chief economic adviser, he also plays for the opposing team as a member of the council of the European Central Bank, whose decisions he is bound to carry out. In Frankfurt for the monthly meeting of the ECB on November 18th, Honohan announced on RTÉ Radio 1's Morning Ireland that Ireland would need a bailout of "tens of billions".

Rarely has a finance minister been so deftly sliced off at the ankles by his central bank governor.

[Billys Boots]

Was reading an article yesterday where a French 'people's audit' report has declared that national debt is invalid and that banking should revert to being a state function - anyone else seen it?

[seafoid]

Was reading an article yesterday where a French 'people's audit' report has declared that national debt is invalid and that banking should revert to being a state function - anyone else seen it?

I think a lot of it is owned by pension funds ..
http://www.theguardian.com/commentisfree/2014/jun/09/french-public-debt-audit-illegitimate-working-class-internationalim

[johnneycool]

Was reading an article yesterday where a French 'people's audit' report has declared that national debt is invalid and that banking should revert to being a state function - anyone else seen it?

I think a lot of it is owned by pension funds ..
http://www.theguardian.com/commentisfree/2014/jun/09/french-public-debt-audit-illegitimate-working-class-internationalim

The next big financial scandal probably less than a decade away!

[muppet]

http://in.reuters.com/article/2014/06/22/bulgaria-corpbank-idINL6N0P30TA20140622

SOFIA, June 22 (Reuters) - Bulgaria is ready to rescue Corporate Commercial Bank (Corpbank) by injecting capital and enforcing losses on shareholders, the central bank said on Sunday, after a run on the country's No. 4 lender prompted the central bank to take it over on Friday.

The central bank said the government was also prepared to inject capital into a subsidiary that Sofia-listed Corpbank recently bought from France's Credit Agricole and which has been taken over by the central bank as well.

[seafoid]

http://www.rte.ie/news/2014/0625/626436-banking-inquiry/

"The banking inquiry has been told that, on legal advice, it will not be able to discuss the Cabinet meeting during which the bank guarantee was discussed due to Cabinet confidentiality."

http://news.bbc.co.uk/2/hi/uk_news/northern_ireland/7650041.stm

081003 Brian Cowen, arriving at a conference in Trinity College, Dublin yesterday: "We're in extraordinary economic circumstances. We face stark choices. If we do not make the right ones, it will have catastrophic consequences."

http://www.ft.com/cms/s/0/70b38194-f568-11e3-91a8-00144feabdc0.html
"If the €2bn of cuts are implemented in the next budget, due in October, the total adjustment the country will have made since 2008 as it seeks to restore its fiscal health will come to €32bn."


And what about big Tony ?

http://www.irishtimes.com/business/sectors/financial-services/anthony-o-reilly-fails-in-bid-to-get-more-time-to-repay-debt-1.1847650

[muppet]

http://www.cbc.ca/news/world/argentina-facing-default-on-1-5b-debt-1.2718825

Argentina about to default AGAIN!

Looking at them, and obviously with the benefit of hindsight, we should have dug in to negotiate a better deal. But burning the bondholders entirely might have been disastrous.

[seafoid]

I think there's a reasonable risk of the markets blowing up soon

http://www.treasury.gov/initiatives/ofr/research/Documents/OFR_AMFS_FINAL.pdf

http://www.federalreserve.gov/newsevents/speech/stein20140228a.htm

[foxcommander]

The anglo boys get 240 hours of community service for what they did. 6 weeks of picking up dog poo for helping bankrupt a country. Beyond belief.
Their heads should be on pikes.

http://www.rte.ie/news/2014/0731/634154-anglo-irish-bank/

[johnneycool]

The anglo boys get 240 hours of community service for what they did. 6 weeks of picking up dog poo for helping bankrupt a country. Beyond belief.
Their heads should be on pikes.

http://www.rte.ie/news/2014/0731/634154-anglo-irish-bank/

The financial regulator at the time should be the first up the gallows steps if there's going to be any lynchings.