for lefties too stubborn to quit
Well you know the way Fianna Fail Guaranteed the Banks and took the bank debts onto our shoulders ….
what was in This Mornings Irish Times only …..
FF urges Kenny to halt payment of Anglo bond bill
Not that I’d disagree with them but they’ve some neck!
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The Cedar Lounge Revolution
Don’t they just.
In further news, it’s being reported that the government have managed to double count part of “our” bank debt and that it in fact is more than 3bn less than previously thought. Is Ireland the only country in the world with a Department of Finance staffed by people who apparently can’t count?
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I think I read recently that the German government made a similar discovery worth tens of billions. Maybe the world of high finance remains within my reach after all.
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A not particularly clever propaganda stunt. They find out that the national debt is 3.6bn less the day before they controversially hand over 700 million to an anonymous bondhold. Too coincidental for me.
3.6bn is a unfortunate figure in this context as it’s exactly the size of the forthcoming ‘adjustment’. Not only are there people in the DoF who can’t count but they’re also not good at spinning things, either.
Maybe they’ll cancel the 3.6bn in cuts/charges in Budget 2012 to celebrate this piece of good luck?
BTW, did anyone else read the SBP’s small piece last Sunday on the mechanics of paying bondholders? Apparently, the money gets handed over to a middleman – I think Deutsch Bank was mentioned – and then handed over to the bondholder who, the SBP seemed to hint, may well have written off the value of the bond.
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Bits of this are not too far from the truth?
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‘Hope the man will forget’. Yeah. Sounds like a plan.
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Sadly, tomorrow’s lucky bondholder may well have forgotten about this bond. In the sense that they had written it down to nothing. Millions have been made buying and selling it over the past five years. It’s like Willy Wonka, these bondholders had the golden wrapper even though they didn’t know it. I haven’t seen too much of these guys before, but great impressions and dialogue.
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http://www.bbc.co.uk/programmes/b016817r
http://www.bbc.co.uk/news/business-15342756
The above BBC File on Four programme and website reports make very similar pointsto CMK:
* ..while local businesses are facing significant problems, large international companies with greater financial strength are able to seize opportunities.
* …Because Greek banks have been forced to write down such debts, .. investors can gain control of companies through buying their debts from the banks.
*….some hedge funds are planning to cash in on the crisis by buying Greek debt …..because this write-down would be voluntary on the part of bondholders that hedge funds have found an opportunity. Having bought the bonds, they can then refuse to agree to the voluntary haircut and demand payment in full when the bonds mature.
Read it and weep!
And Enda goes on shouting about the praise we’ve been getting!! Correct me if I’m wrong but I havn’t noticed any corresponding upgrade in the country’s credit status!
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Welcome to new FF, a revolutionary socialist party who are not afraid to burn the bondholders.
Gven the results of the by-election I think it might work.
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Watch out SF!
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