Bailout megathread.

ei.sdraob

rumours coming from here

UNCONFIRMED: Rumours Medley have published a report suggesting that there will be an EUR 80B bailout of Ireland next week.

the guys over at the pin already talking about it

seems were topic of discussion for the g20 meeting today

tunney

Covered on Bloomberg too.

Cheerio Croke Park deal.

mathie

Cheerio low corporation tax?

Permabear

This post has been deleted.

changes

tunney wrote: »

Cheerio Croke Park deal.

I think you'll be dissapointed with the changes that are implemented though. For some of the begrudging people who are fixated with seeing their neighbour Pat the Guard and Mary Teacher's pay cut. I'd say they will be quite disappointed with the result.

It will still be the government deciding which cuts to choose out of the list.

That old saying be careful what you wish for applies here i think. examine your own circumstances and be weary.

mathie

changes wrote: »

I think you'll be dissapointed with the changes that are implemented though. For some of the begrudging people who are fixated with seeing their neighbour Pat the Guard and Mary Teacher's pay cut. I'd say they will be quite disappointed with the result.

It will still be the government deciding which cuts to choose out of the list.

That old saying be careful what you wish for applies here i think. examine your own circumstances and be weary.

Would the budget still have to be around 6 billion if we get a bailout?

tunney

changes wrote: »

I think you'll be dissapointed with the changes that are implemented though. For some of the begrudging people who are fixated with seeing their neighbour Pat the Guard and Mary Teacher's pay cut. I'd say they will be quite disappointed with the result.

It will still be the government deciding which cuts to choose out of the list.

That old saying be careful what you wish for applies here i think. examine your own circumstances and be weary.

How can a 15 billion adjustment be made without touching PS pay and pensions?

AnnyHallsal

Anyone know what we can expect from this?

OMD

mathie wrote: »

Cheerio low corporation tax?

Why would the Croke Park deal go (within the next year). The budget is done at this stage and 6 billion cuts are planned. This will probably worsen the economy even more than it is at the moment. Why would further cuts be imposed this year?

Euro_Kraut

donegalfella wrote: »

This post has been deleted.

Are you happy about this? Or was that a mistyped smiley?

danbohan

changes wrote: »

I think you'll be dissapointed with the changes that are implemented though. For some of the begrudging people who are fixated with seeing their neighbour Pat the Guard and Mary Teacher's pay cut. I'd say they will be quite disappointed with the result.

It will still be the government deciding which cuts to choose out of the list.

That old saying be careful what you wish for applies here i think. examine your own circumstances and be weary.

the real begrudging people are the public servants who have this sense of self entitlement that means we have the best paid police /teachers in Europe the least efficient police/teachers in Europe. everybody knows that the croke park deal is in its death throws and i have no doubt that our politicians will when they have someone else to take the rap ie imf be quite happy to help it on its way , the alternative would not be acceptable to irish people or europe

murphaph

The govt should have made some real cuts 2 years ago, maybe then this wouldn't be happening.

ei.sdraob

if its true then thats 17-19 grand per person here

cheerio Europe I for one welcome our new overlords :P


I wonder how Merkel feels about bailing out the Brian's who probably earn more than her ...

sarumite

changes wrote: »

I think you'll be dissapointed with the changes that are implemented though. For some of the begrudging people who are fixated with seeing their neighbour Pat the Guard and Mary Teacher's pay cut. I'd say they will be quite disappointed with the result.

It will still be the government deciding which cuts to choose out of the list.

That old saying be careful what you wish for applies here i think. examine your own circumstances and be weary.

Can we quit with the "begrudging" crap. My sister is a teacher and my brother is in the civil service. I don't remember either of them being called begrudgers when they wanted benchmarking. It seemed fair back then that the PS should get the benefit from the good economy. To suggest that it is fair that they adapt to the bad economy as well is not begrudging.

ei.sdraob

Can we please stop with the public/private stuff

anyways this gives us a longer rope to hang ourselves with, rounds of champagne and cheese anyone:D

OMD

ei.sdraob wrote: »

Can we please stop with the public/private stuff

anyways this gives us a longer rope to hang ourselves with, rounds of champagne and cheese anyone:D

Where are you getting the rumours from? Besides a twitter page. Is it this EU statement people are talking about

Dannyboy83

I really hope this is not true.

We are so close to collapse/reform now.

This would be like stabbing us through the heart at the final hurdle:(

ei.sdraob

OMD wrote: »

Where are you getting the rumours from? Besides a twitter page. Is it this EU statement people are talking about

dont shoot the messenger, there are discussions now on other sites like thepin, bloomberg and irisheconomy.ie all on this subject

if this is true then this forum is the place to discuss any implications of this bailout.

OMD

ei.sdraob wrote: »

dont shoot the messenger, there are discussions now on other sites like thepin, bloomberg and irisheconomy.ie all on this subject

if this is true then this forum is the place to discuss any implications of this bailout.

No I mean what is the basis for the rumour? Where is it coming from? Has the source any credibility?

Permabear

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Germany, France and the UK are to make a joint statement......, so Fianna Fail..."The Republican Party".....have managed to give the UK a say in running Irish affairs after hundreds of years of fighting lol

just an observation

JONJO THE MISER

It appears this story is untrue http://www.forexlive.com/145734/all/irish-bailout-story-untrue

hinault

donegalfella wrote: »

This post has been deleted.

you left out the main one, sheer Irish greed.


If all of this can be smashed to smithereens, I for one will welcome it.

OMD

10 year bonds now 7.15%

Dannyboy83

donegalfella wrote: »

This post has been deleted.

If that's the case, then I'll be the first to celebrate.

Surely a bailout means the gravy train is just going to continue?

We need to collapse first, then get a bailout, non?

mathie

donegalfella wrote: »

This post has been deleted.

Pardon my ignorance but wouldn't a bailout from the EU extend all that stuff you mention above and not put an end to it?

ei.sdraob

OMD wrote: »

No I mean what is the basis for the rumour? Where is it coming from? Has the source any credibility?

I dunno just seen the chatter this morning

anyways maybe the lads at Dept. Of Finance are fooling about spreading rumours in order to pushdown the rate /tinfoilhatoff

FergusF

JONJO THE MISER wrote: »

It appears this story is untrue http://www.forexlive.com/145734/all/irish-bailout-story-untrue

According to a 'spokesman for the Dept of Finance' that is...not sure if this is a reliable source, surely if some sort of deal was being hammered out the gov't would want to keep it quiet until it was signed...

Reuters link here http://www.reuters.com/article/idUSWLA789520101112

hinault

It would appear that the ambiguity of the default on bondholder debt might have been the reason for the rapid increase in Irish spreads.

Merkel's statement clarified that any default on bondholder debt would only apply to debt taken on in the future, and not current debt.
This clarification appears to have calmed the markets.

Or maybe I'm reading this wrong?

Permabear

This post has been deleted.

mathie

donegalfella wrote: »

This post has been deleted.

Thanks.

So the gubberment can say 'Sure it wasn't us who cut your social welfare it was dem evil lads in Europe.'

They're like cornered rats now.

Permabear

This post has been deleted.

ei.sdraob

mathie wrote: »

Thanks.

So the gubberment can say 'Sure it wasn't us who cut your social welfare it was dem evil lads in Europe.'

They're like cornered rats now.

Yeh thats why IMF have such a reputation, the people who ****ed up the countries they have to sort out endup blaming them, same will happen here with respect to whoever bails us out. Hmm didnt Morgan Kelly write about rise of Euroscepticism? we already have people blaming europe for everything

Scofflaw

I'm afraid that at this point we can expect a new rumour every day - we've had "rumoured IMF bailout", we've had "rumoured inability of Irish banks to get overnight deposits", now we have "rumoured EU bailout".

Eventually something will be true, but it's hardly worth hopping around like mice on a griddle until then.

cordially,
Scofflaw

tunney

Scofflaw wrote: »

I'm afraid that at this point we can expect a new rumour every day - we've had "rumoured IMF bailout", we've had "rumoured inability of Irish banks to get overnight deposits", now we have "rumoured EU bailout".

Eventually something will be true, but it's hardly worth hopping around like mice on a griddle until then.

cordially,
Scofflaw

I heard it was Cowen in the library with the candle stick.

Cosmo K

Ireland is in the headlines in Germany, here is an article (in english) in Germany's most influential magazine:

http://www.spiegel.de/international/europe/0,1518,728582,00.html

OMD

Scofflaw wrote: »

I'm afraid that at this point we can expect a new rumour every day - we've had "rumoured IMF bailout", we've had "rumoured inability of Irish banks to get overnight deposits", now we have "rumoured EU bailout".

Eventually something will be true, but it's hardly worth hopping around like mice on a griddle until then.

cordially,
Scofflaw

The EU statement seems to be doing the trick though (at least a bit)
10 year bonds now 6.43% (down from 7.15% a half hour ago and 9% yeaterday)

NewDirection

OMD wrote: »

The EU statement seems to be doing the trick though (at least a bit)
10 year bonds now 6.43% (down from 7.15% a half hour ago and 9% yeaterday)

Where are you getting these figures from?
Link please

OMD

NewDirection wrote: »

Where are you getting these figures from?
Link please

http://www.bloomberg.com/apps/quote?ticker=GIGB10YR:IND

NewDirection

OMD wrote: »

http://www.bloomberg.com/apps/quote?ticker=GIGB10YR:IND

Does that not say the bonds are at 8.3% or am I being stupid?

tunney

OMD wrote: »

http://www.bloomberg.com/apps/quote?ticker=GIGB10YR:IND

Would help if you read the right number, 8.3%

techdiver

OMD wrote: »

http://www.bloomberg.com/apps/quote?ticker=GIGB10YR:IND

The actual figure is 8.326%. You are reading it wrong. The reduction in the rate is 6.406% from it's high.

ei.sdraob

NewDirection wrote: »

Does that not say the bonds are at 8.3% or am I being stupid?

yes they were at 9% yesterday

rumour or no rumour it seems to have knocked things down

the question is for how long? before the bears return to savage ireland

danbohan

tunney wrote: »

Would help if you read the right number, 8.3%

leave him alone, its one d brians , dr not good with figures

Sticky_Fingers

Already mentioned

OMD

NewDirection wrote: »

Does that not say the bonds are at 8.3% or am I being stupid?

Sorry. Read figure at top of page

hinault

Scofflaw wrote: »

I'm afraid that at this point we can expect a new rumour every day - we've had "rumoured IMF bailout", we've had "rumoured inability of Irish banks to get overnight deposits", now we have "rumoured EU bailout".

Eventually something will be true, but it's hardly worth hopping around like mice on a griddle until then.

cordially,
Scofflaw

best post on this thread.

It is one downside in this age of "instant media" that when "information" is divulged, speculation becomes rife.

mathie

OMD wrote: »

The EU statement seems to be doing the trick though (at least a bit)
10 year bonds now 6.43% (down from 7.15% a half hour ago and 9% yeaterday)

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ei.sdraob

hinault wrote: »

best post on this thread.

It is one downside in this age of "instant media" that when "information" is divulged, speculation becomes rife.

Thats the world we live in

And since our finances are in such a sorry state (thank you FF :rolleyes:) we are at the mercy of speculators

We either acknowledge and discuss these events or bury our heads in sand.

Scofflaw

OMD wrote: »

The EU statement seems to be doing the trick though (at least a bit)
10 year bonds now 6.43% (down from 7.15% a half hour ago and 9% yeaterday)

That's really an amazing indictment of the rational markets view, given that was already the case.

not actually amazed really,
Scofflaw

OMD

Scofflaw wrote: »

That's really an amazing indictment of the rational markets view, given that was already the case.

not actually amazed really,
Scofflaw

No sorry. I misquoted the rate. It is down to 8.3%