Banking scare threads and the truth.

DeVore wrote: »

Merkel orchestrated for Europe to make 1 Trillion euros available to governments if the bond markets wouldnt buy their bonds. It was back at the time of the Greece incident and I said at the time it would scare the predators in the water and so far it seems to have done so.

Ah, I see. You're talking about the money that IRISH NATIONWIDE has issued €4 billion of Government-guaranteed bonds effectively to itself in order to borrow from?
http://www.irishtimes.com/newspaper/finance/2010/0908/1224278447479.html

It is understood that Irish Nationwide will start drawing ECB funding using the bonds as short-term collateral this week and will refinance the debt with Nama bonds as they are issued before all loans are transferred by February.

Cos nothing suggests that this euro money will sort us out like one of our banks issueing €4 billion of Government-guaranteed bonds effectively to itself to get it.

DeVore wrote: »

Ireland could default, of course it *could* but much like Greece, it wont be *allowed to*. The entire Eurozone is built on "all for one" and its being tested like no tomorrow but there is too much riding on it and we are too far down the line of that project to allow Ireland to trash it. So, funding will be made available and accomodation made for us. Dont think that means free money, we'd like be savaged in the process, it wouldnt be pleasant. Thats my 2c.

This is what I'm very interested in. I'm interested given I'm from Ireland :eek:

What is the savaging to come? What will become of our money in our banks?

It's all well and good telling people to shut up but I reckon a lot of people are very anxious to have some real information rather than positive sentitment





oh yeah, the previous post to this one...

patmac wrote: »

With thanks to Brendan in askaboutmoney.com
more here

yeah, cos he looks like he knows what he's talking about.
example:
a quick google of his name gives you a better idea: http://www.google.ie/search?q=brendan+burgess

For one thing - the government did not just guarantee depositors. They guaranteed bond holders. That is where the debate is. I don't think anybody suggested burning depositors, but indemnifing bond holders was a truly reckless act in my opinion.

To leave that out - the very core of the issue, makes the piece either disingenuous or ignorant.

Confab wrote: »

Worried about your investments eh? Don't blame you really, I saw the deleted thread. Anyway, it's unlikely there'll be any sort of run on Irish banks.

We should all make a run on Irish banks. Armed with pitchforks.