ireland is no more

digme wrote: »

On Friday it emerged that a small group of hedge fund debt investors were threatening to take Ireland to court if it pushed ahead with moves to impose so-called “haircuts” – or writedowns – on the value of their holdings in Anglo debt.
The group, which is thought to number no more than six funds, say they could force a default of Anglo, which would have catastrophic consequences for Ireland’s already hugely stretched public finances.

Leaving the horrendous copypasta aside, and I'm no fan of Lendahand, but this Gordon Gekko sh1te vindicates his statement about unforgiving markets, to some degree anyway.

If the worst came to the worst, and they did play hardball, what if he said, "sorry lads, you're not getting a bean".

There are still tens of billions of deposits in there, give 'em back and screw the bondholders who won't negotiate, subordinated or otherwise. Pension funds (who they're putting forward as being major investors in Anglo bonds) have already taken a hit, we're paying the bones of 7% (as opposed to Greece who get the vincent de paul rate of 5% IIRC), and we need to shave 19billion off our deficit year on year anyway.

What can the IMF, or whatever the Euro term is, do that is worse than that?

Genuine question.

It's the likes of Peter Matthews we should be listening to.