Ireland needs another bailout

ilovesleep · 09-01-2012 05:39PM #1

Doesn't come to much of a surprise really:

http://www.politics.ie/forum/economy/179259-chief-economist-citi-says-ireland-will-require-2nd-bailout.html

Chuck Stone · 09-01-2012 05:41PM

Ireland needs debt written off... either that or a revolution.

Biggins · 09-01-2012 05:43PM

Chuck Stone wrote: »

Ireland needs debt written off... either that or a revolution.

I agree but a peaceful revolution - if that was/is possible!

donvito99 · 09-01-2012 05:44PM

Ireland needs to man the f*ck up and partially default.

CamperMan · 09-01-2012 05:46PM

Chuck Stone wrote: »

Ireland needs debt written off... either that or a revolution.

bull!

everyone should pay back their debts, individuals, corporations and governments!

Oranage2 · 09-01-2012 05:49PM

Well we've already lost 100 billion maybe we should try an alternative solution and do the tried a tested Iceland!

Chuck Stone · 09-01-2012 05:49PM

CamperMan wrote: »

bull!

everyone should pay back their debts, individuals, corporations and governments!

Yep.

Unfortunately that's not happening because the debts have been socialized so that prudent people are burdened with the debts of others.

Did you miss that part?

mandate · 09-01-2012 05:57PM

CamperMan wrote: »

bull!

everyone should pay back their debts, individuals, corporations and governments!

it is going to be quite difficult to do it on fresh air, unless as your name suggests, we take to the roads :pac:

09-01-2012 06:03PM

This sums it up quite well.
It doesn't matter who created the debt, but because of government stupidity, we're all on the hook.

https://www.youtube.com/watch?v=QT9BeGNnCqw

mattjack · 09-01-2012 06:03PM

http://a323.yahoofs.com/ymg/ept_sports_sow_experts__12/ept_sports_sow_experts-941768424-1284655974.jpg?ymm99xDDUOJrZJc8 ......

I dunno , think he's doing alright myself

thomasj · 09-01-2012 06:06PM

what was actually said is highlighted in bold. cue a nice game of chinese whispers!

http://www.rte.ie/news/2012/0109/bailout.html

The chief economist of one of the world's biggest banks has recommended that Ireland negotiate a stand-by second bailout.

The chief economist of Citigroup has recommended that Ireland negotiate a stand-by second IMF/EU bailout

The chief economist of one of the world's biggest banks has recommended that Ireland negotiate a stand-by second IMF/EU bailout.
The remarks by Willhem Buiter of Citigroup come as the Government prepares for the arrival of the Troika tomorrow for its fifth review of the loan programme.

At present Ireland would borrow at 8% if it returned to the markets but it is borrowing from the Troika at about 3%.

Mr Buiter said "borrowing at 8% when you can borrow at 3% doesn't sound like good business."

He added that Ireland should not attempt to secure a second bailout "in a state of near panic at the last minute".

Instead, the Government should negotiate second loan agreement in advance and have it on stand-by in case it cannot borrow from the markets this year.

Mr Buiter has said that Ireland needs to renegotiate the debt associated with the recapitalisation of IBRC, formerly Anglo Irish Bank.
He said that Greece would apply a haircut to bondholders this year and Portugal next year.
He said that Ireland need to renegotiate its debt but this should focus on the interest rate applying to fixing IBRC.

later12 · 09-01-2012 06:06PM

Oh for goodness sake. So Citi's chief economist tweeted to Brian Dobson what has been repeated ad nauseum in financial & markets news, and dobbo perceives it as some sort of exclusive inside story?

That Ireland needs another bailout is pretty much decided, unless there is a major breakthrough. 2012 will tell a lot, but Citi's CE is not the first person to make this claim - not the most authoritative. Martin Wolf has been saying it since November 2011. The Dublin government cannot openly agree, because that would lead to all sort of catastrophic repercussions and unwanted pressure on the core Europeans to ramp up the crisis mechanism yet again.

Dublin know this is going to happen, although they still hope it won't. Most people who have even a remote interest in the crisis know it's an inevitability without a dramatic turnaround by Germany on Eurobonds or monetization.

Obviously Brian Dobson didn't get the memo.

Ireland needs another bailout

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