Quote Originally Posted by gaelic cowboy View Post
It may be forced on Germany the 2013 date for scalping bondholders has basically sent them currying from Irish, Greek and Portuguese bonds.

What annoys me is why the ECB just didn't take the bailout money and ringfence any banks with EFSF money who had potential bad loans from Irish banks. It's a stitch up pure and simple the ECB and the elite is incapable of admitting that putting more debt on the Irish people will not save there own banks.
because it would be more blatently a bail-out in contravention of mastrict, and thus liable to cause the Karlsruhr to rule against its legality, which given the eternity clause in german basic law would necessitate germany's exit of the Euro (and possibly the EU) as the only way to return to compliance with German basic law............. perhaps?