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  1. #1
    Senior Member Senior Member gaelic cowboy's Avatar
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    Default Re: The continuing battle against the inevitable Euro area default

    Quote Originally Posted by Furunculus View Post
    inteersting description of portugals problems:

    http://ftalphaville.ft.com/blog/2011...ugals-bailout/

    it was the EU wot dunnit:

    http://blogs.telegraph.co.uk/finance...restructuring/
    The debt restructuring article there has been what I have been calling for since I dunno prob 2008 or summit, the reality is that unless the debt burden is either cancelled or reduced merely shoveling bailout money to any sovereign no matter who they are will end in restructuring.

    The stress tests are out today for the Irish banks, if they show anything less than 40-50bn capital requirement for the banks then you can mark it down that there is a stitch up in the off, my feeling is that they will come in under 35bn purely because thats what was provided for in the bailout agreed.
    Last edited by gaelic cowboy; 03-30-2011 at 14:06.
    They slew him with poison afaid to meet him with the steel
    a gallant son of eireann was Owen Roe o'Neill.

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  2. #2
    Standing Up For Rationality Senior Member Ronin's Avatar
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    Default Re: The continuing battle against the inevitable Euro area default

    ....and the Portuguese government throws in the towel.
    "If given the choice to be the shepherd or the sheep... be the wolf"
    -Josh Homme
    "That's the difference between me and the rest of the world! Happiness isn't good enough for me! I demand euphoria!"
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  3. #3
    TexMec Senior Member Louis VI the Fat's Avatar
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    Default Re: The continuing battle against the inevitable Euro area default

    Quote Originally Posted by Ronin View Post
    ....and the Portuguese government throws in the towel.
    You people still have got towels left?


    That's not right. I thought the subjugation of Portugal was at least as far advanced as that of Ireland.

    The periphery is proving more sturdy than we thought...
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  4. #4
    Senior Member Senior Member gaelic cowboy's Avatar
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    Default Re: The continuing battle against the inevitable Euro area default

    Well the stress tests for Ireland's banks came back at under 35bn so that's basically a lie again and the medium term liquidity facility was not agreed so in the end prob sometime around 2012-2013 we will have some sort of default oh sorry I meant "Burden Sharing".

    On Portugal it looks like various large banks pretty much told the Portugese caretaker government to bailin 1-0 to the Banksters
    They slew him with poison afaid to meet him with the steel
    a gallant son of eireann was Owen Roe o'Neill.

    Internet is a bad place for info Gaelic Cowboy

  5. #5
    Standing Up For Rationality Senior Member Ronin's Avatar
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    Default Re: The continuing battle against the inevitable Euro area default

    Quote Originally Posted by gaelic cowboy View Post
    On Portugal it looks like various large banks pretty much told the Portugese caretaker government to bailin 1-0 to the Banksters
    The Portuguese banks basically told the government they would buy no more government debt bonds....claiming lack of liquidity and excessive exposure to government debt.
    "If given the choice to be the shepherd or the sheep... be the wolf"
    -Josh Homme
    "That's the difference between me and the rest of the world! Happiness isn't good enough for me! I demand euphoria!"
    - Calvin

  6. #6
    Senior Member Senior Member gaelic cowboy's Avatar
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    Default Re: The continuing battle against the inevitable Euro area default

    Quote Originally Posted by Ronin View Post
    The Portuguese banks basically told the government they would buy no more government debt bonds....claiming lack of liquidity and excessive exposure to government debt.
    And said banks shares went up on the announcement that the government now has bailin money to pay for the bonds.
    They slew him with poison afaid to meet him with the steel
    a gallant son of eireann was Owen Roe o'Neill.

    Internet is a bad place for info Gaelic Cowboy

  7. #7
    Standing Up For Rationality Senior Member Ronin's Avatar
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    Default Re: The continuing battle against the inevitable Euro area default

    Quote Originally Posted by gaelic cowboy View Post
    And said banks shares went up on the announcement that the government now has bailin money to pay for the bonds.
    well..those shares have been taking a pounding over the last few weeks....of course the news of economic bailout is gonna cause the bank's value to recover somewhat.
    "If given the choice to be the shepherd or the sheep... be the wolf"
    -Josh Homme
    "That's the difference between me and the rest of the world! Happiness isn't good enough for me! I demand euphoria!"
    - Calvin

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