Irish economy troubles on BBC Radio 4 now...

Paxman bluntly called Lenihan incompetent on Newsnight this evening. Lenihan spun the usual hollow platitudes, can't mask the fact that he put the interests of the bondholders ahead of the people though. I want to see files sent to the DPP on all these lads. Treason should just about cover it.
 
? . .

. . some questions are best left unanswered, Joe. The country has been trashed & the miscreants (euphemism!) are at large.
 
They commited treason by ratifying the lisbon treaty. The rest is just the shyte flavoured icing on the cake. If I didn't have a little girl in school and a mother in law dependant on the wife to mind her, we'd be gone. Muenchen looks good to me right about now.
 
Irish 10yr bond yields:eek:
Irish-bond-yields.jpg
 
Why this turmoil?

Four reasons.
1. The spread widening has been caused, or at the very least coincident, with the comments from German Chancellor Merkel and German Finance Minister Schaeuble "euro’s stability depends on making investors pay for future debt crises". This was the trigger for Thursday-4th government spread move to a large extent.

2. Irish politics - government holds a very slim and precarious majority. The govt will likely be able to get support for the budget on dec7, but markets are worried. The budget is unlikely to get support from the opposition fine gaelle/labour.

3. AIB - need some colour on the size of the further capital injection. Possibly c5Bn EUR.

4. Macro GDP growth/PMI numbers need to suggest that the economy has at least stabilised. Note that IP is up 2.0% qoq in Q3, so Q3 GDP could actually be good.

Ireland has a liquidity buffer. They probably don’t need to tap the market until Q2 next year.

And finally this week's article by UCD professor Morgan Kelly has me reaching for the Bushmills http://www.irishtimes.com/newspaper/opinion/2010/1108/1224282865400.html
 
Jeremy said:
Why this turmoil?

Four reasons.
1. The spread widening has been caused, or at the very least coincident, with the comments from German Chancellor Merkel and German Finance Minister Schaeuble "euro’s stability depends on making investors pay for future debt crises". This was the trigger for Thursday-4th government spread move to a large extent.

2. Irish politics - government holds a very slim and precarious majority. The govt will likely be able to get support for the budget on dec7, but markets are worried. The budget is unlikely to get support from the opposition fine gaelle/labour.

3. AIB - need some colour on the size of the further capital injection. Possibly c5Bn EUR.

4. Macro GDP growth/PMI numbers need to suggest that the economy has at least stabilised. Note that IP is up 2.0% qoq in Q3, so Q3 GDP could actually be good.

Ireland has a liquidity buffer. They probably don’t need to tap the market until Q2 next year.

And finally this week's article by UCD professor Morgan Kelly has me reaching for the Bushmills http://www.irishtimes.com/newspaper/opinion/2010/1108/1224282865400.html
Click to expand...

Jeremy - just tell me that my UK Post Office cash is safe or not - I'd like to sleep:nenau
 
JPR said:
And your point is .????????
Click to expand...

My point is merely to share some thoughts. The market's point is that it believes there are more problems to be tackled.
 
Help Bart!!

"I'm normally not a praying man, but if you're up there, please save me Superman!"
 
And to think that about five years ago Irelands economy was being hailed as amongst the best in the world and other nations should take heed. :mmmm
 
Nippy Normans supply Touratech, Wunderlich, Desert Fox and many other makes of accessories.
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