Greece activates EU/IMF package

[Gadjodilo]

Couldn't the PIGS simply use the euro without being 'in' the euro.

Montenegro does this already.

[SideysGhost]

I am sure I read somewhere that the Greeks could not recieve a full bailout from the IMF because they did not have enough contributions made to the IMF fund to warrant this.

I also seem to remember that we recently agreed to contribute 2 billion to the IMF.

Was this a contribution or a wise investment?

The IMF work for the robber barons. If the IMF come in, they'll privatise everything in sight, most of which will by amazing coincidence end up in the hands of lovely people like the Carlyle, Bechtel, Haliburton groups. All social services will be shut down, prices for the peasantry will go through the roof and into the pockets of global vulture finance, taxes will soar and all the tax monies raised will be going to pay off debts, not provide services (with a small slice off the top siphoned into the pockets of the native gombeen class for facilitating the heist, of course).

This is the path FF and St Lendahand put us on years ago, and a fate that will now be very difficult to avoid.

Of course it's not impossible to avoid this fate even now. Rescind the Guarantee, put the zombie banks into receivership and sell the carcasses to clean foreign banks, nationalise the payments clearing house, dismantle all the vast web of corruption networks that artificially raise prices in every sector of the Irish economy for everything from food and drink through professional services to telecoms, electricity and rents/property prices....everything artificially inflated and going into the pockets of the FF connected elite. Dismantle the jobs-for-the-boys quangoes and armies of useless middle-management throughout the public sector that only exist to provide jobs for the idiot children of political hacks. Dismantle the corrupt siphoning of funds into connected croneys through corrupt supply contracts, PR and advertising budgets, consultancy fees, massive subsidies and artificial floors on rents, artificially restricted and rigged markets - vested interest pork as far as the eye can see.

Dismantle the FF corrupt croneyist State, it can be done in a matter of weeks, drive prices down probably by over 30%, dismantle these dodgy insolvent banks and get real banks in their place, balance the budget almost overnight, jail the corrupt. Demonstrate decisive action, not the lies and bluster and spoofery that Lenihan peddles, demonstrate that we have learned our lesson form the Wild West Ahern free-for-all and are trying to clean up our act and act like responsible adults.

Watch as the cost of Irish Govt debt plummets (cos we're no longer needing to borrow vast sums in perpetuity, cos dem forreners have some faith in our integrity restored, cos we've restored competitiveness by hugely resetting our cost level to sane levels) and it's the parasite class that are forced to emigrate for a change.

Let's have a bit of adult behaviour, a bit of Law about the place, a few consequences for dodgy corrupt behaviour, and let us trade our way through this mess by acting sensibly.

Or ye can have the IMF.

Your choice, I'm just a little bit tired of repeating myself after all these years. I guess most of ye aren't ready to grow up yet.

[LeDroit]

The IMF work for the robber barons. If the IMF come in, they'll privatise everything in sight, most of which will by amazing coincidence end up in the hands of lovely people like the Carlyle, Bechtel, Haliburton groups. All social services will be shut down, prices for the peasantry will go through the roof and into the pockets of global vulture finance, taxes will soar and all the tax monies raised will be going to pay off debts, not provide services (with a small slice off the top siphoned into the pockets of the native gombeen class of course).

This is the path FF and St Lendahand put us on years ago, and a fate that will now be very difficult to avoid.

Of course it's not impossible to avoid this fate even now. Rescind the Guarantee, put the zombie banks into receivership and sell the carcasses to clean foreign banks, nationalise the payments clearing house, dismantle all the vast web of corruption networks that artificially raise prices in every sector of the Irish economy for everything from food and drink through professional services to telecoms, electricity and rents/property prices....everything artificially inflated and going into the pockets of the FF connected elite. Dismantle the jobs-for-the-boys quangoes and armies of useless middle-management throughout the public sector that only exist to provide jobs for the idiot children of political hacks. Dismantle the corrupt siphoning of funds into connected croneys through corrupt supply contracts, PR and advertising budgets, consultancy fees, massive subsidies and artificial floors on rents, artificially restricted and rigged markets - vested interest pork as far as the eye can see.

Dismantle the FF corrupt croneyist State, it can be done in a matter of weeks, drive prices down probably by over 30%, dismantle these dodgy insolvent banks and get real banks in their place, balance the budget almost overnight, jail the corrupt. Demonstrate decisive action, not the lies and bluster and spoofery that Lenihan peddles, demonstrate that we have learned our lesson form the Wild West Ahern free-for-all and are trying to clean up our act and act like responsible adults.

Watch as the cost of Irish Govt debt plummets (cos we're no longer needing to borrow vast sums in perpetuity, cos dem forreners have some faith in our integrity restored, cos we've restored competitiveness by hugely resetting our cost level to sane levels) and it's the parasite class that are forced to emigrate for a change.

Let's have a bit of adult behaviour, a bit of Law about the place, a few consequences for dodgy corrupt behaviour, and let us trade our way through this mess by acting sensibly.

Or ye can have the IMF.

Your choice, I'm just a little bit tired of repeating myself after all these years. I guess most of ye aren't ready to grow up yet.

A very detailed post. But I think I'll take the IMF.

[LeDroit]

Montenegro does this already.

I'm a genius. Please inform the PIGS I shall be invoicing them directly. Although I want to be paid in Gold.

[feargach]

Afraid that insurance bit is totally wrong. What you buy is a promise to pay you interest annually, and your money back at the end. If you want insurance you have to go to the (unregulated) CDS market, find a counterparty you believe will stay solvent for the life of the bond (or solvent long enough to pay out before the bond's end-date, in the case of default), and pay over a chunk of money per annum to them by way of premium.

My understanding is that you usually buy such a Credit Default Swap when you buy a bond.

Do you have contrary information?

When I heard that Ireland was buying X amount of bonds, I presumed we were buying the corresponding amount of CDS.

Do you have information that we are not buying CDS to cover our investment in Greek bonds? That fact alone ought to be front-page news, if true.

[SideysGhost]

A very detailed post. But I think I'll take the IMF.

Then you are a corruption apologist and a supporter of outright banditry.

Tis that simple.

[MPB]

The IMF work for the robber barons. If the IMF come in, they'll privatise everything in sight, most of which will by amazing coincidence end up in the hands of lovely people like the Carlyle, Bechtel, Haliburton groups. All social services will be shut down, prices for the peasantry will go through the roof and into the pockets of global vulture finance, taxes will soar and all the tax monies raised will be going to pay off debts, not provide services (with a small slice off the top siphoned into the pockets of the native gombeen class for facilitating the heist, of course).

This is the path FF and St Lendahand put us on years ago, and a fate that will now be very difficult to avoid.

Of course it's not impossible to avoid this fate even now. Rescind the Guarantee, put the zombie banks into receivership and sell the carcasses to clean foreign banks, nationalise the payments clearing house, dismantle all the vast web of corruption networks that artificially raise prices in every sector of the Irish economy for everything from food and drink through professional services to telecoms, electricity and rents/property prices....everything artificially inflated and going into the pockets of the FF connected elite. Dismantle the jobs-for-the-boys quangoes and armies of useless middle-management throughout the public sector that only exist to provide jobs for the idiot children of political hacks. Dismantle the corrupt siphoning of funds into connected croneys through corrupt supply contracts, PR and advertising budgets, consultancy fees, massive subsidies and artificial floors on rents, artificially restricted and rigged markets - vested interest pork as far as the eye can see.

Dismantle the FF corrupt croneyist State, it can be done in a matter of weeks, drive prices down probably by over 30%, dismantle these dodgy insolvent banks and get real banks in their place, balance the budget almost overnight, jail the corrupt. Demonstrate decisive action, not the lies and bluster and spoofery that Lenihan peddles, demonstrate that we have learned our lesson form the Wild West Ahern free-for-all and are trying to clean up our act and act like responsible adults.

Watch as the cost of Irish Govt debt plummets (cos we're no longer needing to borrow vast sums in perpetuity, cos dem forreners have some faith in our integrity restored, cos we've restored competitiveness by hugely resetting our cost level to sane levels) and it's the parasite class that are forced to emigrate for a change.

Let's have a bit of adult behaviour, a bit of Law about the place, a few consequences for dodgy corrupt behaviour, and let us trade our way through this mess by acting sensibly.

Or ye can have the IMF.

Your choice, I'm just a little bit tired of repeating myself after all these years. I guess most of ye aren't ready to grow up yet.

I am in full agreement. Read my posts on any other related thread, especially the one relating to, thoughts on the result of a General Election.

The people of this country need to get real. FF are thieving from us. They are stealing our money to pay for their misdeeds. The EU are aiding and abetting this theft.

The IMF will do exactly the same but with different benefactors.

Do I think that any of the existing lot will have the balls or the intelligence to do as you advocate?

Not a chance.

[LeDroit]

Then you are a corruption apologist and a supporter of outright banditry.

Tis that simple.

I believe in the freedom of an individual using their own skill and endeavour to pursue their own enrichment free of statist impediment. And if that needs a little envelope here and there, well, that's a license fee.

[feargach]

BTW, I never said the CDS was free, I just understood that you buy it more or less simultaneously. Of course, I have never purchased a national bond myself. But if I did, I would only do so if covered by a CDS.

Perhaps the professionals prefer to be less cautious, which explains why things have been so choppy in recent years.

[feargach]

Chatter abounds about the Eurozone splitting into two, with the Germans and the other adult civilised countries breaking away to form a premium EuroMark currency, leaving the piggies and peasantry with a worthless currency - but where all the debts they owe the civilised countries remaining denominated in EMarks.

Gotta be cruel to be kind, sometimes.

And that post's just racist and poorly thought out rather than cruel or kind.

Germany would be in a big heap o' hurt if she split the Euro.

The Emark would zoom up in price and the "adult civilised" economy of Germany would instantly collapse as orders from southern Europe dried up.

German companies would have little choice but to outsource manufacturing to southern Europe. The government would have to choose between seeing BMW move its main operations to cheaper-currency Spain, or devaluing the Emark.