It seems Europe is evaluating their stance on bank losses (senior bondholders) included, due to mistakes made in the past, could we Irish include Irish mistakes by being so bend over backwards, three bags full sir and fully compliant with our european overlords demands.
We're told we are great little boys and girls, gold stars all round, but we get treated like rubbish, we get fed scraps from the Greek situation arising in an interest rate reduction. You would think we would get rewarded alot more by now, or is it the same repetitive line from the goverment, they're rebuilding our good name, well, it's costing us a fortune.
I thought burning the senior bondholders brought the curtains down on the show, you know the guards won't get paid, nor the teachers, nor the nurses and as Pascal would say from Fine Gael the social welfare payments would freeze, and what about Leo from FG, our sovereign bonds would sore, like they did in Denmark (NOT)
Well it seems that we Irish may of taken the wrong path, and isn't it annoying when you hear Juncker or Triceht talk about how much we Irish bailed out our banks (can we have a partial refund please?)
And finally we have the current promissory note fiasco, it is obvious that Fine Gael's approach is too conservative, we're left looking like the gullible laughing stock of europe.
From Constantin Gurdgiev blog today.
Per EU: "An effective resolution regime should:
•Achieve, for banks, similar results to those of normal insolvency proceedings, in terms of allocation of losses to shareholders and creditors
•Shield as much as possible any negative effect on financial stability and limit the recourse to taxpayers' money
•Ensure legal certainty, transparency and predictability as to the treatment that shareholders and creditors will receive, so as to provide clarity to investors to enable them to assess the risk associated with their investments and make informed investment decisions prior to insolvency."There is no point at this stage to explain that in Ireland's case, NONE of the above points were delivered in the crisis resolution measures supported by the EU and actively imposed onto Ireland by the ECBIn all the cases creditors and shareholders do not get paid in full."
True Economics: 2/4/2012: Banks bailouts and bonds eligibility