Originally Posted by R3volution_R3ady

Anyone that still believes RTE are there to inform the people have so hopelessly deluded themselves, there is nothing further to be done but to accept their inevitable serfdom.

They should read Derek Scally.

Bundesbank, Berlin deal further blow on bank debt

Maybe they do

Bundesbank, Berlin deal further blow on bank debt - The Irish Times - Fri, Sep 28, 2012

Or Arthur Beesley

Bank debt setback snatches deal from Coalition's grasp - The Irish Times - Sat, Sep 29, 2012

IRELAND’S CAMPAIGN for debt relief took a big hit four days ago when Germany, Finland and the Netherlands said in Helsinki that national bodies should remain liable for most bank losses.

The démarche has thrown into question the scope of a deal in June in which EU leaders pledged to sever the loop between bank and sovereign debt.

The manoeuvre by German finance minister Wolfgang Schäuble and his allies illustrates just how vulnerable our cash-strapped Coalition is to the whims of its euro zone partners.

Happy Birthday Wolfgang.

In a birthday speech Christine Lagarde, head of the International Monetary Fund and former French finance minister, said: “Europe has a heart and it beats in Wolfgang Schäuble. May it beat for many years to come.”

http://www.irishtimes.com/newspaper/...324600185.html

Originally Posted by He3

Or Arthur Beesley

Bank debt setback snatches deal from Coalition's grasp - The Irish Times - Sat, Sep 29, 2012



Happy Birthday Wolfgang.




Merkel meets ghosts of the spendthrift German past - The Irish Times - Sat, Sep 29, 2012

So, the majority voted yes to Lisbon to be near Wolfgang...

Does he give free hugs I wonder?

He did give out free Deutschmarks once. Notnymore tho.

More consistency from Willem Buiter.

If you do not want to know, look away now.

Big debt restructuring need to save euro

Banking union is necessary to restore the eurozone’s monetary transmission mechanism, destroyed by pernicious feedback loops between weak sovereigns and banks and national banking supervisors in the core imposing de facto capital controls disguised as prudential regulation.

Also necessary to save the euro and create the conditions for a resumption of growth is a restructuring of the debt of the most likely insolvent sovereigns – Greece, Portugal, Ireland, Cyprus and possibly Spain, Italy and Slovenia. Austerity fatigue in the periphery and growing bailout fatigue in the core mean that the ECB/euro system is the only Santa Claus capable of filling the solvency gaps of sovereigns and banks in the euro area. However, any attempt by the ECB/euro system to play this role on a sufficient scale to make a material difference would cause an exit of the strong, who reject the ECB as an open-ended Santa.

Only big debt restructuring can save euro - FT.com

Originally Posted by He3

More consistency from Willem Buiter.

If you do not want to know, look away now.




Only big debt restructuring can save euro - FT.com

Thanks for the link He3 and the letters to this article make for interesting reading.

Originally Posted by Cynicist

Thanks for the link He3 and the letters to this article make for interesting reading.

They do indeed.

Worth noting why WB thinks there is heightened risk to Ireland

Only big debt restructuring can save euro - FT.com

Finally, the German, Dutch and Finnish finance ministers argue that there should be no mutualisation by the ESM of sovereign debt incurred in past bank recapitalisations, including Spain’s. In the case of Ireland, which incurred about €63bn of sovereign debt recapitalising its banks, this significantly increases risks of an Irish sovereign default.

Originally Posted by He3

Buiter spells it out. FT Alphaville blogs it. Greece Portugal and Ireland struggle to pay their way as things stand.

We cannot continue on the present trajectory. Our current debt commitments are unsustainable.

This is as plain as it gets, though we have a Taoiseach who says the opposite, presumably on advice and for some good reason.

Buiter on good news, bad news | FT Alphaville

So, lots of people claiming to have an informed opinion on this topic: how many of them answered the difficult question on this thread: Should countries default individually or in organised groups?

Anyone who claims to know their backside from their elbows on this matter must make plain their response to this topic.

You've seen what happened to Greece after they were forced into restructuring. You really want a taste of that for Ireland?

We've got a lot of prejudice against Greeks and Portuguese because of media exaggerations and their olive complexions. But the fact remains that their antagonists are the same as ours. We can form an alliance among the 3 of us and demand a better deal, or the disaster of Athens will sweep equally through Dublin and Lisboa.

This being P.ie, there are certainly tons of posters here who would genuinely prefer starvation to solidarity with brown-skinned people, but hopefully the thinking minority here will be able to see through the fog.

Originally Posted by feargach

So, lots of people claiming to have an informed opinion on this topic: how many of them answered the difficult question on this thread: Should countries default individually or in organised groups?

Anyone who claims to know their backside from their elbows on this matter must make plain their response to this topic.

You've seen what happened to Greece after they were forced into restructuring. You really want a taste of that for Ireland?

We've got a lot of prejudice against Greeks and Portuguese because of media exaggerations and their olive complexions. But the fact remains that their antagonists are the same as ours. We can form an alliance among the 3 of us and demand a better deal, or the disaster of Athens will sweep equally through Dublin and Lisboa.

This being P.ie, there are certainly tons of posters here who would genuinely prefer starvation to solidarity with brown-skinned people, but hopefully the thinking minority here will be able to see through the fog.

Totally agree with you that there is a total lack of solidarity between states and instead all want to paddle own canoes with Franco/German coxains. The Germans are not reminded of their benefits from an undervalued currency but instead Merkel has assumed the high ground while the serfs fall in line.
Have never heard of Greeks being called brown-skinned before and really feel that the absence of empathy or solidarity has nothing to do with racial issues on this occassion.