See Argentina With a judgement from a New York court,an American fund holding Argentinian sovereign bonds in default got a court order to impound an Argentinian frigate visiting Ghana.

Should Ireland default as looks inevitable unless the electorate puts up with decades of economic stagnation and emigration,the semistates-especially NAMA-and the government should have a plan to immediately liquidate and repatriate all foreign assets. An interesting point is whether virtually nationalised banks would count as state assets subject to seizures?

It would, unless they were intentionally encumbered by the government "borrowing" against them and making the loan contract specifically list them as collateral such that there was an enforcebale charge hanging over them. Like....if they borrowed from AIB for example.

It depends on the law Irish govt debt is based.

If it's Irish law the creditors can whistle as a law can be passed to cancel the debt. If its under English law, common for many countries govt debt, it is up to arbitration and possible a court to decide what happens.

No one is talking of defaulting on our actual sovereign debt.

Originally Posted by patslatt

See Argentina With a judgement from a New York court,an American fund holding Argentinian sovereign bonds in default got a court order to impound an Argentinian frigate visiting Ghana.

Should Ireland default as looks inevitable unless the electorate puts up with decades of economic stagnation and emigration,the semistates and the government should have a plan to immediately liquidate and repatriate all foreign assets. An interesting point is whether virtually nationalised banks would count as state assets subject to seizures?

OCD Ireland
every day, day after day, seek help

Originally Posted by patslatt

An interesting point is whether virtually nationalised banks would count as state assets subject to seizures?

Our banks are liabilities, not assets.

We couldn't give them away.

Originally Posted by patslatt

See Argentina With a judgement from a New York court,an American fund holding Argentinian sovereign bonds in default got a court order to impound an Argentinian frigate visiting Ghana.

Should Ireland default as looks inevitable unless the electorate puts up with decades of economic stagnation and emigration,the semistates and the government should have a plan to immediately liquidate and repatriate all foreign assets. An interesting point is whether virtually nationalised banks would count as state assets subject to seizures?

The Argentinians could play hardball.............

Originally Posted by goosebump

Our banks are liabilities, not assets.

We couldn't give them away.

True, but think of those with deposits in Irish banks. People have been given enough warnings about keeping large amount of money in Irish banks. It realy isn't a good idea.

Originally Posted by Keith-M

True, but think of those with deposits in Irish banks. People have been given enough warnings about keeping large amount of money in Irish banks. It realy isn't a good idea.

So you think deposits are assets?

What we need in this country is some form of banking crisis, that lasts maybe 4-5 years, and causes problems for every household in the State.

People might actually understand how banks work if that happened.

My first question would be WTF is the Government or semi-states doing owning foreign assets in the first place?