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  1. #1
    patslatt patslatt is offline

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    Irish sovereign debt default would require sale of semistate and government foreign assets

    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?
    Last edited by patslatt; 23rd October 2012 at 06:57 PM.
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  2. #2
    stopdoingstuff stopdoingstuff is online now
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    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.
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  3. #3
    momentimori momentimori is offline
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    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.
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  4. #4
    Boy M5 Boy M5 is offline
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    No one is talking of defaulting on our actual sovereign debt.
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  5. #5
    neiphin neiphin is offline
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    Quote Originally Posted by patslatt View Post
    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
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  6. #6
    goosebump goosebump is offline

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    Quote Originally Posted by patslatt View Post
    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.
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  7. #7
    Clanrickard Clanrickard is offline
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    Quote Originally Posted by patslatt View Post
    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.............
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  8. #8
    Keith-M Keith-M is offline
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    Quote Originally Posted by goosebump View Post
    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.
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  9. #9
    goosebump goosebump is offline

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    Quote Originally Posted by Keith-M View Post
    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.
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  10. #10
    Trainwreck Trainwreck is offline

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