This is a superb historical perspective on the so-called "negotiations" with ecb & merkel on legacy debt.
Irish debt negotiations resonate across the ages « NAMA Wine Lake
In the end the 1925 boundary commission negotiations went precisely nowhere, even though the then Irish government had raised expectations among the general public. Inexperienced Irish negotiators were completely outclassed by the more skillful British. The public was given no explanation of the failure.
A failure to deal properly with legacy bank debt will damage this country for a generation. We simply cannot afford failure.
In my opinion these debt negotiations should be done on our behalf by people from Morgan Stanley or Goldman Sachs. These are the type of guys who are not afraid to say that phuckwit German bankers bear a greater share of the blame than ordinary Irish citizens. Noonan, a school-teacher, can't say that with any credibility, even though any familiar with financial markets knows that it is the case.
Irish Citizens voted for the Councillors who did the rezonings that provided the collateral for the banks to borrow stupid amounts of money on stupid terms under a lax regulation regime overseen by TDs who were also elected by Irish Citizens.
The German bankers had phuk all to do with it.
What we don't know is the extent of the damage wrecked across Europe by the crackpot risk appetites of the state-owned Landesbanken i.e. by the German banker geniuses that you worship so much and that your kids will be bailing out.
These phuckwits thought they were Goldman Sachs and were all over the Irish market.the landesbanken were distracted by the lure of the “big league” on Wall Street and elsewhere
This toxic mix of corruption and incompetence, not to mention a multibillion bill for the taxpayer, has forced the Bavarian state government to slim down radically the bank’s inflated operations.
With WestLB all but gone, at least three landesbanken continue to limp on until pressure for change increases again. ..another shock could yet wake the German public to the astronomic cost accruing to the taxpayer of the supposedly locally focused landesbanken
Down south, meanwhile, eight former executives from Bavaria’s Landesbank Bayern LB are facing charges of corruption in a trial that exemplified how an incompetent state-owned bank very expensively lost its way.
Germany not immune to bank fiasco - The Irish Times - Fri, Jun 29, 2012
All you're doing is constantly strengthening the case for other countries to come looking for Ireland to pay back their bank bailouts, which almost invariably seem to have a trail pointing back to the IFSC.First up was Saxony’s SachsenLB, which almost collapsed because of speculative positions taken by its Dublin-based subsidiary before being swallowed by the LBBW Landesbank, based in Stuttgart.
The crackpots running the Landesbanken had access to large amounts of cheap money. They splashed it around the debt markets and were into every conceivable risky trade, especially the ones they didn't understand.
These dumpkopfen were drawn to Irish debt like flies to dung. Without reckless international lenders, the Dublin property bubble could not have been inflated.
Of course, it was right that the Irish windows and orphans paid for the nice German bankers losses. Isn't it so Herr Ibis?