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Thread: ECB have been buying Irish bonds - Bloomberg (incl interview with Micheal Martin)

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    Default ECB have been buying Irish bonds - Bloomberg (incl interview with Micheal Martin)

    In a piece about Ireland moments ago on Bloomberg, the US business channel said that sources close to them have told them that the ECB have been buying Irish bonds.

    The report said that the cost of insuring Irish debts against sovereign defaults are increasing as investors are increasingly concerned that the cost of saving the Irish banks is too costly.

    Bloomberg also reports that investors aren't convinced Ireland can continue without asking the EU for funds.

    Micheal Martin, Ireland's Foreign Minister was interviewed in the same segement and told Bloomberg's Margaret Brennan that there will be certainty on Anglo "by the end of the week".

    Brennan asked Martin if there will be budget cuts beyond previously stated, Martin reaffirmed the planned "minimum of 3n".

    Martin said domestic consumption is not as importance as it is in the USA, that Ireland needs an export-led recovery that will depend on Europe and the United States.

    In the interview Martin is asked about political instability affecting economic programmes along with the calls on Brian Cowen to resign and how it's affecting investor confidence, along with questions about Ireland's role in the EU.

    [ame="http://www.youtube.com/watch?v=Ccdke19_Df8"]YouTube - Margaret Brennan interivews Irish Foreign Minister Micheal Martin[/ame]
    Last edited by David Cochrane; 28th September 2010 at 05:11 PM. Reason: Video now added.

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    Quote Originally Posted by David Cochrane View Post
    In a piece about Ireland moments ago on Bloomberg, the US business channel said that sources close to them have told them that the ECB have been buying Irish bonds.

    The report said that the cost of insuring Irish debts against sovereign defaults are increasing as investors are increasingly concerned that the cost of saving the Irish banks is too costly.

    Bloomberg also reports that investors aren't convinced Ireland can continue without asking the EU for funds.

    Micheal Martin, Ireland's Foreign Minister was interviewed in the same segement and told Bloomberg's Margaret Brennan that there will be certainty on Anglo "by the end of the week".

    Brennan asked Martin if there will be budget cuts beyond previously stated, Martin reaffirmed the planned "minimum of 3n".

    Martin said domestic consumption is not as importance as it is in the USA, that Ireland needs an export-led recovery that will depend on Europe and the United States.

    In the interview Martin is asked about political instability affecting economic programmes along with the calls on Brian Cowen to resign and how it's affecting investor confidence, along with questions about Ireland's role in the EU.

    Video will be viewable here in a moment.
    Fair play to you David, this is what I love about politics.ie up to date relevant keep up the fantastic work.

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    I have seen this said and discussed many times both here and on radio over the last couple of days, but could someone tell me how there will be certainty in relation to Anglo this week???

    There will be no certainty in relation to any of our banks or NAMA until every last NPL is closed.

    I would be very worried about any proclamations of "certainty" at this stage.

    We haven't even got to the credit card and residential default problems yet.

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    Politics.ie Member TradCat's Avatar
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    Martin said domestic consumption is not as importance as it is in the USA, that Ireland needs an export-led recovery that will depend on Europe and the United States.
    Looks like tax hikes then. They don't care about the retail sector. Work, go home, stay in.

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    Politics.ie Member Libero's Avatar
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    The ECB has been buying up Irish government debt for quite a while. Same with other peripheral eurozone sovereigns under pressure: FT Alphaville Sovereign liquidity snapshots

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    Quote Originally Posted by ChickenBiryani View Post
    I have seen this said and discussed many times both here and on radio over the last couple of days, but could someone tell me how there will be certainty in relation to Anglo this week???

    There will be no certainty in relation to any of our banks or NAMA until every last NPL is closed.

    I would be very worried about any proclamations of "certainty" at this stage.

    We haven't even got to the credit card and residential default problems yet.
    Absolutely its ridiculous.

    People looking for 'certainty'. If we don't know for certain that the sun will rise tomorrow how can we have certainty around a cesspit like Anglo Irish.

    The human search for certainty continues. I suppose it explains why people believe in things like heaven.

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    I'm getting bored of the ECB doing this... they buy bonds every so often

    Also they facilitate commercial banks buying Irish bonds on well... a non commercial basis

    What I want to see now is

    1) What are the volumes ?
    2) How many of these are non ECB/ECB backed investors ?

    cYp
    "Yawn , am I alive yet ?"

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    Politics.ie Member WTTR's Avatar
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    Quote Originally Posted by TradCat View Post
    Looks like tax hikes then. They don't care about the retail sector. Work, go home, stay in.
    Yea, very curious The simple task of thinking to get my head around his remark gives me the shudders
    No warning can save a people determined to grow suddenly rich. - Lord Overstone.
    Hadn't met any Irish people that were afraid of anything - Christine Lagarde. 2008.

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    We wish Anglo was as cheap as 35,000,000,000 dollars..
    We have turned the corner.I commend this Budget to the House. Brian Lenihan, 9 December 2009

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    Politics.ie Member powderfinger's Avatar
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    Quote Originally Posted by polcol2 View Post
    Fair play to you David, this is what I love about politics.ie up to date relevant keep up the fantastic work.
    Were you unaware that the ECB was buying Irish paper?
    http://www.politics.ie/economy/13804...ent-bonds.html

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