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Thread: Hedge funds hold Ireland to ransom over Anglo Irish, could trigger default

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    Politics.ie Member libertarian-right's Avatar
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    Default Hedge funds hold Ireland to ransom over Anglo Irish, could trigger default

    Hedge funds hold Ireland to ransom over Anglo Irish Bank bail-out - Telegraph

    The investors are attempting to force the Irish authorities to pay them more for the debt they hold in Anglo Irish Bank and say if their demands are not met they could trigger a default crisis.

    Anglo junior debt is trading in a range of 23 to 25 cents in the euro and the investors are thought to be looking for a payout of 35 to 40 cents.

    The hedge funds in turn argue that the government has no legal right to force them to accept a haircut on the value of their holdings.


    If the hedge funds were to press their case, Ireland could be required to put Anglo into insolvency, which could ultimately mean that depositors would have to make use of the country's guarantee scheme to get their money back.
    What do posters think of this? Will they press ahead?

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    Politics.ie Member HarshBuzz's Avatar
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    it's a bargaining ploy by the hedgies

    this debt is trading around 24c on the euro, we should pay no more than that
    “'retail deposit flight, I don't see that as a great danger. Ireland is an island” - Brian Lenihan - to hundreds of international investors

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    Politics.ie Member libertarian-right's Avatar
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    Without a liquidation, can they force the losses of the subordinated debt holders? My understanding is you cannot, therefore the government will be paying over the odds for this as insolvency has never been an option for the government.

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    hedge fund operators are under immense pressure so will resort to any kind of scare tactics or bully boy nonsense they think they can get away with. I reckon if they were told to go forth and multiply that would be it.

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    Politics.ie Member Franzoni's Avatar
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    We should send gerry and the boys around to remind them who their dealing with.....

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    That report is the ultimate in Telegraph journalism.

    Not one source, not one shred of evidence. Nothing, in fact, that some idiot couldn't have posted on this site out of their own imagination.
    "All employment is outright robbery" says Cael, the voice of reason

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    "...completely agree. It sounds like a begging letter. Almost bizarre in how it was written. It is also quite clearly the basis for the Telegraph article on sub debt at the end of last week - there is no "group" of hedge funds involved in this - probably just one very scared portfolio manager in Moscow wondering if Russian HR "firing" policies may be a touch more severe (and literal) than their Irish and UK equivalents"

    From FT Alphaville » Abramovich vs Ireland

    I'd sooner rely on the Sindo than the Daily Telegraph for news, let alone insight.
    "All employment is outright robbery" says Cael, the voice of reason

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    Politics.ie Member Chrisco's Avatar
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    On a side issue - I do hope that is an old photo of Lenihan the Telegraph were using, because he does not look like a well man.

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    Politics.ie Member Chrisco's Avatar
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    Quote Originally Posted by nuj View Post
    That report is the ultimate in Telegraph journalism.

    Not one source, not one shred of evidence. Nothing, in fact, that some idiot couldn't have posted on this site out of their own imagination.
    Not at all. For 'hedge funds' read 'Millhouse'.

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    Politics.ie Member sic transit's Avatar
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    Quote Originally Posted by nuj View Post
    That report is the ultimate in Telegraph journalism.

    Not one source, not one shred of evidence. Nothing, in fact, that some idiot couldn't have posted on this site out of their own imagination.
    +1
    Somehow they've never been able to like us in any way. Although to be fair to them it appears to be a common practice amongst newspapers with an online presence.

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