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Thread: Subordinated Anglo debt swap 'tantamount to default' - IT & Bloomberg

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    Default Subordinated Anglo debt swap 'tantamount to default' - IT & Bloomberg

    ANGLO IRISH Bank's offer to swap its subordinated debt for new bonds is "tantamount to a default" because of the penalties inflicted on investors who refuse to take part, according to the Canadian credit ratings agency, DBRS.
    http://www.irishtimes.com/newspaper/...282004691.html

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    Too little, too late.
    "It is difficult to get a man to understand something when his salary depends upon his not understanding it." - Upton Sinclair.

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    Politics.ie Member Clanrickard's Avatar
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    A well overdue default let it be said.

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    Politics.ie Member cyberianpan's Avatar
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    Quote Originally Posted by Clanrickard View Post
    A well overdue default let it be said.
    Why do you say overdue ?

    cYp
    "Yawn , am I alive yet ?"

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    No its not. They are no longer guaranteed since the end of last month.
    They don’t deserve a cent.

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    Politics.ie Member Clanrickard's Avatar
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    Quote Originally Posted by cyberianpan View Post
    Why do you say overdue ?

    cYp
    Should have happened ages ago. Should never have been covered by the guarantee.

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    Politics.ie Member cyberianpan's Avatar
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    Quote Originally Posted by Clanrickard View Post
    Should have happened ages ago. Should never have been covered by the guarantee.
    Are you sure it didn't happen ages ago ?


    cYp
    "Yawn , am I alive yet ?"

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    Due to the fact that I'm uneducated in regard to much of this, I need to ask a question.

    Why is defaulting on our debt so desirable by some people.

    I simply don't get it.

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    Politics.ie Member Nipper's Avatar
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    Quote Originally Posted by Baddaddy View Post
    Due to the fact that I'm uneducated in regard to much of this, I need to ask a question.

    Why is defaulting on our debt so desirable by some people.

    I simply don't get it.

    It is not and never was "our" debt.

    It is the debt of an insolvent company with limited Liability.

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    Makes it even worse imo, so we didn't want to default because it would bring ireland down, but now having plugged 35 billion into the bank we are defaulting on the last insignificant bit anyway as some token gesture. crazy

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