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Thread: Irish bonds (GIGB10YR:IND) hits 7.304 - bonds referred to as "bidless" by Zerohedge

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    Default Irish bonds (GIGB10YR:IND) hits 7.304 - bonds referred to as "bidless" by Zerohedge

    10 Year Irish bonds have just hit an all time wide spread to bunds of just over 480 bps, a jump of 100 bps in a week, as Irish bonds are essentially bidless.

    Irish Bonds Plunge: New Bund Spread Record As Euro Pushes Ever Higher; Ultraviolence To Follow? | zero hedge

    A few comments below are a bit scary....

    Ireland has no hope of ever paying debts. The future is default, no matter what we pretend.
    They should get their central bank to print up some money so they can just buy that debt and drive the price up. Oh, wait...
    Irish Bonds Plunge: New Bund Spread Record As Euro Pushes Ever Higher; Ultraviolence To Follow? | zero hedge

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    Politics.ie Member HarshBuzz's Avatar
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    this is hardly 'news', you should merge it with the 'run on Ireland' thread
    “'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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    And our bank stocks are tanking proportionally.

    Time for ESF money. This charade of keeping face has to stop.
    Redacted.

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    Politics.ie Member QuizMaster's Avatar
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    I don't understand why the euro continues to be strong. Who do they think is going to be paying for this mess, at the end of the day?
    Forex Charts

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    As I said elsewhere, the bond markets have decided that it doesn't matter what Ireland does anymore. If we cut a huge amount of public spending it will drive the economy further into recession and destroy any hopes of getting the borrowing level to 3% of GDP by 2014. If we don't cut, it will mean that we have abandoned any hope of getting to 3% by 2014. The game is over.

    If Cowen had any sense he would use McDaid's resignation as an excuse to cut and run to the country. Otherwise by February, he'll be the guy at the airpoort picking up the IMF guys.
    Negative equity, unemployment, emigration, IMF, bankruptcy: brought to you by Fianna Fail - destroying millions of lives for 80 years.

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    Quote Originally Posted by QuizMaster View Post
    I don't understand why the euro continues to be strong. Who do they think is going to be paying for this mess, at the end of the day?
    Forex Charts
    Because they know Germany will eventually bail the system out because Germany has to in order to maintain its exports within the European market.

    I wouldn't call this ground breaking news - been clear for quite a while that Ireland will announce a negotiation process regarding its debt, in the context of the European Stability Fund, early next year. The private negotiations will already be well under way.

    We do have some bargaining power though - they're all terrified of contagion which could follow our reaction.
    Last edited by johnfás; 2nd November 2010 at 06:36 PM.

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    Quote Originally Posted by dalywise View Post
    If Cowen had any sense he would use McDaid's resignation as an excuse to cut and run to the country. Otherwise by February, he'll be the guy at the airpoort picking up the IMF guys.
    We don't have that much time.

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    Ireland May Have One Month to Stave Off Bailout

    Things don't look very good, that's for sure.

    “At some point within the next 12 to 18 months there will be a movement against further austerity. That’s inevitable.”

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    Politics.ie Member cozzy121's Avatar
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    "WAKE UP! THE RICH ARE RAPING YOU!"

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    I THIRD THIS .. thread exists already. This topic being discussed there all day and since adam was a child!

    Robut

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