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Thread: Reuters - ECB have rejected Irish Promissory Note deal

  1. #1
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    Default Reuters - ECB have rejected Irish Promissory Note deal

    Exclusive: ECB rejects Irish bid on promissory note - sources | Reuters

    The European Central Bank has rejected Ireland's preferred solution to a dispute over the cost of servicing money borrowed to rescue a failed bank, EU sources familiar with the talks said on Saturday.
    The sources said the ECB's Governing Council discussed the plan for the first time at a meeting on Wednesday and Thursday and agreed that it amounted to "monetary financing" of the Irish government, banned under article 123 of the EU treaty.
    I realise this is talked of in another thread called:

    "New Conditional IMF Deal: Government’s Attempt To Exert Pressure On EU To Expedite Agreement On Debt Concessions?"

    BUT this is so important I reckon it deserves its own thread. ( If mods disagree, then into the Zoo I go )

    The implications here are huge for Noonan & Co? They have pretty much staked the government on this?

    The spin about this one is going to be very interesting, anyone hazzard a guess on how it will be "positively" spun??
    Last edited by He3; 27th January 2013 at 12:14 AM.

  2. #2

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    Quote Originally Posted by robut View Post
    Exclusive: ECB rejects Irish bid on promissory note - sources | Reuters





    I realise this is talked of in another thread BUT it is so important I reckon it deserves its own thread.

    The implications here are huge for Noonan & Co? They have pretty much staked the government on this?

    The spin about this one is going to be very interesting, anyone hazzard a guess on how it will be "positively" spun??
    so what's next? default?

  3. #3
    MrFunkyBoogaloo
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    "There is no deal".

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    Politics.ie Member sport02's Avatar
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    I mentioned it on another thread but Honohan's response will be interesting. At the recent Oirechtas finance committee, reading between the lines he gave a strong signal of a deal in the offering.

    Megan Greene ‏@economistmeg: ECB gives Ireland the proverbial finger and rejects promissory note deal

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    It will happen have faith my friends, we will pay back all this debt plus interest.

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    Quote Originally Posted by YouKnowWhatIMeanLike View Post
    so what's next? default?
    we pay it all back like the brokeback minions we are
    i owe my allegiance only to the working class

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    Quote Originally Posted by YouKnowWhatIMeanLike View Post
    so what's next? default?

    Noel Edmonds to replace Noonan?

    We have been told by Europe for years there is no deal but Enda and co have been saying the opposite, will they finally realise no means no and not yes if you moan enough.

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    Politics.ie Member dresden8's Avatar
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    Quote Originally Posted by robut View Post
    The spin about this one is going to be very interesting, anyone hazzard a guess on how it will be "positively" spun??
    "ECB invite Noonan to explore positive options" Or some such other sh1te. Over to you hbap and thick paddy.

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    Oh sweet jesus...... where's HBAP when you need him ?


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    Politics.ie Member odlum's Avatar
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    Posted in other thread

    This can not be a coincidence

    IMF deal on table if no bank debt agreement, sources say - The Irish Times - Sat, Jan 26, 2013

    Govt seems to be "threatening" IMF only assistance. The IMF have never shied from arguing bank debt should be written down. Interesting.


    OP get your facts right. The ECB have NOT rejected the deal. They have rejected a certain method but not a deal.

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