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.I realise this is talked of in another thread called: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.
"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??