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Thread: To what extent should Europe be on the hook for the Anglo collapse ?

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    Politics.ie Member cyberianpan's Avatar
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    Default To what extent should Europe be on the hook for the Anglo collapse ?

    We all know the story

    1. Anglo(+INBS) was regulated by our FR/CB
    2. It got a massive influx of foreign liquidity which fuelled our boom/bubble
    3. It collapsed leaving senior bondholders and depositors at risk
    4. The government stepped in



    However the ECB and the then CEBS had a role in overseeing the Irish economy and banking system. As is known the general banking system in the Eurozone benefited from the seniors being bailed out. So does Europe(i.e. Eurozone countries) owe Ireland a debt here ?

    Personally I do, but I think it only a proportion of the debt as Ireland was mainly responsible for this mess.

    What do you think ?


    cYp
    "Yawn , am I alive yet ?"

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    Politics.ie Member cyberianpan's Avatar
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    Ok , I'll put in my estimate : I think around about 10% - ie ECB should pay

    cyp
    "Yawn , am I alive yet ?"

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    Politics.ie Member Aristodemus's Avatar
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    Lenihan (Ireland's geatest patriot) and Cowen went on a solo run with regard to Anglo. The chickens came home to roost and we are stuck with the bill. Enda's pathetic attempts to cosy up to the German opposition leader will come to naught. If we don't pay it the germans have to. Does he honestly believe a German politician is going to give him comfort in ths regard?

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    Politics.ie Member ger12's Avatar
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    It's our mess. Full stop.
    At 12 weeks the “clump of cells” toes curl, her mouth makes sucking movements, she has a human face and if you prod the tummy she will move in response

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    Why should European taxpayers pay for it? Those who hold banking bonds should have paid and those remaining to be paid need to be cut (with ecb approval).

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    MrFunkyBoogaloo
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    What is Ireland's exposure to Anglo? - i.e. money which the state had to hand and pumped in as opposed to money it borrowed for the same purpose.

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    Quote Originally Posted by MrFunkyBoogaloo View Post
    What is Ireland's exposure to Anglo? - i.e. money which the state had to hand and pumped in as opposed to money it borrowed for the same purpose.
    Relatively little for Anglo, oddly enough - in fact, as far as I can see, nothing for Anglo.
    Never let the best be the enemy of the good.

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    Politics.ie Member Rocky's Avatar
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    It's an interesting question, but in most respects it's too late for this debate.

    Anglo has been nationalisied by the Irish state and it's debts have been paid. What the Irish government is doing now, is essentially paying back our Central Bank, who paid Anglo's debts by creating money.
    "Give us the future, we've had enough of YOUR past, Give us back our country, to live in, to grow in and to love..."

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    MrFunkyBoogaloo
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    Quote Originally Posted by ibis View Post
    Relatively little for Anglo, oddly enough - in fact, as far as I can see, nothing for Anglo.
    Apart from the 3.1 bn the state already handed over - and the other 3.1bn converted to sovereign debt (though that could be reduced).

    So which creditors get fried - so to speak - if the Anglo PN is defaulted upon?

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    Quote Originally Posted by Rocky View Post
    It's an interesting question, but in most respects it's too late for this debate.

    Anglo has been nationalisied by the Irish state and it's debts have been paid. What the Irish government is doing now, is essentially paying back our Central Bank, who paid Anglo's debts by creating money.


    Is there some magic way of repaying money that was magically created?

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