Sunday, 27 January 2013

THE DIRTY DOZEN w/e Feb 3rd 2013

Our government's starting position in their negotiations with Europe on both the €31bn Promissory Notes and the €41bn legacy bank debt (the money 'owed' to the two ECB emergency funds) is that they are not looking for a cent of debt writedown, just an extension of terms and conditions.

In other words this government isn't looking for even a single euro of burden-sharing with the banks or their bondholders, who continue to be paid in full (see the table below, €1.8bn bond coming up on Monday next for AIB, our money), but instead their stated policy is to look for burden-sharing with future generations.

And even at that they are given the cold shoulder, the word being that the ECB can't possibly be seen to breaking its own rules and bailing out sovereign governments. A bit rich, considering a) how many of its own rules it has bent/broken so far in the course of a crisis they are themselves perpetuating through their narrow, selfish policies, but b) and even more rich, considering that they strong-armed our previous equally weak government into issuing those Promissory Notes in the first place, to bail out the rotten, failed, zombie Anglo Irish Bank, and to a lesser extent the equally zombie Irish Nationwide and EBS.

It's late, I've had a long day, an even longer week (see here). If you're not fighting this enslavement of the Irish people, you're facilitating it.

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