Tuesday 30 October 2012

THE DIRTY DOZEN w/e Nov 4th 2012

Happy Halloween to some lucky bondholders in Anglo who see themselves benefit to the tune of €112,501,125 this Nov 1st, courtesy of the ECB and its puppet Irish government.

We're a 'special case', according to Merkel and Hollande, and indeed we are. Never in history has there been a bank bailout by a sovereign people that comes even close to what we have been forced to do. €64.1bn from us, another €5.5bn from NAMA, that comes to €69.6bn, which is over €15,000 for every resident of this state.

Will we get that money back? This is the €69.6bn question, isn't it, the so-called 'legacy' debt, and it's the question Germany - including Merkel - has already answered with a resounding 'nein nein nein'. After some pleading from Enda we got a few meaningless statements, including the above recognition that Ireland is a 'special case'. But even a vague commitment that we will get even a cent of the €69.6bn back? Nein, nein, nein.

It's simple, isn't it? Far from committing to repaying the billions we've been forced to use to bail out our failed banks, neither Germany nor France even acknowledges that this debt is owed and yet this government of ours is now prepared to wait til the middle or end of next year to see what will happen.

As for the odious Promissory Notes, we're told they're negotiating an extension of terms and conditions - this on a debt that most certainly was never ours, on notes we should just tear up now.

Herewith anyway the numbers on the next dozen bonds.

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