Ireland has 60 days of money left? Is Ireland Bankrupt ?

[Design for Life]

http://www.bloomberg.com/video/64352822/

(45seconds in)


What happened to the "sure we're grand till the middle of next year boys dont worry lads stall the ball on that bankruptcy melarky " ? I reckon this guy's a spoofer.

Mark Grant, Southwest Securities. Hmm... I wonder would they have anything to gain from some defaults?

[ang]

Where do you think we have all our money hidden.

People seem to think the NPRF is our magic solution but it is limited in how far it can stretch and banks seem to have first preference for anything in there.

[LouiseHannon]

Obviously no one believes Lenihan that we have enough till June 2011
I just wrote on that this morning on the blog :)

[C. Flower]

Obviously no one believes Lenihan that we have enough till June 2011
I just wrote on that this morning on the blog :)

Would you like to link the blog here ?

No - Lenihan has less than zero credibilty and should resign.

[matt]

http://www.bloomberg.com/video/64352822/

''Ireland is going Bankrupt - they have about enough money left to last sixty days''

I'm sure many of you saw it on the news here already, and the denial by the Treasury crowd.

Were his figures based on anything at all ? Or just Headline-grabbing exageration ?

[morticia]

Six months more accurate, I'd guess....

[TotalMayhem]

Six months more accurate, I'd guess....

Only if the banks not asking for more dough ... :D

[morticia]

Should we necessarily believe this guy though?? he's probably been told what to say by some git of a hedgie who's bet the farm on a Euro collapse.... and is intent on seeing it happen.

[C. Flower]

We have two threads on this, so I'd like to merge them, if no one objects ?

[C. Flower]

I think it's very rough and not fully accurate but the main thing to pay heed to is that he's right that there is no EU fund in place.

[PaddyJoe]

'Bullshit' says Paul Sweeney on Vincent Browne referring to the 60 days

[C. Flower]

'Bullshit' says Paul Sweeney on Vincent Browne referring to the 60 days

I think I know where the 60 days came from..

That guy had half listened to stuff and not digested it.

The 60 days is the length of time, theoretically, to activate the European fund.

[yehbut_nobut]

And yet According Cowen, via to tomorrows IT

http://photos4.media.pix.ie/03/10/0310CE8460B64D6A935FE356C68E859F-0000333355-0002020664-00640L-629124DAD4B9485282DA92A9D4555BAF.jpg

[ang]

Look at the headline above the running out of money

Bank Guarantee scheme to be Extended to June !!!!

[PaddyJoe]

I think this headline is based on Cowen stating today in the Dail that we would be unable to raise any further cash from the markets if the Budget isn't passed.
The 60 day thing is a bit of a red herring. All the main stream commentators seem to accept that the country has enough reserves to last the first half of 2011.
The funny thing is that April was the month mentioned a few weeks ago; now a lot of reports say June.
At this stage the government had better get an definitive answer out or the banks will be besieged with crowds waving withdrawal slips tomorrow.

[TotalMayhem]

Funny that the Bank Guarantee scheme is announced to be extended the minute the Geldmarschall has left the country.

By the way, who is this Mellon guy suggesting to impose a 5% tax on all deposits in Irish banks? Brilliant idea ... if that's what it takes to make the last eejit understand how stupid it is to deposit money in any Irish bank.

[Ah Well]

Funny that the Bank Guarantee scheme is announced to be extended the minute the Geldmarschall has left the country.

By the way, who is this Mellon guy suggesting to impose a 5% tax on all deposits in Irish banks? Brilliant idea ... if that's what it takes to make the last eejit understand how stupid it is to deposit money in any Irish bank.

Does Irish Bank include eg RaboDirect or Nationwide UK Ireland as technically they are prob Irish Accounts having been opened here but subject to another Country's Bank Guarantee

[ang]

Anybody know what Bank bonds are falling due in the next couple of months. I think there is something in this story unless they intend burning a few Seniors.

[PaddyJoe]

From the IT lead story:

THE STATE will run out of money next July if the budget, which is backed by European commissioner Olli Rehn, is not passed by the Dáil, Taoiseach Brian Cowen has warned.

He was responding in the Dáil to Labour Party leader Eamon Gilmore who said the planned €6 billion adjustment in the budget would hamper growth and job creation.

“If this country and this parliament fails to make the necessary adjustments, then we put at risk the funding of the State after July of next year and what will happen then is that we will be faced with a situation where we will only be able to spend €31 billion,” said Mr Cowen.
http://www.irishtimes.com/newspaper/frontpage/2010/1110/1224283024965.html

[C. Flower]

He lies.

[TotalMayhem]

He lies.

Worse, he's blackmailing

[DCon]

Worse, he's blackmailing

I think this was the FF plan all along. This is the true reason they pulled out of the Bond markets.

Ask the Greens and Indo's to don the infamous Green jersey.

Whoever in the DoF that advised Cowen and Lenny over the last 5 years is still advising them. That is the main problem. That, and their lack of Financial knowledge and Cowen's disaster show as MOF.

[eoinmn]

Are we meant to believe that even the most austere budget can reverse our reputation in the bond markets? Cowen wants us to believe that, but I think the odds aren't great.

[C. Flower]

Are we meant to believe that even the most austere budget can reverse our reputation in the bond markets? Cowen wants us to believe that, but I think the odds aren't great.

Part of what's spooked the markets is the belief that an austerity budget will break the back of the Irish economy.

[Fing Fers]

THE STATE will run out of money next July if the budget, which is backed by European commissioner Olli Rehn, is not passed by the Dáil, Taoiseach Brian Cowen has warned.

He was responding in the Dáil to Labour Party leader Eamon Gilmore who said the planned €6 billion adjustment in the budget would hamper growth and job creation.

“If this country and this parliament fails to make the necessary adjustments, then we put at risk the funding of the State after July of next year and what will happen then is that we will be faced with a situation where we will only be able to spend €31 billion,” said Mr Cowen.

Sounds like a threat to me.

[Ah Well]

Sounds like a threat to me.

Sounds like lies - going to run out of cash in any event - Budget won't fix it - too late ....

[TotalMayhem]

THE STATE will run out of money next July if the budget, which is backed by European commissioner Olli Rehn, is not passed by the Dáil, Taoiseach Brian Cowen has warned.

The budget is not backed but imposed upon Ireland by Rehn and his masters. And this is an unveiled threat to TDs not to exercise their mandate in accordance with their conscience.

[BadCat]

For what it's worth, the bankrupt claim is an old political ploy in the US, used by the federal government, state governments, and even local governments within the states.

Here, it's an arm twisting tactic sometimes augmented by budget and program cuts that inconvenience and frighten the voters...which in turn causes the voters to either agree to legislation to increase taxation or borrowing or spending...or in the present cases in the US...all of the aforementioned.

[whydontwe]

Lets invert the question; Is Ireland bankrupt? Absolutely and categorically yes...MORALLY AND FINANCIALLY!
Ireland has 60 days of money left? Absolutely and categorically...I have..6 days of money left...if I'm frugal. That last word...(just for the politicians)...is not German...it's what we poor electorate use every day to qualify our existence!!