Irish pushback strategy - we get mail | 305 comments (305 topical, editorial, 0 hidden)

Re: I've read your entire contribution (4.00 / 4)

it is not realistic for Ireland to default on ECB debt without putting our membership of the Euro and EU in doubt - and destroying our banks

What? People in Ireland still think they have banks left, let alone worth defending?

At least the current Irish Central Banker is not that insane: Sell Irish banks to foreign investors, says Honohan

Ireland's banks should be sold off to foreign owners to quicker clean up the debt crisis, the country's top banker declared today.
Patrick Honohan, governor of the Central Bank, also claimed a new government will be able to change the terms of the €85bn EU/IMF bailout.
The banking chief said getting overseas investors to take over the homegrown banks that survive the current economic mess was looking like the best option.

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman

by Migeru (migeru at eurotrib dot com) on Fri Feb 4th, 2011 at 06:34:54 PM EST
[ Parent ]

Re: I've read your entire contribution (4.00 / 2)

Migeru:

What? People in Ireland still think they have banks left, let alone worth defending?

The ATM machines still work...

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Fri Feb 4th, 2011 at 08:03:32 PM EST
[ Parent ]

Re: I've read your entire contribution (4.00 / 3)

But that's not what this is about. The payment clearing system will survive unscathed.

Somebody really has to explain to people (and politicians, and unfortunately even to central bankers) how a regulatory bank resolution works.

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman

by Migeru (migeru at eurotrib dot com) on Sat Feb 5th, 2011 at 02:51:22 AM EST
[ Parent ]

Re: I've read your entire contribution (4.00 / 5)

That is another central point. The Government literally said the ARMs would stop working if they didn't guarantee and then bail-out the banks. The whole scam was based on the notion that the banks were indivisible and absolutely essential to the continence of ordinary day to day and business life.

The metaphor of the ATMs not working was actually used to bring home to people the seriousness of the situation - unfortunately in an entirely misleading way.

So the key points are - debt restructuring is an entirely routine way of resolving structural imbalanced which have been allowed to build up between debtors and creditors - for which both are responsible, and yes, the ATMS (which is the sum total of many people's experience of banking - will continue to work before, during and after the process.

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Sat Feb 5th, 2011 at 06:39:20 AM EST
[ Parent ]

Irish pushback strategy - we get mail | 305 comments (305 topical, 0 editorial, 0 hidden)

Top Diaries

The importance of being England

The cost of doing business

The seven deadly sins of the DUP

British Anglicanism, Disinformation and Harry

The Protocol and the Founding Principles of the EU

City Agriculture - January 19, 2023

No Peace In Sight

Mandatory Solar

Recent Diaries

We Are All From Mars Now

The seven deadly sins of the DUP

The cost of doing business

The importance of being England

US War Powers, Regime Change and Third Option

US War Powers, Regime Change -- Part 2

US War Powers, Regime Change -- Part 1

City Agriculture - January 19, 2023

War In Ukraine A Failed Process by NATO

No Peace In Sight

Another Execution

The Protocol and the Founding Principles of the EU

Judeo-Fascism Arises - Kahane

Baerbock Solidair with UA in Kharkiv

Mary Robinson and Fallacy of War and Peace

British Anglicanism, Disinformation and Harry

The Politics of Inequality: A Political History of the Idea...

Israel Campaign of Illegal Acts w Impunity

Mandatory Solar

No Peace on West's Mind or Vocabulary

Occasional Series