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Irish Opposition Balks At Bank Bailout, Moody’s Downgrades

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By Global Macro Monitor - February 11th, 2011, 1:00PM

The Irish Times is reporting this morning that the two main opposition parties, Fine Gael and Labour, want to delay the banking system’s recapitilasation until April, when the stress testing of lenders is complete.

The Labour Party is taking an even harder line,

Labour party leader Eamon Gilmore was even more emphatic, saying his party would not put any further capital into Bank of Ireland, AIB and EBS building society before renegotiating the bailout with the International Monetary Fund (IMF) and the EU…Under that renegotiation, Labour would insist on “burden sharing” with bondholders as part of bank restructuring, he said.

Moody’s just downgraded the unsecured bonds of some major Irish Banks.

We’ve consistently maintained the European debt crisis is all about the politics and it appears they’re moving against a unified solution. German Bundesbank President Axel Weber’s decision to pull out of the running to replace Jeane Claude Trichet at the ECB complicates matters even further.   This tips the balance toward a weaker Euro going forward, in our opinion.  (click here if chart is not observable)

This

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Comments

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

4 Responses to “Irish Opposition Balks At Bank Bailout, Moody’s Downgrades”

  1. How the Common Man Sees It Says:
    February 11th, 2011 at 2:06 pm

    It’s good to see the Irish leadership has finally found its spine

  2. call me ahab Says:
    February 11th, 2011 at 2:31 pm

    maybe they’ll pull an Iceland

  3. realgm Says:
    February 11th, 2011 at 3:34 pm

    I think most common citizens in Ireland want to pull an Iceland. It’s pretty crazy for the Irish regular people to carry all the debts created by the greed of the evil bankers and the mistakes of stupid politicians. It’s better for them to just go Iceland on the debts.

    How the Common Man Sees It
    As fellow Canadian, I am just wondering if you are aware of any great sites to read about Canadian economic and Canadian real estate. I have been reading a lot about the US, and pretty clueless about situation in Canada. Do you have any recommendation on blogs or websites to check out?

  4. BennyProfane Says:
    February 11th, 2011 at 3:36 pm

    “maybe they’ll pull an Iceland”

    As they should. At this point, what do they have to lose?

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