Joe Higgins style rant/conspiracy theory

[Betsy Og]

Not my usual form to go all foaming at the mouth, but I'm coming to the slow realisation (or maybe misapprehension) that:

Bad and all as the bank guarantee was, it was time limited. So we could have decided not to renew (by which time we'd found out how bad it was), but by then French and German banks knew what it would mean for them so we werent allowed "burn the bondholders".

So the EU dont allow us do the sensible thing, and then kick the bejaysus out of us for agreeing to have a bailout rammed down our throats.

I could be way off, but I'm kind of annoyed at the suspicion I'm right. Should I be reaching for a petrol bomb, or some valium and educated reading on the subject??

 

[Purple]

You're spot on. I'm that angry as well.

 

[Superman]

Bad and all as the bank guarantee was, it was time limited. So we could have decided not to renew (by which time we'd found out how bad it was), but by then French and German banks knew what it would mean for them so we werent allowed "burn the bondholders".

So the EU dont allow us do the sensible thing, and then kick the bejaysus out of us for agreeing to have a bailout rammed down our throats.

By putting the guarantee in place the government gave an opportunity to bond holders to recycle their bonds. By the end of the original guarantee, how many bondholders existed who were there at the start of the guarantee?

There is IMO an element of "you made your bed, lie in it" with not allowing Ireland to resile from its position - following its solo run in putting the guarantee in place in the first place. Perhaps pour encourager les autres.

 

[Latrade]

I could be way off, but I'm kind of annoyed at the suspicion I'm right. Should I be reaching for a petrol bomb, or some valium and educated reading on the subject??

You're not way off at all, you're spot on. Look how quick Europe was to back up the initial bailouts of the banks and NAMA. But hold back on the petrol bombs, have you seen the price of juice these days? Given the amount of duty on that you're effectively paying Europe for the privalege of burning down their property.