Michael Noonan: I’m willing to overrule Finance officials and release ECB letter on bailout

FINANCE Minister Michael Noonan says he is willing to overrule civil servants in his department and release a letter from the ECB which forced Ireland into a bailout. Mr Noonan was speaking in Limerick this morning, and said it “would be appropriate” for him to publish the letter, despite his department previously refusing to release it under … Continue reading

One more summit: The crisis rolls on

by Charles Wyplosz The EU summit produced a vaguely worded agreement that can and has been read in different ways in different nations. This column provides a quick reaction to what was and was not decided. It concludes that useful progress was made, but this was far from the decisive turn-around that many had hoped … Continue reading

Cyprus becomes 5th eurozone state to seek bailout Cyprus becomes 5th eurozone nation to ask for a bailout as it struggles to rescue its banks

  NICOSIA, Cyprus (AP) — Cyprus on Monday became the fifth eurozone country to request financial aid from its partners in the troubled European currency union as it struggles to shore up its banks, which took heavy losses on Greek debt. The island nation’s government said in a terse statement that it required assistance following … Continue reading

Here They Come: Ireland Demands Renegotiation Of Its Bailout Terms To Match Spain

Well that didn’t take long. The ink on the #Spailout is not dry yet (well technically there is no ink, because none of the actual details of the Spanish banking system rescue are even remotely known, and likely won’t be because when it comes to answering where the money comes from there simply is no answer) and we already … Continue reading

How Big Are the PIIGS? (Bigger than you may realize!)

“PIIGS” we are informed in the current Wikipedia entry “is a pejorative acronym used to refer to the economies of Portugal, Italy, Greece and Spain. Since 2008, the term has included Ireland, either in place of Italy or with an additional I.” With apologies, I am joining the ranks of contributors to such august publications as the New York … Continue reading

Ireland may not riot like Greece – but protests are spreading

RECENT TIMES HAVE seen a resurgence in political activity in Ireland, particularly in the last few months. The boycott of the unjust household tax proved to be a success and generated large networks of organisers and activists across the country. New campaigns have sprung up in response to the sovereign debt crisis, notably Anglo: Not Our … Continue reading

Is Germany trying to win World War III?

Germany lost World War 1 and World War II. Wags looking at the Eurozone crisis say Germany is now winning World War III, without any weapons, through sheer economic domination of Europe. Hitler launched World War II demanding a little more lebensraum (living space) in Czechoslovakia and Poland. But Angela Merkel, it is said, has … Continue reading

Irish want debt concession if ECB aids Greece

* Fin Min says Greek concession would strengthen Ireland’s hand * Ireland seeking ECB help in reducing sovereign debt burden Feb 8 (Reuters) – Ireland would see any European Central Bank contribution to the restructuring of Greek debt as a precedent that would boost Dublin’s efforts to ease the burden of its own sovereign debt, the country’s finance minister … Continue reading

Three Charts That Confirm Greece’s Death Even After Restructuring

Perhaps after today’s budget miss in the Hellenic Republic it is time that the focus shift from the reality of a pending #fail for the voluntary PSI (for all the reasons we have at length discussed no matter how many headlines the markets tries to rally on) to a post-restructuring real economy reality in Greece.