Tag: ELA
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How do we solve a problem like Mario?
Has the European Central Bank gone feral? If it has this is an appalling vista, and with which must be dealt with. But its not clear how.
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Germany’s Dilemma – Sacrifice Cyprus or Make Sacrifices Itself…
This is an updated and linked version of a column published in The Irish Examiner Saturday 24 March 2013.The deposit tax debacle in Cyprus is rich in historical resonances as well as showing that frankly as Leigh Phillips suggests in the EUobserver Europe is run by the three stooges. Skinning the Cypriots is not new.…
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IBEC and IBRC and the IMF
This is a version of a column published in the Irish Examiner It must be dangerous to be a bird in Dublin these days. The government that promised transparency has instead adopted a kite-flying approach. The kites pop up, and like modern day Benjamin Franklins the government minister hangs on as it drifts into the…
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The Quantum Mechanics of Irish Debt
This is an extended version of a column published in the irish examiner. The Irish government find themselves on the horns of a dilemma. They, quite properly, seek a write down, from somebody, anybody, of a large part of the banking debt, which has accumulated. At the same time they wish to convince the markets…
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Euro deal saves Ireland? Maybe…
It’s not clear that it does. I’m not sure it’s a seismic (Enda Kenny) or massive (Eamonn Gilmore) deal. And it happened because of Spanish and Italian pressure. So far as we can see at present there are three parts to this. The Spanish banks will be recapped directly from the EFSF and later the…
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The Fiscal Compact, LTRO and sovereign debt
This post is a longer version of an oped published in the Irish Examiner Saturday 3 March 2012 So, another European referendum looms, with all that heat and lack of light that we can expect based on previous referenda. Expect the arguments from the no side over the months ahead, to revolve around septic tanks,…
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Presentation to the Oireachtas Committee on Finance 15Feb2012
Below is a version of the written presentation I circulated to members of the Oireachtas Committee on Finance at our discussions today on ELA and Promissory Notes. ELA is money. It is not a bond. Dealing with ELA does not involve dealing with bondholder although the money so created was used to redeem (pay off)…