21st Century Wire says…
Irish government officials and banking snakes have tried to broadcast some positive news just in time for Christmas, but the word on the street in Dublin is that the worst is yet to come.
18 months ago the first stage of the bail-in, where the Bank of Ireland’s subordinated bond holders lost as much as 90% of their investments when they were forced to share the cost of recapitalising the toxic bank.
Even after all that, mathematically speaking, it’s clear that Ireland cannot actually pay back the money it owes – including the €80 billion in bailout money. The level of contempt by which Irish technocrats treat the public is off the charts. Sounds like a collapse is imminent.
Business Insider reports:
Ireland will become the first eurozone country to exit a stringent bailout programme this weekend, as the €85bn (£72bn) loan facility orchestrated by the International Monetary Fund, the European commission and the European Central Bank formally expires.
As Irish government ministers prepared to mark the bailout exit on Friday morning, the vice president of the European Union said it was a mistake that the state gave a blanket guarantee to the country’s debt ridden banks – precipitating a rescue call to the troika that rescued Ireland from collapse.
That’s what they are saying – it sounds nice, and upbeat. The truth of matter is something else altogether. The debt is still there, and the social cuts will continue.
Zero Hedge expands on the “Irish situation”…
Reggie Middleton
Zero Hedge
A BoomBustBlogger (h/t @johnjoechad) forewarded an interesting report to me this morning. An Irish MEP from Dublin, Paul Murphy, who seems damn bright wrote it and if I didn’t know any better I would have sworn I wrote it myself about 4 years ago. Here are excerpts from the document along with my comments.
Irish bailout exit economic reality 1
Irish bailout exit economic reality 2
This GDP growth and EC forecast thingy is one of the primary reasons why the EU is taking so long to get back on its feet. A total, complete and unequivocal lack of believability. Exactly how many times can one be caught in the same lie. Let’s reference my work 2010 – that’s right, nearly 4 years ago. Our (subscriber only) 
Ireland public finances projections report shows Ireland getting very, very optimistic with their economic forecasting, to wit:
Irish bailout exit economic reality 5
I want you to think about his carefully. The Irish government actually made the EC look conservative. So, if you peruse my other public piece on the topic, Lies, Damn Lies, and Sovereign Truths: Why the Euro is Destined to Collapse!:
If this article goes viral around the web, I wouldn’t be surprised if the euro tanks and several European sovereign states’ spreads blow out. I have busted several of them in another of a long series of “creative” economic forecasting schemes to fudge the appearance of “austerity”.
The IMF and the EU have been consistently and overtly optimistic from the very beginning of this crisis. Their numbers have been dramatically over the top on the super bright, this will end pretty, rosy scenario side – and that is after multiple revisions to the downside!!!
Continue this story at Zero Hedge
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