Irish “deal”

Seeing the odd conflicting headline but it looks like a deal has been done along the lines of my previous post. Keep the champagne on ice this does not make the debt owed disappeared just eases the burden on the state funds, so rather than paying back 3bln a year for ten years it looks more like 1bln for between 27-40 years depending repayments.

Overall helpfull but not a “solution” nor is it even close to debt relief or mutualisation that the govt. wanted. ECB is not providing any carrot on a stick for other peripheries to reform. I forsee trouble ahead.

Liquidated Anglo and moved assets onto NAMA balance sheet also.

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