Can we make Irish promissory notes a bit more bonkers? Yes we can : you know Noonan’s “deal” with the ECB is insane when the FT compares it to the South Park underpants gnomes. oh dear
(tags: ecb ireland politics anglo eu euro south-park profit)Karl Whelan: Promissory Note “Deal”: Not What Had Been, Em, Promised : ‘I can only assume that the “assuming this arrangement works out” element of Honohan’s reply to Michael McGrath didn’t actually work out. And the likely reason for this failure was that the ECB insisted, as it appears they had all along, that a €3.1 billion ELA repayment be made, something which required a cash payment. That this cash has been temporarily sourced from NAMA and then Bank of Ireland doesn’t at all change the fact that this deal is not what had been flagged and does not have nearly the benefits of that deal.’ oh ffs
(tags: ireland economy bailout ecb eu euro anglo)