Now You're F*ed (Ireland and Europe)
The Market Ticker ® - Commentary on The Capital Markets
Posted 2012-06-09 23:51
by Karl Denninger
in International
Now You're F*ed (Ireland and Europe)
 

That didn't take long.

AFP - Ireland wants to renegotiate its rescue plan to benefit from the same treatment as Spain, which looks set to win a bailout for its banks without any broader economic reforms in return, European sources said on Saturday.

"Ireland raised two issues: one is the need to ensure parity of the deal with Spain retroactively on its bailout from EFSF," one European government source told AFP, referring to the temporary rescue fund, the European Financial Stability Facility.

Remember, Ireland had "conditionality" imposed on its bailout -- including tough conditions for the people of Ireland, where the banksters got everything they wanted.

Spain got no such conditionality.

Now the EU has a problem.  If they say "yes", then all the other nations that got bailouts (including Greece) are going to want the same deal too.  If they say "no" then Ireland and Greece should both erect the middle finger and send the so-called "agreements" they signed back in pieces to Merkel and her buddies in Brussels.

Then what?  These nations already have some or all of the money -- so what is the EU going to do about it if they reneg and refuse to pay?

That's what I thought.

 

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