Tag Archives: ELA

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 … Continue reading

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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 … Continue reading

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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 … Continue reading

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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 … Continue reading

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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 … Continue reading

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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 … Continue reading

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