Ireland quickly seeks to renegotiate their shitty deal with the Troika....

http://www.independent.ie/business/irish/ireland-will-demand-debt-deal-if-spain-can-secure-agreement-3132354.html

IF Spain gets a deal for its banks Ireland wants Europe's bailout funds to take on the cost of dealing with around €20bn of loss-making tracker mortgages and to help ease the €3.6bn annual price of keeping IBRC (the former Anglo Irish Bank) alive, the Dail's Public Accounts Committee heard yesterday.

That is according to John Moran, the new head of theDepartment of Finance.

He was questioned by TDs about the prospects for Ireland if Spain secures European aid for its banks while avoiding an Irish-style government bailout.

Such a deal for Spain would be a dramatic shift in European policy, after taxpayers here had to shoulder the entire €64bn cost of rescuing Irish banks.

Mr Moran said it is "impossible" to say how quickly Ireland could avail of a change in policy, even if a deal is done for Spain.

But, he said it is important that Irish officials remain close to the talks that are now going on, so that any new policy can be availed of by Ireland.

He outlined two critical issues under negotiation: first, European help in improving the viability of Irish banks by removing "certain low-yielding assets" from their balance sheets.

Second, relieving the debt taken on by the state to rescue the banks, including the €30.8bn Anglo Irish Bank promissory note, he said.

Both issues would have to be dealt with together, possibly by moving the trackers out of banks like AIB and putting them into IBRC.

The greatest concentration of trackers is €17bn of the home loans held by nationalised Permanent TSB. Most of the loans are being fully repaid, but the interest charged to customers is so low that the bank loses money on them.

Shifting these and other low- income assets out of the banks would make the lenders more attractive to potential buyers.

The hoped-for solution would be to get money from Europe to "buy" the loans out of the banks, without landing taxpayers here with the bill.

Experience with the National Asset Management Agency (NAMA) proved that transferring banking assets involves a very fine balancing act.

NAMA bought loans from the main banks at a discount to reflect the reality of what the loans were worth, but the process forced banks to admit huge losses that ultimately had to be paid for by taxpayers.

and.....

http://www.zerohedge.com/news/here-they-come-ireland-demands-renegotiation-its-bailout-terms-match-spain

( Portugal probably on the other line with Merkel and Schauble wondering whether they will get the spanish deal also ... All Greece has to do is be smart enough to vote the correct way and put the anti-memorandum team at the table with the Troika... )

Here They Come: Ireland Demands Renegotiation Of Its Bailout Terms To Match Spain

Submitted by Tyler Durden on 06/09/2012 19:33 -0400

• European Union
 
• Eurozone
 
• Germany
 
• Greece
• International Monetary Fund
 
• Ireland
 
• Moral Hazard
• None

Well that didn't take long. The ink on the#Spailout is not dry yet (well technically there is no ink, because none of the actual details of the Spanish banking system rescue are even remotely known, and likely won't be because when it comes to answering where themoney comes from there simply is no answer) and we already have an answer to one of our questions. Recall that mere hours ago we asked: "We also wonder how will Ireland feel knowing that it has to suffer under backbreaking austerity in exchange for Troika generosity, while Spain gets away scott free." We now know. From the 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." And with Ireland on the renegotiation train, next comes Greece. Only with Greece the wheels for a bailout overhaul are already in motion and are called a "vote of Syriza on June 17." And remember how everyone was threatening the Greeks with the 10th circle of hell if they dare to renegotiate the memorandum? Well, Spain just showed that a condition-free bailout is an option. Which means Syriza will get all the votes it needs and then some with promises of a consequence free bailout renegotiation. In other words Syriza's Tsipras should send a bottle of the finest champagne to de Guindos - he just won him the election.

But back to Ireland. From AFP:

"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.

Another European government source confirmed the information.

Ireland secured an 85-billion-euro ($112 billion) rescue deal from the European Union and the International Monetary Fund in November 2010, but only after agreeing to draconian austerity measures.

Unlike Ireland, Spain's economy minister said a deal on financing for the country's troubled banks would not impose any conditions on the wider economy.

Dublin plans to raise the issue during the next meeting of eurozone finance ministers to be held June 21, the sources said.

Eurozone finance ministers said Saturday they were willing to give Spain up to 100 billion euros to help its troubled banks, which are suffering due to their massive exposure to the ailing property sector.

Congrats Germany: you have now opened the Pandora's box of infinite moral hazard, bailout renegotiations and unconditional rescues. Anything less than a pari passubailout to Spain's, which the economy minister touted as having no political strings attached, will incite a revolution.

http://www.france24.com/en/20120609-ireland-wants-rescue-deal-negotiated-match-spains?utm_source=dlvr.it&utm_medium=twitter

Ireland wants rescue deal negotiated to match Spain's

A shopper looks at t-shirts at Liptons shop were the old Irish currency, the punt, is accepted in Clones, Ireland on May 30. 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.

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.
Another European government source confirmed the information.
Ireland secured an 85-billion-euro ($112 billion) rescue deal from the European Union and the International Monetary Fund in November 2010, but only after agreeing to draconian austerity measures.
Unlike Ireland, Spain's economy minister said a deal on financing for the country's troubled banks would not impose any conditions on the wider economy.
Dublin plans to raise the issue during the next meeting of eurozone finance ministers to be held June 21, the sources said.
Eurozone finance ministers said Saturday they were willing to give Spain up to 100 billion euros to help its troubled banks, which are suffering due to their massive exposure to the ailing property sector.

and the Ireland media just starting to wonder why they continue to get the back of the hand despite being good soldiers............

http://www.irishexaminer.com/business/eu-kicking-us-when-were-down-just-isnt-on-196483.html

EU kicking us when we’re down just isn’t on

By Paul Mills

Thursday, June 07, 2012

Following the yes vote in last week’s referendum, government ministers were cock-a-hoop on the prospect of having the Irish bank debt reduced by our European partners.

Taoiseach Enda Kenny, was insistent that "the bailout for the bust banks — more than €46bn — must now be included in wider efforts to kick-start the European economy".

Junior minister Brian Hayes subsequently clarified that figure to be the €34bn, gobbled up by that earlier darling of the chattering classes, Anglo Irish Bank.

In one way it was embarrassing to see our so-called leaders almost going cap in hand to their masters suggesting: "We were good boys, daddy, please do something nice for us now."

But I suppose the fact that Enda barely mentioned it at a meeting with his ministers on Monday last, as reported yesterday, says a lot about his real beliefs; so much for being a critical issue for his government.

In any event, it wasn’t as if the EU had made any commitments to us prior to the referendum that a yes vote would guarantee more favourable terms. In fact, the opposite is true. Our so-called EU partners as much as said that for them it was business as usual whichever way the vote went.

True to form, we were told on Monday that Germany has cast doubt on any deal on bank debt, saying that it would be a "negative signal" to reopen Ireland’s bank rescue arrangements. The German spokesman went on to say "we see no need for movement at the moment". No doubt our boys will grab onto "at the moment" grateful that it was not an absolute NO.

Clearly, our national negotiators have a lot to answer for. When we had the ability to bring the whole deck of cards down around Europe’s proverbial neck we blinked first and did not use that advantage and now we are little more than bit-players in the unfolding drama.

And, boy, are our neighbours and "benefactors" getting their own back for our transgressions over much the last decade.

Back then our economy was booming. We were the poster boys not only of Europe but of the world. And we can be sure that the permanent denizens of Government Buildings also played their part. Everything was going swimmingly. And we laid it on with a trowel. When anybody questioned what was happening we denigrated them. 

If we have the nerve to tell ourselves the truth we would agree that we had run ahead of ourselves. In fact, a lot of us had totally lost the run of ourselves.

Following our return to Earth, our government agreed, under pressure, to reimburse with interest professional financial gamblers, even if, under normal circumstances, they would quite rightly have taken a bath. That’s the way with capitalism. You win some, you lose some. These are the rules of the game or at least they were.

We are surprised that those rules appear to have changed. But why are we surprised? Have we not seen politicians who were paid while in office in an elected position and who decide to not contest the seat at the next election get "set aside" payments? Have we not seen politicians who actually lost their seat at an election get paid "redundancy" from an elected temporary position?

It’s a win-win situation — it just keeps paying out.

Unfortunately, the good people of Ireland do not see it quite like that.

They continue to carry the brunt of the austerity measures. Unemployment remains in the mid-teens. Emigration of our best and brightest continues.

If the situation continues where we appear to be treated differently to others, such as Greece and soon, possibly, Spain, then we will quickly get over our love affair with the EU. We’ve done well from it. But, lads, kicking us when we are down just ain’t cricket. 

and....