State needs further bailout, says bank expert

January 10th, 2012

FAKE NEWS for the Zionist agenda

Citigroup chief economist Willem Buiter (left) and managing director and global head of the strategy and macro group Richard Pagan take a break at the Shelbourne Hotel in Dublin yesterday during Citigroup’s Global Research Day 2012. Photograph: Brenda Fitzsimons

The Irish Times
Tuesday, January 10, 2012

IRELAND CLEARLY needs further financial assistance on “non-market terms”, the chief economist with Citigroup, Willem Buiter, said during a visit to Dublin.

The former member of the monetary policy committee of the Bank of England said the most attractive option from Ireland’s point of view would be a reduction on the interest it pays on an outstanding €30 billion in promissory notes, issued mostly to deal with the collapse of Anglo Irish Bank.

He said Ireland is paying in the region of 6 per cent on this money but it could be refinanced at 3 per cent by the European Financial Stability Facility. This would have a material effect on Ireland’s ability to deal with its debt burden.

It would have attractions for the rest of Europe as it would not be a technical restructuring of sovereign debt. It would also have the political advantage of showing recognition for the enormous effort Ireland has made, he said.

There were two other possible options if that was not enough, he said during a press briefing. These were a restructuring of Irish sovereign debt or the revoking of the Government guarantee on bank debt.