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The Government tried and failed to get their "partners" to agree to Irish debts being refinanced at lower interest rates and only stopped when market rates went below any rate concession they were likely to get from their partners. (They did get the IMF to agree to early repayment of high interest loans with capital sourced from capital markets at cheaper rates).  They also managed to get the ECB to "look the other way" whilst it effectively used monetary financing to fund swapping the promissory notes for long term bonds but failed to persuade the ECB to allow it to burn some bondholders much earlier in the crisis. So some limited successes, but overall, a failure to overturn the worst effects of the bank bail-out visited on us by their predecessor Government.

I note that Tspiras, too, has abandoned attempts to get his "partners" to write off more debts, and focused on negotiating lower interest rates and longer maturities.

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Fri Feb 13th, 2015 at 05:18:19 PM EST
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