Converting Irish debt controlled by Troika
Back in October of last year the Irish Finance Minister Michael Noonan said that his government’s goal is to be able to complete the three-year Troika bailout on time and resume normal operation late in 2013. Now that Ireland has regained access to the credit markets, the focus is on prepping the country to leave the Troika bailout programs.
At the time Noonan was declaring his desire to get out of the Troika bailout programs, I posted on how the talk was of retroactively recapping Irish banks with Troika money. The Irish banks and the debt the state incurred in bailing them out are Ireland’s principal problems. Apparently, Christine Lagarde and the IMF were in favour of this but others within the Troika were not. The key in these negotiations will be the Germans. [Content protected for Gold members only]
About Edward Harrison
Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College. Edward also writes a premium financial newsletter. Sign up here for a free trial.
