Vincent Browne on TV3 – Fine Gael and Labour have reneged on election promises concerning the incinerati​on of bond holders. Only Noreen Hegarty displays common sense.

On the panel were Stephen Donnelly TD, Noreen Hegarty, Peter Matthews TD and Timmy Dooley TD.

It is clearly too early to make any real judgement or assessment of whether FG/Lab have broken election promises on the national debt and the banks. The situation in Greece is too serious for Enda Kenny to say anything other than WE WILL PAY ALL OUR DEBTS. If he said differently in the Dail, he would be both reckless and stupid. He is neither. Greece looks to be heading for inevitable default which will leave stark choices to the central eurozone countries. Trichet is behaving like a tempermental spoilt child walking out of meetings etc.

The ECB has provided €242 billion to Greek, Portuguese and Irish banks for liquidity. That is 55% of the total liquidity provided to economies that represent 5% of the Eurozone’s GDP. Ralph Atkins in The Financial Times (25th May) states ‘The ECB is trapped. It is now like many people in the banking system callinbg for no debt repudiation because they are so exposed.” The ECB has about €50 billion of Greek government bonds and another €150 billion in other financial assets put up as collateral by Greek banks much of which is government backed. The Greeks have already been given a €110 billion baillout and need more.

So Vicenzo, we will get a deal when the necessity to save or repudiate the Euro finally comes on the table. A little patience goes a long way. The dogs in West Finglas know that the ECB has €150-160 billion in here in bank liquidity.

Vincent – Only Noreen Hegarty was making clear sense tonight. Every muppet could hear what Enda said in the Dail. Mr Matthews has been elected by TV3 so he should be claerr and not obfuscate. The other Browne TD Mr Donnelly should also recognise that most of what he says in now blindingly obvious even to thick medics.

Anyway, it is certainly good to hear such excellent communicators as financial experts.

By the way – there is a panellist available here on Glasnevin Avenue – You have my phone number.

PS Does Timmy Dooley really not know why FF were extinguished by the electorate?