Why is the Government Going to Pay the 700 million Unguaranteed Anglo Bond?
I’m sure like me, readers of this have been consumed with the great debate going on in Ireland at the moment. Apart from the rain and receding flood waters, it’s all anyone wants to talk about. Of course the outcome of this discussion will be seen in the very near future, but still its good that there is a serious and informed engagement with this right across the Irish public whatever.
And no, I’m not talking about the fact that Sean Gallagher is just another Fianna Fáil bag man - that is old news. The only thing note worthy on that issue is that it seemed for a moment that Ireland’s de-politised, anti-intellectual, empty sound bite culture had found their man of the hour. That is someone who was capable of repeating meaningless nostrums about entrepreneurship, being ‘modern’ and concentrating on the future, not the past, while finding it difficult to hide the fact that apart from a long history of fundraising for the kickbacks and brown envelopes party he couldn’t even match up to his own cliches.
The topic I’m referring to of course is the payment of the 700 million unguranteed and unsecured Anglo Irish Bank bond on the 2nd of November (or the Billion Dollar Bond, if you prefer). And of course, I’m being ironic about the debate. Even though its highly likely to be paid in full, its hardly being discussed at all.
However, briefly, it has been raised in a number of places and its important to highlight these. Firstly Namawinelake has a very thorough two part post which asks what would happen if “Anglo didn’t repay the $1bn bond maturing on 2nd November, 2011?” Having looked at the points of view of the various stakeholders NWL then argues, correctly, that the bond should not be paid.
Recent Comments