Monday, October 29, 2012

29/10/2012: BAML note on Ireland's Troika Review

A glowingly positive, albeit un-detailed, under-researched and rather tenuous on the subject covered, note from BA Merrill Lynch on Ireland's latest quarterly Troika review (link). This suggests that (1) all that matters for Ireland is 'exiting' Troika bailout, (2) OMT take up of a whooping €24bn of banks debts is just a matter of technicality, to be resolved in early 2013 (oh, we wish) and (3) the ECB is somehow going to find it plausible to support the banking-fiscal systems tie up that according to ECB and the rest of Troika is performing well without ECB/OMT/ESM support.

Now, what logic can lead BAML to conclude any of the things above remains a mystery.

My own view on the Troika review is provided here.

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