David McWilliams: ECB is happy to let Irish banks go bust by stealth
Did you know that AIB defaulted on Monday? It did, and the people who internationally govern this type of thing announced yesterday that AIB is technically in default. AIB decided -- rightly -- not to pay some of its many billions of bonds. It began the process of burning the bondholders. Now, were we not told that if the banks defaulted then the sky would fall in? Wasn't that the establishment line?
It's not me who says AIB has defaulted, it is the following list of banks: Bank of America/Merrill Lynch; Barclays, Credit Suisse; Deutsche Bank; AG Goldman Sachs; JPMorgan Chase Bank; NA Morgan Stanley; UBS; BNP Paribas; Societe Generale; Citadel Investment Group LLC; DE Shaw Group; BlackRock; BlueMountain Capital and Rabobank International.
All these international investment banks that make up an august body called the International Swaps and Derivatives Association deemed officially that AIB has defaulted.