The Big Bailout of the Eurozone (Another crisis coming? - Seriously)

[muppet]

I'd hate to ring the Samaritans and have one you two on the other...

Have yous Elites no heart at all?

[muppet]

Don't read this Dinny:

http://www.cnbc.com/id/100619442

[Dinny Breen]

I only use bitcoins  so doesn't bother me at all......

[muppet]

http://www.ft.com/intl/cms/s/0/3a4aaed2-9e36-11e2-9ccc-00144feabdc0.html#axzz2PdPL2UhL



April 5, 2013 10:49 pm
Portugal court rules against austerity
By Peter Wise in Lisbon
A Portuguese court has ruled that tough austerity measures aimed at keeping the country's €78bn bailout programme on track are in breach of the constitution, blowing a hole in the government's 2013 budget.

[From the Bunker]

Check this out from 12:50 on! Programme talks about AIB and Ireland. You were warned!

http://www.youtube.com/watch?v=-QuQ1KAoQfc

[gerrykeegan]

Check this out from 12:50 on! Programme talks about AIB and Ireland. You were warned!

http://www.youtube.com/watch?v=-QuQ1KAoQfc

Are you Muppet's and Seafoid's long lost brother by any chance?

[Declan]

Big rumours that SIPTU members have rejected Croke Park 2 - Interesting times ahead

[Billys Boots]

Big rumours that SIPTU members have rejected Croke Park 2 - Interesting times ahead

Apparently (according to Mrs Boots) Clare Daly has tweeted that it's indeed been rejected by SIPTU.

[armaghniac]

http://www.rte.ie/news/2013/0416/381...ark-agreement/

SIPTU has voted to reject the proposed extension to the Croke Park agreement by a margin of 53.7% against 46.3% in favour.

[Declan]

See that INTO as well have rejected it- Maybe the centenary of the lockout will be celebrated/replicated after all

[armaghniac]

Nurses INO had 95% reject, haven't heard about INTO, but they will reject also, I imagine.

[Declan]

Does this Excel spreadsheet error invalidate case for austerity?
Author: Dan Jones
IFAonline | 17 Apr 2013 | 07:45
Categories: Economics / Markets Topics: GDP

A new academic paper suggests an influential study used to argue the case for austerity contains a number of flaws - including a simple Excel spreadsheet error.
Carmen Reinhart and Kenneth Rogoff's 2010 study 'Growth in a Time of Debt' found economic growth goes into reverse when a country's public debt to GDP ratio exceeds 90%.

The findings have subsequently been highlighted by politicians on both sides of the Atlantic, including European Commissioner Olli Rehn, as a reason for implementing stringent deficit reduction plans.

Yesterday, however, a trio of economists said the study's methodology contains several flaws - including an Excel error which meant the relatively resilient GDP growth seen in debt-saddled Belgium was simply omitted from the results.

"First, Reinhart and Rogoff selectively exclude years of high debt and average growth. Second, they use a debatable method to weight the countries. Third, there also appears to be a coding error that excludes high-debt and average-growth countries," said Thomas Herndon, Michael Ash and Robert Pollin, authors of the new study.
"All three bias in favour of their result, and without them you do not get their controversial result."
When these factors are taken into account, the average real GDP growth rate for countries with debt to GDP of over 90% stands at 2.2%, not the 0.1% contraction found by Reinhart and Rogoff, according to the new paper.
Responding to the claims, Reinhart and Rogoff did not address the Excel issue, but noted the new results still suggested countries with high debt to GDP ratios experience lower levels of growth than their peers.
"The cumulative effects of small growth differences are potentially quite large.  It is utterly misleading to speak of a 1% growth differential that lasts 10-25 years as small," they said.
The findings emerge at a time when Chancellor George Osborne is coming under growing pressure to reassess the UK's deficit reduction plan as growth stagnates.
The Office for Budget Responsibility now expects public sector net debt as a proportion of GDP - currently around 75.9% - to keep rising until 2016-17, when it will reach a peak of 85.6%.


Read more: http://www.investmentweek.co.uk/investment-week/news/2261942/does-this-spreadsheet-error-invalidate-the-case-for-austerity#ixzz2QhrW5pxw
IFA Online - News, blogs and analysis for IFAs. Visit the website now.

[highorlow]

Can't believe the fools rejected this.

They will all get an across the board levy and cut now with the well off Civil Servants benefiting. I was talking to a girl last summer who emigrated to Oz 5 years ago, not because she had to but because she was sick and tired of the sense of entitlement people have in this country and needed out. Her point is well and truly reinforced by this vote result.

Along with the cut they should make all the ones over 55 at a certain grade compulsory redundant.

This will probably benefit the country in the longer term by breaking up the union cartel. Jack O'Connor seems to think that we can go to our lenders and spoof them that we can find 5 billion under a mattress and shur we are already half way there with the promissory note. He is some twit and a highly paid professional spoofer but his time is now running out also.

[Rossfan]

Your type tried to break the Unions in 1913 as well High or low. It always seems to be the "magic fix" for the right wing ideologue types.
Had you been around then you'd no doubt have been screaming for Connolly to be executed.
Maybe when the real guilty cartel like Fingers/Fitzp and all the sc**bag developrs start paying the Irish taxpayer what they owe we might get somewhere in this Country.
That will never happen esp when the right wing blueshirts wouldn't countenance a rise in the Social Charge on earnings in excess of €100k p a.
As everyone knows the domestic economy will only pick up when the plain people have a few € in their pockets to spend.
The over €100k people usually have all they want and their excess money goes overseas.
But the right wing answer is to screw the poorer classes and don't dare touch their well heeled mates.
And then they scratch their thick heads and wonder why the domestic economy isn't doing well and blame the public service and "THEUNIONS"

[johnneycool]

Can't believe the fools rejected this.

They will all get an across the board levy and cut now with the well off Civil Servants benefiting. I was talking to a girl last summer who emigrated to Oz 5 years ago, not because she had to but because she was sick and tired of the sense of entitlement people have in this country and needed out. Her point is well and truly reinforced by this vote result.

Along with the cut they should make all the ones over 55 at a certain grade compulsory redundant.

This will probably benefit the country in the longer term by breaking up the union cartel. Jack O'Connor seems to think that we can go to our lenders and spoof them that we can find 5 billion under a mattress and shur we are already half way there with the promissory note. He is some twit and a highly paid professional spoofer but his time is now running out also.

I thought Jack O'Connor and the SIPTU leadership recommended acceptance of Croke Park II, but they have to go by the wishes of the majority that voted, I suppose that's democracy at work for you.

How much of a cut were the TD's and government ministers going to take?