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

[Orangemac]

? Surely if Ireland got the deficit down to around 5/6 ibillion they could borrow from the IMF?

We will owe €200 Bn by then and the 5-6Bn will be interest on those borrowings.
Maybe the Govt should get rid of all the bloody acedemics and Economists from the Public payroll for a start.....

If we took no more of the current baliout loan and refused to cover any more of the banks liabilities how much lower would the total debt be?

[Lone Shark]

In fairness, I'm not saying the long term plan is to default, but surely if it was, the logical (but not the ethical) thing to do would be to milk as much money as possible out of the system before you do?

Even by the current "austerity" standards, we are 20bn in the hole every year. Surely it makes sense to behave for another few years and then default when you're supposed to pay it back, as opposed to when you're still taking it in?

I'm not endorsing this approach by the way, merely saying that it would be the pragmatic way of looking at it.

[Rossfan]

? Surely if Ireland got the deficit down to around 5/6 ibillion they could borrow from the IMF?

We will owe €200 Bn by then and the 5-6Bn will be interest on those borrowings.
Maybe the Govt should get rid of all the bloody acedemics and Economists from the Public payroll for a start.....

If we took no more of the current baliout loan and refused to cover any more of the banks liabilities how much lower would the total debt be?

most of the bank bailing has been done and the IMF/EU money is needed to pay Pensions/Social Welfare/Public pay.
I suppose you could always try cutting all public pay/pensions/social welfare by 50%  ... ....

[muppet]

http://politico.ie/index.php?option=com_content&task=view&id=8211&Itemid=1318&utm_source=feedburner&utm_medium=twitter&utm_campaign=Feed%3A+Politicoie+%28Latest+from+Politico.ie%29

The above explains the €30bn Anglo Promissory Note in layman's (not Lehmans  ) language.

[Hardy]

Go on Vinny!

[Main Street]

"Whatever you say about the euro, it's a great insulator."
http://www.reuters.com/article/2012/01/25/us-ireland-art-euro-idUSTRE80O0PY20120125

[muppet]

http://www.reuters.com/article/2012/01/29/ireland-ecb-idUSL5E8CT08H20120129

Jan 29 (Reuters) - The Irish government is lobbying the European Central Bank to allow it to delay by a decade the repayment of 31 billion euros ($40.7 billion) of loans used to bail out the country's banking sector, the Sunday Times reported.

The government has said it is discussing several options with the ECB about how to reduce the cost of the bank bailout, including refinancing the promissory notes used to bail out now-defunct Anglo Irish Bank and Irish Nationwide Building Society. The notes carry an interest bill of 17 billion euros.

The bit in bold couldn't be right or we are screwed. If Anglo and INBS alone cost €17bn in interests, the Dept of Social Welfare cost €20bn and we are taking in less than that in tax, it is hard to see how we will pay back the National Debt + the ELA to the banks (over €300bn combined) while still having a Health Service, Gardai, Teachers, Prisons, Roads a civil service etc.

That article must have an error surely?

[Smokin Joe]

http://www.reuters.com/article/2012/01/29/ireland-ecb-idUSL5E8CT08H20120129

Jan 29 (Reuters) - The Irish government is lobbying the European Central Bank to allow it to delay by a decade the repayment of 31 billion euros ($40.7 billion) of loans used to bail out the country's banking sector, the Sunday Times reported.

The government has said it is discussing several options with the ECB about how to reduce the cost of the bank bailout, including refinancing the promissory notes used to bail out now-defunct Anglo Irish Bank and Irish Nationwide Building Society. The notes carry an interest bill of 17 billion euros.

The bit in bold couldn't be right or we are screwed. If Anglo and INBS alone cost €17bn in interests, the Dept of Social Welfare cost €20bn and we are taking in less than that in tax, it is hard to see how we will pay back the National Debt + the ELA to the banks (over €300bn combined) while still having a Health Service, Gardai, Teachers, Prisons, Roads a civil service etc.

That article must have an error surely?

Might that be the interest payable over the life of the notes?

[thejuice]

Firemens brilliant protest in Brussels

http://youtu.be/26dtpOZw0do


Meanwhile in Greece in the local papers:

[From the Bunker]

Constitutional and Common Law's Halt Laois Sheriff On Home Repossession and Eviction in Ireland

http://www.youtube.com/watch?v=PpUjl4LvQM8

[EC Unique]

Constitutional and Common Law's Halt Laois Sheriff On Home Repossession and Eviction in Ireland

http://www.youtube.com/watch?v=PpUjl4LvQM8

Very good. 

[thejuice]

What the Chinese see in Ireland:

Ireland the 'Hong Kong of Europe'
http://europe.chinadaily.com.cn/europe/2012-02/21/content_14654771.htm

"Ireland is home to high-tech companies, so we are the second-largest exporter of software technology, which gives Chinese companies opportunities to partner with Irish companies," said Conroy, who expects more future investment in financial services, life sciences, information and communication technology, Internet, wind energy and clean technology.
Ireland remains a hub for international brands. Google, Facebook and Intel all run major European operations in Ireland, lured by its low corporate tax of 12.5 percent.


"Trade center may act as European hub"
http://europe.chinadaily.com.cn/europe/2012-02/21/content_14654767.htm

Three seperate articles on the front page of ChinaDaily on Ireland – For a continent in crisis, that's not nothing:

"Ireland's low corporate tax rate and its language advantage as the only English-speaking country in the eurozone are seen as major attractions for more potential Chinese enterprises."

"While Ireland managed to transform a longtime agrarian society into a high-tech one in only 15 to 20 years, China is going through a similar transformation."

"Why did the next Chinese leader spend three days in Ireland? (2012; O'Toole, Slugger; Fealty, Mick)"

[Croí na hÉireann]

I know we're up shit creek but these figures are still staggering  http://www.davidmcwilliams.ie/2012/02/27/the-land-of-the-financially-blind?utm_source=dlvr.it&utm_medium=twitter&utm_campaign=the-land-of-the-financially-blind

[thejuice]

Well we're getting a referendum so.

http://www.rte.ie/news/2012/0228/referendum.html

A senior German MEP has told RTÉ News he is surprised the Government has decided to call a referendum because the intergovernmental treaty "did not involve a transfer of sovereignty of the country".
Elmar Brok MEP, a member of Chancellor Angela Merkel's CDU Party, said the fiscal compact "doesn't change anything".
He said it was a question of implementing the rules everyone had already signed up to years ago, when they became members of the euro.

[Rossfan]

Presumably as a device to "make " Europe give us a bit of leeway on interest rates or repayment time spans