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  1. #171
    Coles Coles is offline

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    Quote Originally Posted by grassroots View Post
    If SF wanted to burn the bondholders why did they vote for the guarantee?
    SF voted for the Guarantee with the condition that assurances would have to be given that the taxpayer's interests would be protected. Two weeks later those conditions were not met and SF withdrew it's support for the Guarantee.
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  2. #172
    hiding behind a poster hiding behind a poster is offline

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    Quote Originally Posted by Lambic View Post
    We should have defaulted on the Anglo / IBRC prom notes.

    But, they have now been converted into regular Govt bonds, making it difficult to default just on them.

    So we seem stuck with 30bn approx debt associated with IBRC.
    The promissory notes were IOUs issued by the State. A default on them would have been a sovereign default.

    I suggest we ask/demand a 30bn interest-free long-term loan from the EU to compensate us for bearing a huge cost of preventing banking contagion spreading across Europe.
    Actually, that's not a million miles away from what we did do.
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  3. #173
    clearmurk clearmurk is offline
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    Quote Originally Posted by hiding behind a poster View Post
    The promissory notes were IOUs issued by the State. A default on them would have been a sovereign default.

    Actually, that's not a million miles away from what we did do.
    Will you still be saying that when the Central Bank starts selling the Promissory Notes related bonds into the open market?
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  4. #174
    Robbie5005 Robbie5005 is offline

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    Coming soon to a country near you.

    So we have a massive BOOM going on. 8+ % growth, all is wonderful and rosy in the garden , jobs jobs jobs galore
    but the facts are a little different - Ireland is actually bankrupt
    As of March 21st we owe
    201,630,656,503 €
    Interest per Year
    9,727,724,064€
    Interest per Second
    308€
    Debt per Citizen
    43,595€
    Debt as % of GDP
    101.21%
    GDP
    199,218,901,871€
    Population
    4,625,087
    nationaldebtclocks.org/debtclock/ireland

    Above figures are rising at a rapid rate, soon the interest payments (JUST THE INTEREST)
    will be over 10 billion a year.

    Around 30c of every euro we spend on a daily basis is borrowed.

    Ireland is bankrupt as are nearly all countries around the world

    The next crash is just around the corner, this is the REAL ONE (2008 was papered over by 0% interest rates and cheap money). Soon all the banks, governments, pension funds, stocks and shares will all crash WORLDWIDE.

    There will also be a GOLD scandal when the world realises there are at least 4 claims to every ounce. (This is why governments having been trying to repatriate their gold over last few years), the word is out. Fort Knox has little or no gold and Bank of England is no better.

    It's already happening slowly in front of our eyes, (check out Deutsche Bank with its 70 TRILLION in derivatives (700 TRILLION (not billion) in banks worldwide), look at their share price. This and all other banks are about to go bust.

    All it needs is a trigger and bang, we have a world sovereign debt crisis as well as a banking crisis which will lead us into a worldwide deep recession.

    The next crash is not going to involve bail OUTS (no money left) but BAIL IN"S. A law was passed in all 27 euro members making a bank depositor a shareholder of the bank. So soon the bank will block withdrawals (capital controls) and just like in Cyprus your money will be used as a bail in.

    The IMF will (after a few weeks/months) step in to "save the day" and will issue a NEW CURRENCY (possibly an online one only). IMF certificates (not called currency).

    A ONE WORLD CURRENCY (like the Euro) your purchasing power over night will be reduced by 50% and you wont even know it.

    By 2020 the world will be a very different place.
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  5. #175
    hammer hammer is offline
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    Have to stay in bed tomorrow so watching Netflix and various box sets.

    Its hopeless

    Interest rates are plummeting thankfully giving us HOPE.

    €25 BILLION annual deficit to a near balanced budget.

    Lets get to paying down the debt.

    A solidarity levy perhaps.
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  6. #176
    Dynamo Dynamo is offline

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    Quote Originally Posted by hammer View Post
    Have to stay in bed tomorrow so watching Netflix and various box sets.

    Its hopeless

    Interest rates are plummeting thankfully giving us HOPE.

    €25 BILLION annual deficit to a near balanced budget.

    Lets get to paying down the debt.

    A solidarity levy perhaps.
    Yes, lets call it a 'solidarity with Johnny Rohan levy' or a 'Fingerton bonus levy'. should be very enthusiastic response (and of course TDs can pay it out of their 5 grand rise.
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  7. #177
    mr_anderson mr_anderson is online now
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    Quote Originally Posted by Dynamo View Post
    Yes, lets call it a 'solidarity with Johnny Rohan levy' or a 'Fingerton bonus levy'. should be very enthusiastic response (and of course TDs can pay it out of their 5 grand rise.

    The Universal Service Charge should have been named the Fianna Fail F˙ckup Tax.
    Let people be reminded, with every payslip, the root cause of their taxation.
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  8. #178
    Watcher2 Watcher2 is offline

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    Quote Originally Posted by Coles View Post
    SF voted for the Guarantee with the condition that assurances would have to be given that the taxpayer's interests would be protected. Two weeks later those conditions were not met and SF withdrew it's support for the Guarantee.
    meaningless gesturing.
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  9. #179
    robut robut is offline

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    C&AG report reveals true cost of bailing out our banks

    When you add it up, the bill outstanding at the end of 2016 stood at €39.9 billion, with an annual cost of servicing debt at €1 billion or more.

    Some €66.8 billion was used to recapitalise the banks following the crash with another €14.8 billion in debt servicing costs.
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  10. #180
    SamsonS SamsonS is offline

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    http://www.audgen.gov.ie/documents/a...n/Chapter3.pdf

    http://www.audgen.gov.ie/documents/a...20end-2014.pdf

    That's the report, and also the last one that the C and AG did.

    In 2014, they estimated the net cost at 43.1b. Now its the 40b, The difference is the money expected from NAMA.

    Aside from Anglo, nearly 36b, AIB 7.9b.

    What is very interesting to read (I have a very exciting Saturday night!) sections 3.12 to 3.22, its all about the interest costs, the FRN cancellations etc.
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