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  1. #11
    Plebian Plebian is offline
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    Quote Originally Posted by Cdebru View Post
    That's the cost they are admitting to and plays with the whole "the bank debt is not the problem" spin that various sections have been spouting the last few years.

    This is based on 41 billion of debt being attributable to bank debt but the cost of the bail out was 64.1 billion so it is like the other 23.1 billion was free money that has not no cost or loss of income to the state.
    Yep, the NPRF eaten and then there's the compounding effect of borrowing year on year to pay the interest on the debt plus the effect a larger national debt has on interest rates charged on the debt.
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  2. #12
    ShoutingIsLeadership ShoutingIsLeadership is offline
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    Quote Originally Posted by Taxi Driver View Post
    When the Central Bank sells the bonds it will obviously receive money. The Central Bank will use that to repay money that in essence it borrowed from itself. Central Banks can borrow from themselves as they can create money. The Central Bank will take the money from these sales and cancel the money that was created in the first place. So yes the Central Bank is going to 'destroy' that money.
    Sorry, I meant the interest currently paid on the money.
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  3. #13
    Terry Malloy Terry Malloy is offline

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    Jesus .... still can you imagine how much worse it would have been if it was Frankfurts way instead of Labours way ?
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  4. #14
    Researchwill Researchwill is offline

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    Quote Originally Posted by Cdebru View Post
    That's the cost they are admitting to and plays with the whole "the bank debt is not the problem" spin that various sections have been spouting the last few years.

    This is based on 41 billion of debt being attributable to bank debt but the cost of the bail out was 64.1 billion so it is like the other 23.1 billion was free money that has not no cost or loss of income to the state.
    But the free money was created in the promissory note for 25 billion. Ireland created the PN, then lodged it with central bank, then pays interest to the central bank for that 25 billion, the central bank makes a profit of all that interest and guess who they give the money to. It was the greatest trick ever pulled. Now of course Ireland has promised to put equivalent bonds on the market in 500 million chunks over time. Then they will have to be paid for. But for as long at it lasts it is free money.
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  5. #15
    Sucker Punch Sucker Punch is offline

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    Quote Originally Posted by Researchwill View Post
    But the free money was created in the promissory note for 25 billion. Ireland created the PN, then lodged it with central bank, then pays interest to the central bank for that 25 billion, the central bank makes a profit of all that interest and guess who they give the money to. It was the greatest trick ever pulled. Now of course Ireland has promised to put equivalent bonds on the market in 500 million chunks over time. Then they will have to be paid for. But for as long at it lasts it is free money.
    Money exists not by nature but by law - and if you law hails from Frankfurt your just as fecked.
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  6. #16
    Spanner Island Spanner Island is offline
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    Quote Originally Posted by ShoutingIsLeadership View Post
    STFU, you left-wing, money-tree loving kn0b. You have been repeatedly told by certain posters around here, that the cost of bailing out the banks has been negligible and that having banking debt written off would have no impact on our budgetary difficulties.

    Get with the programme.
    Compared to the 12 billion+ current budget deficit we're continuing to pile on top of all our debt every year this (1.6bn) is peanuts.

    Obscene no doubt... and not our debt...

    But since the eFFing traitors and the EU/ECB foisted it on us (64 billion or so), we've more than added the same amount and more to our overall debts via the current budget deficit...

    Ireland is f***ed...

    Don't believe the hype about 'recovery' cos it's largely bullsh!t...

    Yes the banking debts should be removed and written off but even if they were Ireland would still be f***ed.

    Strange but understandable how people just don't seem to want to know about it and instead choose to listen to the horsesh!t that emanates from the likes of SF and lefties generally and even the Govt to a lesser extent...
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  7. #17
    Fr.Ted Crilly Fr.Ted Crilly is offline

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    Quote Originally Posted by Spanner Island View Post
    Compared to the 12 billion+ current budget deficit we're continuing to pile on top of all our debt every year this (1.6bn) is peanuts.

    Obscene no doubt... and not our debt...

    But since the eFFing traitors and the EU/ECB foisted it on us (64 billion or so), we've more than added the same amount and more to our overall debts via the current budget deficit...

    Ireland is f***ed...

    Don't believe the hype about 'recovery' cos it's largely bullsh!t...

    Yes the banking debts should be removed and written off but even if they were Ireland would still be f***ed.

    Strange but understandable how people just don't seem to want to know about it and instead choose to listen to the horsesh!t that emanates from the likes of SF and lefties generally and even the Govt to a lesser extent...

    Our deficit isn't 12 billion.

    According to the Exchequer, the deficit in the year ending in March is 2.3 billion.
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  8. #18
    ShoutingIsLeadership ShoutingIsLeadership is offline
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    Quote Originally Posted by Spanner Island View Post
    Compared to the €12 billion+ current budget deficit we're continuing to pile on top of all our debt every year this (€1.6bn) is peanuts.

    Obscene no doubt... and not our debt...

    But since the eFFing traitors and the EU/ECB foisted it on us (€64 billion or so), we've more than added the same amount and more to our overall debts via the current budget deficit...

    Ireland is f***ed...

    Don't believe the hype about 'recovery' cos it's largely bullsh!t...

    Yes the banking debts should be removed and written off but even if they were Ireland would still be f***ed.

    Strange but understandable how people just don't seem to want to know about it and instead choose to listen to the horsesh!t that emanates from the likes of SF and lefties generally and even the Govt to a lesser extent...
    12?
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  9. #19
    beazlebottom beazlebottom is offline

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    Quote Originally Posted by Terry Malloy View Post
    Jesus .... still can you imagine how much worse it would have been if it was Frankfurts way instead of Labours way ?
    Yes, were we not indeed so lucky tho have that Champion of the Irish people, Gimmemore, banging the drum for Ireland and undoing the Treacherous sellout of the Irish people by the Drunk and the Dead Fella.
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  10. #20
    Spanner Island Spanner Island is offline
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    Quote Originally Posted by Fr.Ted Crilly View Post
    Our deficit isn't €12 billion.

    According to the Exchequer, the deficit in the year ending in March is €2.3 billion.
    Quote Originally Posted by ShoutingIsLeadership View Post
    12?
    If we're continuing to borrow ca. €12 billion per year just to keep things as they are (albeit with continuing cuts) that's money which has to be repaid with interest added on top.

    I assume we're not borrowing that money for the hell of it and that if we didn't need to borrow it we wouldn't.

    No amount of cherry picking the numbers or interpretation of the numbers changes this.
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