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About LinkBacksIndividuals and companies based in Ireland owe $1.2 trillion in foreign debt.
Irish borrowing tops $1.2 trillion - The Irish Times - Mon, Dec 08, 2008
That is 6 times GDP.
$3,000,000 for every person in the country.
Individuals and companies based in Ireland owe $1.2 trillion in foreign debt.
Irish borrowing tops $1.2 trillion - The Irish Times - Mon, Dec 08, 2008
That is 6 times GDP.
$3,000,000 for every person in the country.
"Who will bailout the IMF after FF is finished with them?"
A typo in the IT - I laugh, then I slowly realise that the subject matter is serious.Borrowers in Ireland - one of Ireland's smallest countries - have racked up one of its biggest debt mountains, topping a trillion dollars, according to figures released by the Bank for International Settlements
The figures are distorted by the IFSC and foreign multinationals using Ireland for tax/regulatory reasons. The article refers to this. It aint as much a big deal as the opening poster's title would make you think. The real figures of concern are the government debt and the private sector figures of around 400billion which are true figures of Irish peoples indebtedness.
A huge amount of it is MNC dodgy accounting and IFSC dodgy accounting though.
IIRC the "real" figure - debts owed by Irish SMEs and punters - is about €400 billion.
Je suis un loo-lah
Remember the banks used to publish a survey of wealth and Ireland was around top in world due to the value of everybodies homes! They said around 2006 that all homes in IRelandwere valued around 500billion and mortgages outstanding were around 140billion. Now all the properties are worth around 250 billion so lot less equity held by Irish households. Will the banks be publishing these updated figures?
Total fiction. How much would you get if you tried to flog everyone's house at the same time?Originally Posted by politicaldonations
"Who will bailout the IMF after FF is finished with them?"
In the same position that you would be if 4m people arrived and tried to purchase the total housing stock at the same time. Both are ludicrous situations.
So €400 billion, of which €120 billion is loans to builders, €140 billion is outstanding mortgages, and €140 billion is a mix of credit cards, personal loans, overdrafts and loans to businesses.
The "good" news is that the rate of private sector credit growth has been plummeting for months and will shortly go negative i.e. over the next few months the amount of debt being paid off will start outstripping the new loans being given out, and we'll become less indebted as a nation.
The "bad" news is that the rate of private sector credit growth has been plummeting for months and will shortly go negative i.e. the banking system will collapse, because the system relies on constantly increasing debt to function.
Je suis un loo-lah
The 1.2 trillion is foreign debt. Most of the 400 billion is domestic - Irish people borrowing other Irish people's savings.
Total debt must be something like 1.2 trillion + 0.4 trillion.
"Who will bailout the IMF after FF is finished with them?"
But this was the type of inane mindless pap that was foisted on the populance on a continual basis.
Its only a chat, we ain't the world council.
In 2000 the Women's Institute in Britain gave Tony Blair the slow hand clap to demonstrate their contempt.
[COLOR="Red"]It was dignified, restrained and effective.[/COLOR]Doesn't Bertie deserve the same scorn. No shouting, no abuse, no agression just a relentless slow clap whenever he speaks in public would be enough to end that man's presidential fantasy.
-3.75,-3.23
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