Found this on the NTMA website.
NTMA - Government Bonds - Bonds Outstanding
Shows how much money we current owe and when we have to pay it back.
We have to pay back €5bn in April this year, and a further €9bn between then and 2012.
All of this will have to be borrowed.
Anyone want to do the math on our annual interest cost on all outstanding bonds? I put it at about €1.8bn.
A demagogue is someone who will preach doctrines he knows to be untrue to men he knows to be idiots.
So goose in April we will be in a little bit of sh1te if the bond holders want the principle back.
Yes around the 1.8 billion mark.The serfdom and slavery continues.
A champion of the people emerges with the age-old and appealing promise of "something for nothing" - to be financed through every-increasing taxes. Supply and demand are thrown out of gear - the overhead goes up; the effective use of human energy goes down; the standard of living is lowered because money cannot buy wealth that is not produced.
WEAVER, HENRY GRADY,
We are being lied to about just how bad it is and how bad it will get. We need honesty in this situation.
That's just what was borrowed already. We will be needing to borrow a lot more.
If there is a future, it will be Green.
We have to pay it back. Its not an option. The NTMA will probably issue another Bond at this time to cover the payment.Originally Posted by atlantic
In previous years, we were able to finance these maturities from current account surpluses, thereby reducing the interest bill. Not any more.
FF are basically piling on the debt in the knowledge that they won't have to deal with it. By 2012, when they are dumped out of office, the annual interest bill could be €4bn. FG/Lab will have great crack dealing with that.
A demagogue is someone who will preach doctrines he knows to be untrue to men he knows to be idiots.
As a nation, we are 7 shades of broke. As a people it seems we are too, due to credit cards and the antics of our banks.
Other states are in a much worse position. €50-€70bn of National Debt is manageable over a 5-10 year period, and we can limit it to that if we move quickly.
The problem is that we are not moving quickly, and on current form, it is likely that we will be pushing the €100bn mark towards 2012-13, giving and annual interest bill of €4bn, which is 25% of what we currently spend on Health.
A demagogue is someone who will preach doctrines he knows to be untrue to men he knows to be idiots.
I know they will issue another bond ,put what if this bond is not picked up, bond holder does not want to roll it over and no new takers for the bond.
Also the bond market this year is getting crowed something in the region of 3 trillion
A champion of the people emerges with the age-old and appealing promise of "something for nothing" - to be financed through every-increasing taxes. Supply and demand are thrown out of gear - the overhead goes up; the effective use of human energy goes down; the standard of living is lowered because money cannot buy wealth that is not produced.
WEAVER, HENRY GRADY,
A Lot borrowed. More to borrow.
This mini Budget will have to be major.
Our national debts, as a matter of fact, are quite manageable. It was about a quarter of our GDP last year (healthy by comparison to our counterparts in Europe). Even if it grows to 48% of our GDP by 2011 based on our Government's estimate, it is not that bad. Japan went into their bubble burst in the 90s with a national debt of 57% GDP.
What is frightening (and may prove to be fatal) is the amount of private sector debts which the Government has little option but to take them up as time goes on (see my post here). The private sector debts stood at about €400 billion last year representing 250% of our GDP (Japan had 107% private sector debts when they went busted). These private sector debts, in our case, were not accumulated as a result of normal business operations - commerical papers from private entities only make up a small portion of our private debts. The majority of the debts are mortgage related and mainly a product of overpaying your properties.
Anyone knows how we are to repay these debts. Anyone in the Government knows? I don't. That's why Im worried.
"A good liar must have a good memory. Kissinger is a stupendous liar with a remarkable memory." - Chris Hitchens
LinkBack URL
About LinkBacks
Reply With Quote