Exchequer may be running out of willing creditors

[kerrynorth]

Looks as if today's €1billion bond issue was only barely a success despite the yield on offer and breaking it up into one long and one medium term bond of €700 and €300million respectively. Bids of only €1.24billion were received, which is pretty disastrous. The NTMA ran bond issues of €5billion and €3billion over the last year, now they are struggling to get away a mere €1billion bond!! The yield on the 2018 bond was an eyewatering (for the taxpayer) 5.082%.

Drastic cutbacks in government spending will have to come sooner rather than later with the bond markets now distinctly shying away from Irish government paper.
RTÉ Business: Billion from bonds but demand 'weak'

[robert151410]

The bond market will dictate the rate of cutbacks, in spite of what Cowen would like us to think.

[cavok]

Now the lack of a penny dropping might awaken Clowen to the extent of the Nations bankruptcy

'The guarantee aint worth nuthin'

The smoke has disperssed and the mirrors have been smashed

Ireland FF Inc. DEAD 2009

Well done Electorate, well done.

[youngdan]

Thanks Kerry I have been waiting for this. They have lost the smarts shown for the 1st two large offerings. The exact same size due again in exactly one month giving the indication that they will be begging for a billion a month going forward.

Once again what is important is the rate and the slack demand results in 5.08 as against 2.8 for similiar US Treasuries

[Digout]

Now the lack of a penny dropping might awaken Clowen to the extent of the Nations bankruptcy

'The guarantee aint worth nuthin'

The smoke has disperssed and the mirrors have been smashed

Ireland FF Inc. DEAD 2009

Well done Electorate, well done.

That moron will never cop on.

[Question R24U]

I used to earn €55K, but that was reduced to €34K.
But I kept spending €58k this year, after making relatively small adjustments.
I went to the bank and wanted to borrow for next year so that I could pay €21k in total on my invalid mother, my dropout brother and my little sister and her 3 kids. I also paid €19k to someone else to administer everything.
I was not shocked when the banks refused me.
Why should Brian?

4 cuts which are now unavoidable:
1) Social welfare programmes.
2) Social welfare rates.
3) The number of people employed by the public sector.
4) Everything else.

Things are going to get very rough.

[Outlander]

Aren't there some bonds maturing this month which will have to be rolled over?

I suspect we'll really be rolled then.

[TradCat]

Once again what is important is the rate and the slack demand results in 5.08 as against 2.8 for similiar US Treasuries

If deflation in Ireland hits 4% as was suggested in the budget then the effective rate is nearer 10%

That is a nightmare scenario.

[Catalpa]

Excuse the ignorance folks put I take it that rate is per annum?

If so do they get it all at the end in one lump sum or at the end of each year the deal is in existence?

[cavok]

That moron will never cop on.

Me! or Clowen?