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Thread: How Iceland is Safe & Ireland is Screwed

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    Politics.ie Member cozzy121's Avatar
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    Default How Iceland is Safe & Ireland is Screwed

    If only lenihan would swallow his pride and listen to McWilliams, but he's probably still scared of bertie who wants Mcwilliams dead.

    Recovery is going to be local | David McWilliams

    Iceland’s main interest rate was lowered on Friday to 6.25 per cent, while its ten-year debt is also trading around this level. Ireland’s cost of long-term, borrowing rose on Friday to 6.5 per cent.
    The country that defaulted on debts, shut down its delinquent banks, burned the bondholders, allowed its currency to fall and did everything ‘wrong’, according to the Irish establishment now, is regarded by the financial markets as a safer bet than Ireland.
    The truth is that – as this column has been arguing for over a year and half now- our banking policy is verging on the financially suicidal.
    "WAKE UP! THE RICH ARE RAPING YOU!"

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    Politics.ie Member spotty's Avatar
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    We need an election right now. We need to get Enda Kenny in and give him a mandate to fix all this. Enda, as Taoiseach, will see us through the dark valley that we have been cast into, and will lead us proudly and determinedly towards the sun-honeyed uplands of prosperity.

    Fact.
    Spotty. A pimple on the arse of politics.

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    Politics.ie Member 'orebel's Avatar
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    It's ok. We're saved. Just heard on newstalk that the Govt. has a plan to create 300,000 jobs. Smart economy blah blah blahblah
    "It is important therefore that I clarify to the House that in the first instance there are significant monies within Anglo-Irish to take the strain of loan losses arising over the next three or four years, before State support is engaged." Brian Lenihan 15/01/09

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    Politics.ie Member cozzy121's Avatar
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    Quote Originally Posted by spotty View Post
    We need an election right now. We need to get Enda Kenny in and give him a mandate to fix all this. Enda, as Taoiseach, will see us through the dark valley that we have been cast into, and will lead us proudly and determinedly towards the sun-honeyed uplands of prosperity.

    Fact.
    Can't wait till your Labour membership papers are finalised!
    "WAKE UP! THE RICH ARE RAPING YOU!"

  5. #5

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    It wasn't that long ago that if you mentioned Iceland readjusting on its own for the benefit of their people, you were mauled by the fanatical Eurotrons.

    The Euro is killing us.
    “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” - Friedrich A. Hayek

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    Not one house has been repossessed in Iceland

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    Quote Originally Posted by 'orebel View Post
    It's ok. We're saved. Just heard on newstalk that the Govt. has a plan to create 300,000 jobs. Smart economy blah blah blahblah
    Yeah, I just read about that on Google news...


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    Politics.ie Member Clanrickard's Avatar
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    Quote Originally Posted by cozzy121 View Post
    If only lenihan would swallow his pride and listen to McWilliams, but he's probably still scared of bertie who wants Mcwilliams dead.

    Recovery is going to be local | David McWilliams
    Don't worry. We voted YES to Lisbon which we were told meant YES to jobs so they'll be right along. Don't worry that JC Trichet head of the ECB has said we are our on our own because we are in the EU and everything will be honky dory.

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    Iceland hasn't defaulted on any debt, and and has borrowed heavily from the IMF and others at penal rates to stay afloat.

    Iceland's currency devaluation has resulted 30%+ inflation in just 2 years, and a tripling in unemployment.

    Its true that the Icelandic Government forced a debt-equity on bondholders swap in relation to their banks, but the Icelandic taxpayer is still on the hook for billions in deposits.

    McWilliams regardly touts this line this line about Iceland, as if its some sort of post-recessionary Shangri-La, but the reality is quite different.
    A demagogue is someone who will preach doctrines he knows to be untrue to men he knows to be idiots.

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    Another McWilliams article only loosely based in fact - Iceland can borrow in Icelandic Krona at 6.5% for 10 years, but remember, it can print as much of that stuff as it wants, its not going to "default" on its own currency. Further, due to capital controls, no one can actually sell the stuff externally right now, its just locals buying it.

    If Iceland wants to borrow in Euro's (which is cant - no one will lend to it for the reason above about printing tons of cash), its EUR bonds (which it hasnt been able to issue for 4 years) trade at around 7% for 2 YEARS! Thats vs 2yr Irish @ 3.92%.

    David, as always, likes to tell a good yarn, even if the facts dont always back it up.

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