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Thread: Budget will be 7billion: Noonan breaks confidentiality on RTE

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    Politics.ie Member gijoe's Avatar
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    Default Budget will be 7billion: Noonan breaks confidentiality on RTE

    Just on Pat Kenny a few minutes ago Michael Noonan revealed that the Dept of Finance in the meeting he had with them told him that the budget would have to be €7billion in order for them to borrow on the markets next year. This was supposed to be a 'confidential' briefing from the Dept in preparation of the budget. Noonan revealed the true budget figure in the context of saying that the ESRI are arguing for a budget of just €4billion whereas the Dept of Finance told him in the briefing that it will be €7billion.

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    Who cares.

    Better to have it out there than have FF pretending all is good.

    Also, this is what the DoF are saying based on their growth projections. The DoF are not the government and political considerations will be a huge factor in the budget.
    We have turned the corner.I commend this Budget to the House. Brian Lenihan, 9 December 2009

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    Like the DoF understand markets.
    "It is difficult to get a man to understand something when his salary depends upon his not understanding it." - Upton Sinclair.

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    if FF bring in that budget they'll hardly get it past the cabinet not to mind the backbenchers

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    Politics.ie Member Clanrickard's Avatar
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    Quote Originally Posted by gijoe View Post
    Just on Pat Kenny a few minutes ago Michael Noonan revealed that the Dept of Finance in the meeting he had with them told him that the budget would have to be 7billion in order for them to borrow on the markets next year. This was supposed to be a 'confidential' briefing from the Dept in preparation of the budget. Noonan revealed the true budget figure in the context of saying that the ESRI are arguing for a budget of just 4billion whereas the Dept of Finance told him in the briefing that it will be 7billion.
    You make it sound like a bad thing that he spoke out.

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    Lets agree it is €7 billion - let every party agree that this is the first figure of the four year agreement with EU- lets call an election and have each party outline its cuts/taxes for the €7 billion adjustment -lets vote - and lets get on with it !

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    Politics.ie Member gijoe's Avatar
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    Quote Originally Posted by Clanrickard View Post
    You make it sound like a bad thing that he spoke out.
    What's your understanding of the word 'confidential'? Although I agree the public deserves to know, he entered those discussions on that basis.

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    A quicker way to get the markets lending again at reasonable rates would be to revoke the Bank guarantee to bondholders and make a decision to let all Banks go with the exeption of BOI.

    The markets are not going to lend to a country that gives 50 billion of borrowed money to idiot investors in Private Banks, while passing the bill to taxpayers.

    Would you lend to a country to pay for the bad investments of others in Private institutions?

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    im not quite sure its all down to noonan.

    newstalk were banding around the 7 billion figure on their breakfast show this morning too so maybe its a "softly softly" slow release tactic that culminated in noonan contributing.

    it could also be a way of scaring the bejezzus out of people so when a 5 billion one hits they count their blessings.

    either way it gets the figure out there.

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    If they want to borrow in January the number sounds about right.

    I take it this means that compulsory redundancies in the Public sector will be on the table. Croke Park was a nice illusion while it lasted.

    It will be interesting to hear how the bearded fat cats react to this

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