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Thread: Bundestag gets to see Irish government borrowing schedule before Dáil

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    Default Bundestag gets to see Irish government borrowing schedule before Dáil

    I suppose we should be used to it at this stage but it still sticks in the throat when it happens.

    The NTMA tends to issue roughly 10bn euro's worth of long term bonds this year, €3 billion in the first quarter of the year, followed by €2.5 billion in the second and then €2 billion in each of the third and fourth quarter. Germans parliamentarians got to see this schedule yesterday and thanks to Cantillon in the Irish Times, their Irish counterparts will have had the opportunity to have read about it over their cornflakes and coffee this morning.

    I don't get why this needs to happen. This is not money we'll be borrowing from the Troika so it's not Germany's business. Anyway, why do the Germans get to see this before anyone else - not just us? I don't see it being studied in e.g. the French or Belgian parliaments. Can anyone enlighten me?

    Bundestag gets to see Irish government borrowing schedule before Dáil

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    Quote Originally Posted by Iphonista View Post
    I suppose we should be used to it at this stage but it still sticks in the throat when it happens.

    The NTMA tends to issue roughly 10bn euro's worth of long term bonds this year, €3 billion in the first quarter of the year, followed by €2.5 billion in the second and then €2 billion in each of the third and fourth quarter. Germans parliamentarians got to see this schedule yesterday and thanks to Cantillon in the Irish Times, their Irish counterparts will have had the opportunity to have read about it over their cornflakes and coffee this morning.

    I don't get why this needs to happen. This is not money we'll be borrowing from the Troika so it's not Germany's business. Anyway, why do the Germans get to see this before anyone else - not just us? I don't see it being studied in e.g. the French or Belgian parliaments. Can anyone enlighten me?

    Bundestag gets to see Irish government borrowing schedule before Dáil
    It has been known for months now that the NTMA will try to raise €10 billion in 2013. Also the Draft Commission Review is distributed to all members of the Oireachtas Finance Committee. Who do think leaked it??

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    Quote Originally Posted by Taxi Driver View Post
    It has been known for months now that the NTMA will try to raise €10 billion in 2013. Also the Draft Commission Review is distributed to all members of the Oireachtas Finance Committee. Who do think leaked it??
    Was the schedule known rather than just the total to be borrowed? I still don't see why the Germans need to know this.

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    Politics.ie Member A view from England's Avatar
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    It really must stick in the craw of Republicans to have shed the yoke of the UK to now be subservient to Germany. Just a few years ago Ireland was a true sovereign nation. Now nothing more that a gimp state, dependent on handouts from the troika.
    Such a shame.
    “The problem with socialism is that you eventually run out of other people's money. ”
    ― Margaret Thatcher

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    Quote Originally Posted by Iphonista View Post
    I suppose we should be used to it at this stage but it still sticks in the throat when it happens.
    Perhaps our ruling elite prefers it that way, somebody responsible has got to be in charge and the Bundestag fits that role perfectly.
    You can't really throw out the dirty water... if dirty water is all you've got.

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    Quote Originally Posted by Radix View Post
    This is different. This is not borrowing from the Troika so it's no one else's business. It's borrowing on the open sovereign debt markets.

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    Quote Originally Posted by A view from England View Post
    It really must stick in the craw of Republicans to have shed the yoke of the UK to now be subservient to Germany. Just a few years ago Ireland was a true sovereign nation. Now nothing more that a gimp state, dependent on handouts from the troika.
    Such a shame.
    Yes but like I said this isn't borrowing from Germany, Troika, anyone else.

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    Quote Originally Posted by A view from England View Post
    It really must stick in the craw of Republicans to have shed the yoke of the UK to now be subservient to Germany. Just a few years ago Ireland was a true sovereign nation. Now nothing more that a gimp state, dependent on handouts from the troika.
    Such a shame.
    But they have no shame; as long as the money is forthcoming, that is all that matters.
    You can't really throw out the dirty water... if dirty water is all you've got.

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    Germany has an effective parliamentary democracy, which keeps a tight check on the way the country's money is spent. It is only because we are so unaccustomed to the concept of an accountable parliament, that we find this so unusual.
    I have no money, but I love my life.

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