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Thread: Germany's Most Influential Economist Tells Pat Kenny On RTE Banks Should Give Creditors A Haircut

  1. #1

    Default Germany's Most Influential Economist Tells Pat Kenny On RTE Banks Should Give Creditors A Haircut

    You could tell that this Prime Time RTE programme didn't go as planned by the looks of Pats flabbergasted face.

    Basically Hans-Werner Sinn (German economist and President of the Ifo Institute for Economic Research) told the man some basic economic home truths. The taxpayers should not be on the hook for depositors and creditors in private banks. Asked what to do now Hans-Werner replied to get the money from the people who took a risk in the banks. And have them share some of the burden, give'm a haircut. Well what can one say there is some truth to his position.
    Last edited by YouKnowWhatIMeanLike; 6th February 2013 at 02:40 PM.

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    Quote Originally Posted by YouKnowWhatIMeanLike View Post
    You could tell that this Prime Time RTE programme didn't go as planned by looks of Pats flabbergasted face.

    Basically Hans-Werner Sinn (German economist and President of the Ifo Institute for Economic Research) told the man some basic economic home truths. The taxpayers should not be on the hook for depositors and creditors in private banks. Asked what to do now Hans-Werner replied to get the money from the people who took a risk in the banks. And have them share some of the burden, give'm a haircut. Well what can one say there is some truth to his position.
    It is very sad what has happened to this country. Haircuts should have been applied 4 years ago. Ireland may enter a period of unrest in the time ahead due to a debt-to-GDP ratio beyond sustainability, prom notes imminent and a potential breakdown of CP2 and industrial unrest. The relative stability of the last two years I feel is about to give way.

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    He was talking mainly about Anglo where there is only a couple of billion left.
    The main creditor there is the ECB but he did not understand there is no creditors left who will take on some of that burden.

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    Politics.ie Member RobertW's Avatar
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    Werner Sinn called Ireland's decision to guarantee rich people (via the Irish taxpayer) as "Incredible" and suggested "Why don't you default?"

  5. #5

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    Quote Originally Posted by DAZ14 View Post
    It is very sad what has happened to this country. Haircuts should have been applied 4 years ago. Ireland may enter a period of unrest in the time ahead due to a debt-to-GDP ratio beyond sustainability, prom notes imminent and a potential breakdown of CP2 and industrial unrest. The relative stability of the last two years I feel is about to give way.
    There are still 8bn Euro in Anglo Irish Bank deposits and 12bn in bonds in AIB. It's not too late.

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    What he said was that the bondholders should pay.

    What I think he was really saying was that German taxpayers won't.

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    Time for our government to sit up and listen.....At the end of the day the choice is theirs, give the risktakers/gamblers who invested a hair cut, and let the ordinary folk get on with their lives without this debt burden ( which has nothing to do with them) being tied around their necks ......This is not the peoples debt and we should never have been asked to honour it...

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    Politics.ie Member ruserious's Avatar
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    Quote Originally Posted by Davidoff View Post
    What he said was that the bondholders should pay.

    What I think he was really saying was that German taxpayers won't.
    He said no taxpayer should.
    Boycott the "Irish" Sun rag.

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    Politics.ie Member gerhard dengler's Avatar
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    Sinn is regarded as one of the "hardline" German economists.

    I think he calls it as it is.
    Politics.ie moderators should moderate instead.
    Welcome to Political Irish | Political Irish

  10. #10

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    Quote Originally Posted by bogtrotter View Post
    Time for our government to sit up and listen.....At the end of the day the choice is theirs, give the risktakers/gamblers who invested a hair cut, and let the ordinary folk get on with their lives without this debt burden ( which has nothing to do with them) being tied around their necks ......This is not the peoples debt and we should never have been asked to honour it...
    There will be a few phone calls in the morning to AIB Ballsbridge to reassure the Anglo Irish depositors that their money is safe and secure in the vaults courtesy of the Irish taxpayer. And that the pleb will pay up as promised, what a sick sick world.

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