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 Post subject: You're charging how much?
PostPosted: Tue Nov 23, 2010 6:49 pm 
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"7% interest rateover 9 years noonan has been told "
No facts

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 Post subject: Re: Bubble Radio / TV: Give advance notice here!!!
PostPosted: Tue Nov 23, 2010 7:22 pm 
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ewd3 wrote:
"7% interest rateover 9 years noonan has been told "
No facts

We are so bust if that's the rates.

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 Post subject: Re: Bubble Radio / TV: Give advance notice here!!!
PostPosted: Tue Nov 23, 2010 7:38 pm 
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Can't be 7% per annum. We should just default now if that's the case and cut 19bn in one go.


Any chance that it is a cumulative rate?


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 Post subject: Re: Bubble Radio / TV: Give advance notice here!!!
PostPosted: Tue Nov 23, 2010 7:39 pm 
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Tyler wrote:
Can't be 7% per annum. We should just default now if that's the case and cut 19bn in one go.


Any chance that it is a cumulative rate?

It would be astonishingly sweet if so. Necessarily sweet one might also call it.

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 Post subject: Re: Bubble Radio / TV: Give advance notice here!!!
PostPosted: Tue Nov 23, 2010 7:53 pm 
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Debate in the Dáil to end at five to seven to allow the Minister for Finance leave. Is the FF Parliamentary Party meeting more important? Party first, country second if proof were needed.


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 Post subject: Re: Bubble Radio / TV: Give advance notice here!!!
PostPosted: Tue Nov 23, 2010 7:53 pm 
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Why else would we go with it. If we can hang on it is becoming more and more apparent that it is an ECB problem and not an Irish problem. Get them printing.

ECB seems to have taken in worthless government bonds (not just Irish) from banks. Will it push a bank over by making a margin call or looking for money back? Will banks ignore them if they come looking for money and litigate?

Re default there is presumably no point in defaulting until we have a surplus ignoring debt payments i.e. we can run country month to month without borrowed money.

It seems unlikely a bail out of Ireland will calm the markets so should we just wait until a bigger country is threatened and a deal has to be struck to avoid the whole thing falling over.


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 Post subject: Re: You're charging how much?
PostPosted: Tue Nov 23, 2010 8:20 pm 
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Philip Boucher Hayes sounded quite glum when he heard that rate. Me too!

I think the best we can do is hang on until someone big collapses and the PTB get real. So far, there is a total lack of reality about the whole thing.

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 Post subject: Re: You're charging how much?
PostPosted: Tue Nov 23, 2010 8:39 pm 
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€85 billion @ 7% over 9 years means to pay back the loan, we'd have to make payments of just over €1 billion a month. That can't be right.


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 Post subject: Re: You're charging how much?
PostPosted: Tue Nov 23, 2010 8:45 pm 
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yoganmahew wrote:
Philip Boucher Hayes sounded quite glum when he heard that rate. Me too!

I think the best we can do is hang on until someone big collapses and the PTB get real. So far, there is a total lack of reality about the whole thing.


You can't hang on . The whole future of the Euro is in the balance . Talks between FF and the IMF need to conclude within hours to reassure the markets .

http://www.theage.com.au/business/the-e ... 1849a.html

Quote:
WE'VE been here before: the financial markets get jittery, confidence drains away, signs of distress quickly develop into a full-scale bank run. No question: Ireland is facing its Lehman Brothers moment. With money being withdrawn from banks, the idea that the International Monetary Fund and the European Union can conduct leisurely negotiations with the Irish government is a fantasy. The next 24 hours will be vital — and not just for Ireland


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 Post subject: Re: You're charging how much?
PostPosted: Tue Nov 23, 2010 8:48 pm 
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I mean take the loan and hang on until we can default on something, somehow.

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 Post subject: Re: You're charging how much?
PostPosted: Tue Nov 23, 2010 9:05 pm 
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yoganmahew wrote:
I mean take the loan and hang on until we can default on something, somehow.



I acknowledge that you have a much bigger financial and economic brain than I do .

But if a bailout of a small country in the Eurozone like Ireland can trigger such worries about the Euro on the international markets , what effects would a default have ? Ireland does not matter . Its Spain that is the real concern . How much money do the IMF and the EU have in their back pockets ?

Ireland is currently in negotiations for the fight of its life with the with a load of hard boiled financial experts that is the IMF . These guys are used to dealing with third world deposts while Ireland's side consists of a sick barrister and a small town country solicitor .

Yogi , this is not a rebuttal . I am posing a question . If I was in Ireland , I would be buying gold or silver .

How can a small country that is part of a monetary union but with little political union , default ? It would lead to a currency crisis , Even in good times .


Last edited by everybody knows on Tue Nov 23, 2010 9:10 pm, edited 1 time in total.

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 Post subject: Re: You're charging how much?
PostPosted: Tue Nov 23, 2010 9:07 pm 
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everybody knows wrote:
yoganmahew wrote:
I mean take the loan and hang on until we can default on something, somehow.



I acknowledge that you have a much bigger financial and economic brain than I do .

But if a bailout of a small country in the Eurozone like Ireland can trigger such worries about the Euro on the international markets , what effects would a default have ? Ireland does not matter . Its Spain that is the real concern . How much money do the IMF and the EU have in their back pockets ?

Ireland is currently in negotiations for the fight of its life with the with a load of hard boiled financial experts that is the IMF , who are used to dealing with third world deposts while Ireland's side consists of a sick barrister and a small town country solicitor .

Yogi , this is not a rebuttal . I am posing a question . If I was in Ireland , I would be buying gold or silver .

And it is a good question.

Which is why some sort of resolution mechanism is urgently required. Until then, the ECB should state its willingness to operate as lender of last resort no matter the amounts, that insolvent banks will be resolved within national frameworks for the moment, perhaps that bank bondholder losses will be capped? And depositors??? And a framework for bad losses...

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 Post subject: Re: You're charging how much?
PostPosted: Tue Nov 23, 2010 9:10 pm 
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they can fuck off. These german €unts are getting irish taxpayers twice. Once for bank bondholders being repaid. And now they want to profit on the interest we pay to pay back their bondholders.

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 Post subject: Re: You're charging how much?
PostPosted: Tue Nov 23, 2010 9:13 pm 
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We are subprime.

We are going to the Start Mortgages of international lending, what did we expect?

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 Post subject: Re: You're charging how much?
PostPosted: Tue Nov 23, 2010 9:13 pm 
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Considering Ireland will just be just paying interest and letting the debt level continue grow for at least the next 4-5years until they get to the point of a balanced budget. At the 5 year point, with a 7% interest rate, the capital that then starts to need being repaid will have grown by > 40%.
Naturally, that just doesnt add up.

Cant see how it will be anything other than 5%, which is a painful enough rate.
If its less the Greeks will kick up a fuss, if its more we will wonder why Europe likes the Greeks more etc!


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