Tag Archives: Bank Debt

And that’s not all

Justin Moran writes:

Saw these stats’s in [Unite trade union economist) Michael Taft’s latest blog, and thought it might be worth sharing. Not to be read unless you’re prepared to spend the rest of the day deeply depressed.

Ireland makes up 0.9 percent of the EU population

The Irish economy makes up 1.2 percent of EU GDP

Ok, we’re small. So how much of the entire European banking debt have we paid?

The Irish people have paid 42 percent of the total cost of the European banking crisis.

*thud*

A Really Really Special Case Requires a Really Really Special Solution (Michael Taft, Notes on the Front)

 

Taoiseach Enda Kenny yesterday told an important group of politicians in Bavaria that a deal on bank legacy debt would be a one-off for Ireland and would not set a precedent.

So we’re clear on that, then?

CSU officials declined to comment in detail on ongoing bank debt talks, though CSU leader Horst Seehofer said it was important to agree “the necessary additional measures to ensure reform success”.

“As long as they stick to their reform path, it’s justified to support boosting jobs and growth,” he said.

Ri-iiight.

Taoiseach tells Merkel allies deal on Irish bank debt would not set precedent (Derek Scally, Irish Times)

(Laura Hutton/Photocall Ireland)

The Market Oracle is a daily newsletter that provides “analysis from over 600 experienced analysts on multiple views of the probable direction of the financial markets”.

Here’s their post-fiscal vote critique:

“Ireland has just frightened [its people] into voting in favour of austerity for continuing euro-zone bailout cash. The facts are that Ireland’s banks have bankrupted Ireland and Ireland remains PERMANENTLY reliant on Euro-zone bailout funds to keep it’s economy just flat-lining. The Irish people are in a state of denial, they just cannot comprehend the fact that Ireland is bankrupt. Until the Irish people realise this fact then Ireland will continue to suffer indefinitely as periodically it’s bankrupt banks will declare MORE hidden losses and request MORE bailouts of a country that is broke and Ireland will then have to agree to even more austerity if it is to be in receipt of its NEXT German bailout on top of the Euro 67 billion to date.”

Oh.

Thanks, Market Oracle.

The Pain in Spain Flashes Financial Armageddon, Inflation Wars (The Market Oracle)

Earlier: Did A ‘Yes’ Vote Improve Our Credit Rating?

Pic by PJ Sheedy