Tag Archives: Debt

httpv://www.youtube.com/watch?v=HANouuHrdVI&feature=player_embedded

“In 2007, our debt to GNP ratio was approximately 30%. By 2014, it will have ballooned to 145% – no developed economy can survive those levels of debt. Ireland has just about survived four years of austerity. Our debt levels directly linked to bailing out banks in Ireland and in Europe are now simply unsustainable.

Yet we are told that more of the same without any commitment to Eurobonds, Redemption Funds, or debt restructuring will solve our problems. It will not, and cannot and, given that our access to the ESM is tied into ratification of the Treaty, it is little short of blackmail.”

Marian Harkin MEP, today.

 

Ireland West MEP Marian Harkin Accuses European Council Of Blackmailing Ireland Over Fiscal Treaty (Politics.ie)


Alan Shatter and Michael Noonan at a press briefing this afternoon to announce the new rules, which are very, very Irish.

* People will be able to agree deals to write down mortgage debt as part of personal insolvency arrangements.

* However, such deals will require a majority of creditors such as banks to agree to deals on a case-by-case basis.

* These would be non-judicial settlement arrangements.

* The legislation would assist those in serious debt situations and help to ensure that, as far as possible, people would not lose their homes.

* People will either have to satisfy the courts or negotiate non-judicial arrangements between borrowers and lenders.

New Insolvency Rules To Cover Mortgages (RTE)

(Sasko Lazarov/Photocall Ireland)

MORE THAN half a million Irish people either cannot pay their bills or have nothing left to spend after meeting their monthly financial commitments, according to a survey published by the Irish League of Credit Unions today.

A further one million people have “very little” money to spend on anything other than essentials after bills are taken care of, the survey found.

The level of acute financial hardship being felt across the State is revealed in the league’s final “What’s Left” spending report of 2011.

Extrapolating from its survey of 1,000 consumers, the league found that 280,000 people or 8 per cent of the population say it is impossible to cover their bills each month, while 350,000 can pay their bills but have nothing left after doing so.

 

More than 50% of Consumers Struggling To Pay Bills On Time (Conor Pope, Irish Times)

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The general Government debt is to be written down by 2.3 per cent, or €3.6 billion, following the detection of an accounting error.

The Department of Finance said the National Treasury Management Agency (NTMA) had notified it of a double count brought about a change in its relationship with the Housing Finance Authority.

Eyes flick to calendar. Not April 1st. Tentative smirk.

State gains €3.6bn from ‘error’ (Irish Times)

pic (Hat tip: Sean Tully)

Paddy: “Sorry sor?”

Olli: “The debt thing. Doing a jolly good job repaying those banker debt things.”

Paddy: “Tankyousor”

Olli: “And at a punitive interest rate too!”

Paddy: “Tankyousor”

Olli: “Didn’t throw anyone in chokey though Paddy, did you?”

Paddy: “Ahnosor”

Olli: “Blighters all got away scot-free and handsomely rewarded too!  That must really irk you Paddy.”

Paddy: “I..sposeso…sor”

Olli: “Anyway, back to work.  Next bond repayment is in November and it’s a billion bloody dollars!”

Paddy: “Tankyousor” [reverses out, tugging forelock]

Europe to give us good mark in bailout report card (Independent)

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It wasn’t a financial plan. It was a tool:

 A Plan can improve your relationship. A good Plan is not just a spending plan; it’s a communication tool. Done right, a Plan can bring the two of you closer together as you identify and work towards common goals and reduce arguments about money. That’s got to be good for your sex life!

The 12 Reasons To Plan with Home Payments (Home Payments Ltd)

Call For Debt Management Legislation (Conor Pope, Irish Times)

(Sam Boal/Photocall Ireland)