Author Topic: The Brexodus  (Read 353972 times)

john m

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Re: The Brexodus
« Reply #480 on: July 04, 2019, 12:56:39 pm »
Ireland has a "mountain of debt" that currently stands at €205 billion, some four times higher than it was in the 2000s, the Chief Executive of the National Treasury Management Agency (NTMA) has said.

Conor O'Kelly told the Public Accounts Committee that Ireland has paid €33bn in interest the national debt in the last five years, and €60bn in the last decade.

He has cautioned that "Ireland is not in a good position" when it comes to our national debt.

On a positive note, he welcomed Christine Lagarde's nomination as President of the ECB, as she is "considered to be a dovish" and the markets have already reacted positively to news of her impending appointment. He said: "The interest rate environment looks like it is going to remain low for the foreseeable future."

In his opening remarks to the committee, Mr O'Kelly said: "We have paid €33bn in interest over the last five years. This interest bill is enormous. We paid €60bn in interest over the last decade. That compares to €20bn in the previous decade. That is all to do with the elevated amount of debts rather than the rate of interest which a lot of people concentrate on."

He said that Ireland relies on foreign capital for 90% of its borrowings and he acknowledged that is "unusual" for European and global sovereigns. He said this leaves us "slightly more vulnerable than others in relation to financial markets."

He said the interest bill has moved down from €7.5bn to €4.5bn and this has occurred because of the interest environment created by the ECB.

On Ms Lagarde's nomination he said: "Since Christine Lagarde's potential appointment as ECB President interest rates have fallen very dramatically further. Over the last 48 hours there has been quite a dramatic move in bond markets to yields. She is considered to be a dovish, potentially, ECB President versus some of the alternatives and the market has reacted and moved rates even lower. So the interest rate environment looks like it is going to remain low for the foreseeable future.

"Because this extraordinary low interest rate environment happened when this environment had its greatest refinancing needs and at a time where the credit rating of the country was improving, those three things came together and that environment is what allowed Ireland save so much interest."

He said that Ireland's gross debt has remained unchanged since the financial crisis and stands at €205bn, and that is "four times what it was in the 2000s and I describe this as a mountain of debt".

"There is only one way to get down a mountain and is very slowly and very carefully and not take any alternative routes and not to go back up the mountain.

"We have to try and find a way to reduce this debt over time. It will only happen very slowly but we have got to stick to the path and do that because the risks to the country of having very high debt levels are the risks that any household or business would have of carrying high risk."

He said that Ireland's debt to Government revenue stands at 251%, one of the highest in Europe and our interest bill, even though it has come down, as a percentage of Government revenue stands at 6%. "That is still way higher than our European peers, even at today's interests, even with savings we have had, that is where it still ranks.

"Ireland is not in a good position from a debt point of view," he said.

Sinn Féin's David Cullinane asked: "Before the crash came it was about €40bn and it is now €205bn. So the vast majority of it is crash or austerity-related, either through bank recapitalisation or through servicing state expenditure."

Offline stonethecrows

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Re: The Brexodus
« Reply #481 on: July 04, 2019, 01:22:27 pm »
Could we stay in Europe and build a wall instead?


He who fears he will suffer, already suffers because he fears.

Offline Rat Catcher

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Re: The Brexodus
« Reply #482 on: July 04, 2019, 01:31:50 pm »
I was going to complement you on the literacy of your last contribution erm - probably the only time I made it past the first line of any of your contributions - until I read this bit:

"... the risks to the country of having very high debt levels are the risks that any household or business would have of carrying high risk."

Indeed, carrying high risk is a risky business... what absolute drivel.

john m

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Re: The Brexodus
« Reply #483 on: July 04, 2019, 01:34:37 pm »
I was going to complement you on the literacy of your last contribution erm - probably the only time I made it past the first line of any of your contributions - until I read this bit:

"... the risks to the country of having very high debt levels are the risks that any household or business would have of carrying high risk."

Indeed, carrying high risk is a risky business... what absolute drivel.

That statement comes fromthe Man charged with borrowing coin on behalf of the Nation .Intelectuals all of them .

Offline Rat Catcher

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Re: The Brexodus
« Reply #484 on: July 04, 2019, 01:37:09 pm »
Should we be encouraged that he knows that risk is risky or take comfort in the fact that we have faceless bureaucrats in Europe to protect us from ourselves?

john m

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Re: The Brexodus
« Reply #485 on: July 04, 2019, 02:02:44 pm »
They encouraged us to vote for the Fiscal Treaty Rodent limits what we can borrow as a proportion of our GDP plus the amount on NationalDebt any slow down in GDP and we are bolloxed written into the constitution .Income tax raises and spending cuts on the way .The Sodomite Prince cannot wrap himself in the Rainbow Flag anymore we are Fucked .We hade the highest retirement age 68 in the OECD you cant get fulldole until you are 25 .Thin edge of the wedge Rodent I recon they will lookfor another 400 euro in tax per person in the budget with increase in Property tax ,carbon tax reduction in deductables cuts to mortgage interest and pension contributions tax free allowances .If I was a Gambling Man I would not rule out the IMF taking over the running of the Country .Our debt was 40 billion before the crash we ponied up 60 Billion for banks ,Where did the other 100+ billion in debt come from .GET A GUN GET A BIG GUN .Im going full time trying to pay off my debts .The last recession snookup on us this one is charging straight at us and we know its coming .

Online silverbullet

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Re: The Brexodus
« Reply #486 on: July 04, 2019, 10:56:20 pm »
Ireland has a "mountain of debt" that currently stands at €205 billion, some four times higher than it was in the 2000s, the Chief Executive of the National Treasury Management Agency (NTMA) has said.

Conor O'Kelly told the Public Accounts Committee that Ireland has paid €33bn in interest the national debt in the last five years, and €60bn in the last decade.

He has cautioned that "Ireland is not in a good position" when it comes to our national debt.

On a positive note, he welcomed Christine Lagarde's nomination as President of the ECB, as she is "considered to be a dovish" and the markets have already reacted positively to news of her impending appointment. He said: "The interest rate environment looks like it is going to remain low for the foreseeable future."

In his opening remarks to the committee, Mr O'Kelly said: "We have paid €33bn in interest over the last five years. This interest bill is enormous. We paid €60bn in interest over the last decade. That compares to €20bn in the previous decade. That is all to do with the elevated amount of debts rather than the rate of interest which a lot of people concentrate on."

He said that Ireland relies on foreign capital for 90% of its borrowings and he acknowledged that is "unusual" for European and global sovereigns. He said this leaves us "slightly more vulnerable than others in relation to financial markets."

He said the interest bill has moved down from €7.5bn to €4.5bn and this has occurred because of the interest environment created by the ECB.

On Ms Lagarde's nomination he said: "Since Christine Lagarde's potential appointment as ECB President interest rates have fallen very dramatically further. Over the last 48 hours there has been quite a dramatic move in bond markets to yields. She is considered to be a dovish, potentially, ECB President versus some of the alternatives and the market has reacted and moved rates even lower. So the interest rate environment looks like it is going to remain low for the foreseeable future.

"Because this extraordinary low interest rate environment happened when this environment had its greatest refinancing needs and at a time where the credit rating of the country was improving, those three things came together and that environment is what allowed Ireland save so much interest."

He said that Ireland's gross debt has remained unchanged since the financial crisis and stands at €205bn, and that is "four times what it was in the 2000s and I describe this as a mountain of debt".

"There is only one way to get down a mountain and is very slowly and very carefully and not take any alternative routes and not to go back up the mountain.

"We have to try and find a way to reduce this debt over time. It will only happen very slowly but we have got to stick to the path and do that because the risks to the country of having very high debt levels are the risks that any household or business would have of carrying high risk."

He said that Ireland's debt to Government revenue stands at 251%, one of the highest in Europe and our interest bill, even though it has come down, as a percentage of Government revenue stands at 6%. "That is still way higher than our European peers, even at today's interests, even with savings we have had, that is where it still ranks.

"Ireland is not in a good position from a debt point of view," he said.

Sinn Féin's David Cullinane asked: "Before the crash came it was about €40bn and it is now €205bn. So the vast majority of it is crash or austerity-related, either through bank recapitalisation or through servicing state expenditure."
An utter Cunt:

https://www.independent.co.uk/news/world/europe/christine-lagarde-convicted-imf-head-found-guilty-of-negligence-in-fraud-trial-a7484586.html

Offline Bob Shillin

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Re: The Brexodus
« Reply #487 on: July 04, 2019, 11:13:07 pm »
Think she also criticised, wa it the Greeks fornot paying tax while she had a tax free salary Y/N?

One good thing about the propose Argy beef deal is that big Phil Irish water gobshite might not be re nominated by Leo.
"So look into the mirror, do you recognise someone, is it who you always thought you would become, when you were young?"

Offline Shallowhal

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Re: The Brexodus
« Reply #488 on: July 05, 2019, 11:58:41 am »
The rules only apply to us fools!!

john m

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Re: The Brexodus
« Reply #489 on: July 05, 2019, 01:44:16 pm »
IT STARTS ......Minister for Social Protection Regina Doherty is unable to guarantee any increase in the old-age pension in this year's budget because of the threat of a no-deal Brexit.

The minister refused to be drawn on what plans she has for social welfare increases, including the old-age pension, at a pre-budget forum in Castle today. The government has raised social welfare entitlements by €5-a-week in each of the last three budgets.

But with Brexit looming, Ms Doherty said she couldn't guarantee any increase in the budget this October. "No because I can’t guarantee the outcome of Brexit," she said. "So until we are sure of what we are dealing with next year I don’t think it would be wise to give anybody a promise at this stage, no."

She also warned that the annual €5 increases risked diminishing the value of the payments to those who in receipt of welfare entitlements. The Fine Gael TD said targeted increases would more more effective.

Offline Shallowhal

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Re: The Brexodus
« Reply #490 on: July 05, 2019, 01:49:37 pm »
Guarantee TD salary increases won't be affected.

john m

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Re: The Brexodus
« Reply #491 on: July 05, 2019, 01:56:19 pm »
Guarantee TD salary increases won't be affected.

TD pensions as most of them will lose their seats .Dont think Irish people realise the effect of Brexit will last a generation .Brexit will do more damage toIreland than a dozen nuclear bombs .We are fucked .Hal Im running for cover looking for a PAYE job but fat 57 year olds are not in big demand .

Offline Shallowhal

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Re: The Brexodus
« Reply #492 on: July 05, 2019, 02:36:07 pm »
I thought you were goin back to the tools John?

john m

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Re: The Brexodus
« Reply #493 on: July 05, 2019, 04:50:23 pm »
I thought you were goin back to the tools John?

Truthfully not capable of a hard days graft 13 years riving knocks the edge off you .Plus you need millions of certs now just to walk on toa site .

Offline Shallowhal

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Re: The Brexodus
« Reply #494 on: July 05, 2019, 09:30:33 pm »
Very true.....i find it hard to get my glass hammer or skirting ladder out of the shed these days!!

 


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