The Bank Bailout Will QUADRUPLE The Irish National Debt

digme

The banks bill will quadruple national debt levels to 155 billion euros or over 100,000 euros per household.
Moody's warns that it may downgrade Irish debt another notch, as the cost of the country's bank bailout continues to spiral, and the Irish economy falters.

Sweet mother of god this country is totally finished.

eoinbn

BS.

How can a €50bn bailout quadruple our national debt to €155bn? I assume the 'quadrupling' is coming from the fact that our national debt was ~€38bn at the start of the crisis and will have increased to ~€150bn by the end of this year.

digme

They will magically find new debt over the coming months,the banks are still not disclosing the true amount of our debt.

ei.sdraob

Whats 50 now?

1. our national debt as of now is € ~90 billion (89.6)

2. S&P estimate cost of bailouts and NAMA to be about € ~90 billion

3. our deficit is € ~20 billion (which coincidentally is close to the 22 billion welfare bill) a year for welfare and ps, government projections on reducing this are waaay too optimistic no way we could hit 3% of gdp target by 2015, having cuts in every budget from now for another 5 years


note: some of the money already borrowed (~10 billion?) in 1 above was paid out as part of 2, another bit handed to banks was IOUs on which these banks could come calling at any time for real money

Scofflaw

digme, this thread appears to be based on an entirely spurious premise. Think long and hard before doing this again.

moderately,
Scofflaw