How big will the loan be?

ff_epicfail

How big of a loan will Ireland take on in this "bailout" package? I have heard figures between €80 billion to €100 billion.

Bob_Latchford

heard the same.

How much will be Irelands total debt when it is added up?

ff_epicfail

http://www.financedublin.com/debtclock.php
According to this site it's over €90 billion.

I'm not sure if the new loan will be piled up on top of the current debt or if this loan will be used to pay of the current debt. Quite scary if Ireland would end up with more than €150 billion in debt.

Bob_Latchford

or 68k for each tax payer, the interest alone will be 3.4k per year per tax payer.

The numbers are huge and we dont know how big they will get

Atlantic Dawn

I'd say €150 billion to fix things with the banks and perhaps €50 billion to the state to run things for the next 4 years.

ei.sdraob

Probably a better question to be asking what % the loan

best case scanario a 5% of lets say 100bln

thats a whoopoing 5 bln interest :eek: yep all these cuts just to service interest, the country and the people would become <even bigger> debt slaves

BingoMingo

ei.sdraob wrote: »

Probably a better question to be asking what % the loan

best case scanario a 5% of lets say 100bln

thats a whoopoing 5 bln interest :eek: yep all these cuts just to service interest, the country and the people would become <even bigger> debt slaves

It is bad I know but it is not that simple.

Remember most of this money ends up in the banks and is on lent to Joe Public in huge mortgages which he pays interest on.
Also the Govt gets 1bn a year from the banks (itself I suppose) as a fee for the guarantee.The money goes round in convoluted loops.

The banks are all nationalised (BOI will be after this). Their profits from now on will come back to the Govt. They will return to profit if they are
properly stabilised. It this happens in 4 or 5 years the Govt will get dividend flows and eventually be able to sell their shares off at a substantial profit.

(That's the theory anyway. No doubt the Govt will screw this part up as well!).

If it makes the banks stable and profitable again we can get out of it without losing our sovereign shirt.
(other than the Anglo money).

The worst thing is to just keep the banks on life support-drip feeding them to stay alive, which is what has been happening up to now.

ei.sdraob

Whatever money is given to the banks will flow straight out of the country.

throwing more borrowed money will not fix our problems.

femur61

I've heard between €90 and €150 bn:eek: On TV3 news yesterday it was reported that PS pay wouldn't be touched and the CP agreement wouldn't be tampered with.

andrewire

I heard the same too. What is worse is the fact that most of that money will go down the toilet when it is poured into the banks.

ei.sdraob

femur61 wrote: »

I've heard between €90 and €150 bn:eek: On TV3 news yesterday it was reported that PS pay wouldn't be touched and the CP agreement wouldn't be tampered with.

If that is the case then this country is truly ****ed