Irish banks owe 500 Billion to European Banks

ilovesleep

Its reported in politics.ie that irish banks (which are now state owned) owe 500 Billion to European Banks.

Sinn Fein aren't all that cookoo after all. Its only a matter of time before Ireland defaults.

easyeason3

So what happens if Ireland defaults?

galwayrush

Yep, looks like we'll pay a fortune in intrest and repayments until the day when we will default.

mike65

But most of that is money that German banks lent on a punt, they should be burrrrrrrrrrrrrrrrrrrrrnnnnnnnnnnnnnnned for being bad gamblers! Mwah mwah mwah etc.

CreepingDeath

ilovesleep wrote: »

Sinn Fein aren't all that cookoo after all.

I wouldn't go that far.
They want to raid the national pension fund and spend it all for a year.
Then they would have to go begging for money from the EU.
Unless they propose we perform Tiger/Viking raids on other countries for money as needed.

Why don't they suggest something more sensible like kick out the 500,000 immigrants who Fianna Fail let in.
That would certainly help the unemployment figures.

Dravokivich

500 billion eh?

hmmm... how about we just freeze the country for 30 years... then become international money launderying terrirosts when we thaw out, threaten to hold the world to ransom for what would then be a "paltry" sum of 500 billion... get the laughs out of the way and carry on?

phasers

Mike... are you making kissy sounds?

R0ot

easyeason3 wrote: »

So what happens if Ireland defaults?

We become people who hate the greatest two words in the English dictionary de fault..... :pac:

SEPT 23 1989

Where is the money gone?

AlmightyCushion

CreepingDeath wrote: »

I wouldn't go that far.
They want to raid the national pension fund and spend it all for a year.
Then they would have to go begging for money from the EU.
Unless they propose we perform Tiger/Viking raids on other countries for money as needed.

Why don't they suggest something more sensible like kick out the 500,000 immigrants who Fianna Fail let in.
That would certainly help the unemployment figures.

You do realise 500,000 people leaving would destroy the country. Less taxes and less rent being paid. The companies that provide these half a million people with goods and services would more than likely have their businesses decimated and would either fire a load of people or close down. Kicking out 1/9th of our countries population is a daft idea.

Retrovertigo

Sitec wrote: »

I owe 10k and don't have a job.:p

Well aren't you just awesome.

ilovesleep

easyeason3 wrote: »

So what happens if Ireland defaults?

Its going to be horrific. Massive unemployment. Extreme poverty.
A new currency that will be worth nothing.
Imports coming into the country would be extremely expensive, like an ipod could cost 10 times what its worth now. I have visions that we wont have electricity.

Argentina defaulted back in 2001 and theres 60% on the poverty line.

Latchy

easyeason3 wrote: »

So what happens if Ireland defaults?

Can four and half million people be evicted from an Island ?

galwayrush

Latchy wrote: »

Can four and half million people be evicted from an Island ?

Most will have left by then.....

epgc3fyqirnbsx

We're retarted, if we just took that hundred billion that we borrowed and spent it all on manufacturing penny sweets we could probably make a few trillion penny sweets, sell them all around Europe make the money back then bobs your uncle, pay the banks and have profit and lots a sweets

squod

http://newvision.ie/wordpress/media/

1 The separation of Bank debt and Sovereign debt
2 A viable workable strategy to create and retain jobs
3 The overhaul of the Political, Public & Civil Service
4 A better deal for our Energy and Natural Resources.

Senna

easyeason3 wrote: »

So what happens if Ireland defaults?

The country will basically stop functioning. Only hope would be Bob Geldoff doing another Live Aid for the Irish people.

squod

No-one has answered the question of who will lend us the bluddy money anyway. If we owe €250bn+ and we are borrwing ~€80bn from the IMF

eh

250-
080
___
170

mickydoomsux

So when is the sky actually going to fall?

It's been going on three years now and the economy has already hit rock bottom and slowly started to recover. Unemployment has bottomed out. We're not getting another "boom" (thank fuck). Things are just going to be :eek: normal :eek:

W.Shakes-Beer

Couldn't they just print more money? :pac:

Latchy

galwayrush wrote: »

Most will have left by then.....

Maybe the Chinese will move in , install nuclear missiles down in Laois and we''ll have another stand off like the USA / Cuba / Russia crisis

China /Ireland / USA / missile crisis

/ writes that scenario out of the final script

squod

W.Shakes-Beer wrote: »

Couldn't they just print more money? :pac:

http://www.businessinsider.com/ecb-allows-ireland-to-counterfeit-51-billion-euros-2011-1

Funny you should mention that.......

Nate--IRL--

CreepingDeath wrote: »

I wouldn't go that far.
They want to raid the national pension fund and spend it all for a year.

Already raided, about €4bn left IIRC.

Nate

Gummy Panda

reading through that thread on politics.ie seemed to say its not as simple as €700 billion. One of the posts:

These figures are absurd and have no basis in reality. Have a read of this.

Economic Incentives: Bank Liabilities and “Big European Banks”

Irish banks owe non-residents €189 billion. This is the total for all domestic banks. The total for the six guaranteed banks will be lower. Liabilities to the ECB are €94 billion. Irish residents are owed €458 billion by the banks (including the c. €50 billion ELA to the Central Bank).

Of the €189 billion owed to non-residents all bar €21 billion has data that divides this between eurozone and rest of the world residents. Irish banks owe eurozone residents €26.3 billion (plus some portion of the unallocated €21 billion). Quoting figures running to hundreds of billions is pure scaremongering.

63% of the total liabilities of Irish banks are owed to Irish residents. This story of bailing out European banks is a bit of a red herring.

mickydoomsux

Sitec wrote: »

I actually think I am considering I was made redundant, am back in college up skilling and still paying my loan mr bigshot.

How dare you try to make the best of a bad situation!

You're supposed to sit on the dole and complain ad nauseum about your plight while doing little to nothing to improve your lot!

grrrrrrrrrr

Latchy wrote: »

Can four and half million people be evicted from an Island ?

The English tried to clear 8 million of us and failed. And this time we have 150k polish hostages

sligopark

We/Ireland cannot bailout the gambling debts of european and worldwide banksters in order to prop up the dream of EU socialism and its makey uppy currency the Euro just to keep France and Germany happy.

Perhaps its time for politicians to consider selling a way into the Euro currency market to the chinese by borrowing from them instead - they would be delighted.

What has happened other countries that have previously defaulted?

I have to laugh at folk who cry out that Sinn Fein haven't done the math and their figures don't add up - best of which comes from Brian Lenihan - 'it'll be the cheapest bailout in history @ €4.8 billion' then followed by '€10 billion' quickly followed by €15 billion, €35 billion, then we have to take over AIB too, followed by a EU/IMF €100 billion loan that now Alan Dukes reckons we will have to borrow another €15 billion from.....

Whose figures don't add up?

At least one political party is willing to stand up for the ordinary irish citizen and instead of turning them into EU serfs.

You know they are talking something right when Ben Dunne is talking them up for his vote.

Irish banks owe European Banks €500 billion not Irish citizens.

F_ck the banks and f_ck those politicians who are gladly willing to sell us out.

Latchy

grrrrrrrrrr wrote: »

The English tried to clear 8 million of us and failed. And this time we have 150k polish hostages

Pity we couldn't throw the polish in with the final bill or trade them for off for extra cheese .

squod

Gummy Panda wrote: »

63% of the total liabilities of Irish banks are owed to Irish residents

Does it mention who it is? I'd imagine a large portion of those people are speculators, gamblers and developers. Does it suggest sorting through those debts to find the ones we should pay or part pay? Credit Unions, pension schemes etc.....

For the past three years there's been no clarity given by any of the political parties in all of this.

Liam Byrne

mike65 wrote: »

But most of that is money that German banks lent on a punt...

Since it's AH, I'll bite....


.....the punt is long gone!

Sanjuro

Ah, fuck it. It's only numbers on a computer. What's the ECB gonna do? Come over here and break the thumbs of everyone in the country?