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?

amacachi

sligopark wrote: »

What has happened other countries that have previously defaulted?

If we were willing to start over with massive paycuts and fall in the standard of living then it could be done, but SF insist they would cut nothing.

marcsignal

SEPT 23 1989 wrote: »

Where is the money gone?

https://www.youtube.com/watch?v=mcPDHkX1qWA

thebaz

is it any wonder, when the boss of the main offender couldn't manage his own affairs -

http://www.irishtimes.com/blogs/business/2011/02/15/drumm-struggled-to-balance-household-budget/

this is the man, who is going to sue us, for stress ....

God help us, cause Enda sounds as convincing to me , as a drunken Mr. Cowen

W.Shakes-Beer

W.Shakes-Beer wrote: »

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

Sure we can! Doing a Weimar will solve the problem soon enough, €500Bn, we'll pay it back in postage stamps.

BLIZZARD7

sligopark wrote: »

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.

This dosent prove that sinn fein's figures add up though, they don't. How are sinn fein supposed to pay the civil servants and run the country without anymore cuts and without an EU/IMF loan?? Those figures don't add up.

And hate to tell you this but Irish citizens effectively own the banks which also includes their debt. We can't just ignore the debt and hope it goes away, it simply won't work. I don't really know how we are going to get out of this mess but i do know that sinn fein in government won't help us.





Dan :cool:

Jesus Wept

It's amazing that any citizen believes that the irish public should be liable for these debts.
They are bank debts.

The-Rigger

The-Rigger wrote: »

It's amazing that any citizen believes that the irish public should be liable for these debts.
They are bank debts.

That the government, in it's infinite wisdom, "bought for the people".

ilovesleep

The-Rigger wrote: »

It's amazing that any citizen believes that the irish public should be liable for these debts.
They are bank debts.

There were bank debts, but FF (the dirty fcukers) made the bank debts our debts.

The-Rigger

The-Rigger wrote: »

It's amazing that any citizen believes that the irish public should be liable for these debts.
They are bank debts.

I've never seen it so simply put.... It's infuriating.

Seaneh

Telling the EU/IMF to get stuffed would ruin us, we'd never be trusted again, nobody would invest here, blah blah blah :rolleyes:

Yeah, just like Iceland, who are in such bad shape now.
Oh, wait, no, they have economic growth, already.

The state debt has to be paid, that much is true, but tell the banks to get ****ed and look after the own house, Anglo are serving nobody but their shareholders, let it die and let the shareholders take the hit.

We are going to default anyway, might as well do it now and spare ourselves the misery.

rorymcgrory

ilovesleep wrote: »

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.

Ah come on, its not that bad!. Things are picking up slowly. We ll be back on our feet in a couple of years.

Head down and dont about it. No ones going to be without electricity

ilovesleep

rorymcgrory wrote: »

Ah come on, its not that bad!. Things are picking up slowly. We ll be back on our feet in a couple of years.

Head down and dont about it. No ones going to be without electricity

That was my answer to what if ireland defaults. When ireland defaults I have visions that we'll go back to how our grandparents grew up - earning a few pounds a day perhaps, if we're lucky. And that money wont buy you ****.

danbohan

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.

yes , the week after the 500k were kicked out things were looking grand , then the 3 million irish passport holders abroad that were kicked out of the countrys they were living in came home and a massive fist fight developed , lynch mobs were looking for a guy called creepingdeath who had come up with the idea in the first place

squod

https://www.youtube.com/watch?v=6YVPW9W-f8A

Next webinar starting at 9.50 am with Ronan Lyons

http://www.facebook.com/ThePeoplesEconomy

hal9000

easyeason3 wrote: »

So what happens if Ireland defaults?

Achievement unlocked "Busted Nation" 10G

Notorious97

easyeason3 wrote: »

So what happens if Ireland defaults?

We all go to France and German and sponge off their welfare, claw our money back that way :pac:

dilallio

Sitec wrote: »

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

You might not have to repay this.

In a galway court last week, the judge ruled that a man who owed BOI over 8 grand, didn't have to repay the money

until he wins the Lotto!

http://www.galwayindependent.com/local-news/local-news/pay-loan-when-you-win-the-lotto/

galah

say what now?

Is there more to this story that the newspaper isn't printing, or was the judge blind-drunk at the time?

JimmyCrackCorn

easyeason3 wrote: »

So what happens if Ireland defaults?

Its not a case of if its a case of when.

Fianna Fail have deliberately structured things so it really goes tits up after the elections.

Nama property will be dumped on the market levelling the property market.

Those who have mortgages will have to pay
Those that dont wont get a mortgage

Implementation of further cuts to government and civil service are necessary with the possible scrapping of the croke park agreement. No one has the necessary to re-structure local government from the ground up effectively firing everyone and turning it into a modern meritocracy with accountability like the private sector.

The continued lack of credit to small business means more job loss

Longer dole queues means more tax.

Further re-capitalisation of banks if we choose to go down that road.

Forget recession here comes the next great depression. It is going to get 100 times worse before it gets better.


Scare yourself with a little math.

Amount in imf loan + interest / no of people = how much each individual owes

Fratton Fred

JimmyCrackCorn wrote: »

Its not a case of if its a case of when.

Fianna Fail have deliberately structured things so it really goes tits up after the elections.

Nama property will be dumped on the market levelling the property market.

Those who have mortgages will have to pay
Those that dont wont get a mortgage

Implementation of further cuts to government and civil service are necessary with the possible scrapping of the croke park agreement. No one has the necessary to re-structure local government from the ground up effectively firing everyone and turning it into a modern meritocracy with accountability like the private sector.

The continued lack of credit to small business means more job loss

Longer dole queues means more tax.

Further re-capitalisation of banks if we choose to go down that road.

Forget recession here comes the next great depression. It is going to get 100 times worse before it gets better.


Scare yourself with a little math.

Amount in imf loan + interest / no of people = how much each individual owes

I don't think it makes any difference if Ireland takes the list not (it is only a safety net BTW, Ireland has the option to borrow elsewhere cheaper, if it can) I can still see this happening.