Ireland's reduced interest rate

Krusader

Ireland could get a reduced interest rate off the IMF/ECB, looks like they are scared with Greece set to default/leave the Euro. Is it enough though???

http://www.breakingnews.ie/ireland/report-euimf-to-reduce-bailout-interest-rate-504179.html

07/05/2011 - 18:46:33
It is being reported this evening that Ireland is to get a reduction on its bailout loan interest rate from the EU and the IMF.

The BBC, quoting unnamed sources, has said it is unclear how large the cut will be, or what concessions Ireland is offering in return.

It is understood the European Commission is recommending that Ireland receives a 1% reduction, which could save the taxpayer more than €400m in interest repayments.

The Department of Finance is playing down the report saying the interest rate reduction still has to be agreed by member states, and the matter will be discussed in due course.

Sinn Féin said the move demonstrates that the European Commission and European Central Bank believe that the current level of debt held by the Government is not sustainable.

Augmerson

Ireland, Spain, Greece, Portugal and Italy should all say they are ready to leave the Euro. Hold those ****ers in Berlin and Paris to a sword. And if they don't like it, INVADE US! Come on! See how you like occupying ****ING CARLOW OR TULLAMORE OR ATHLONE, AHAHAHAHA!

dizzywizlw

Of Course they are skirting around the issue a bit with this. What's needed is an EMF to intelligently engineer auctions of Debt such that countries on the periphery get 1/2 the rates on bond markets but countries like Germany get it cheaper of international markets.

We needs some serious moolah AND support, we're getting neither atm.

ilovesleep

Maybe we can use jedward to force their hand at reducing the interest rate more. Send jedward to europe and make them sing until mr. short ass sarkosys and merkels ears bleed. they will have to give in to us.

Crann na Beatha

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johngalway

The problem that we have is we only have one option besides accepting the bailout and/or tweaking it slightly. That is to purposely put our banking system into failure and reject the bailout. Then the ripples spread across Europe and the real hen's come home to roost in German and other large European banks.

The only drawback to that magnificent plan is, we would be left totally and utterly screwed, out on our lonesome without too many friends as they'd all be mightily pissed off at us.

Damned if we do, damned if we don't it seems.

Still though, could be worse Ted...

paddy0090

400m won't make one bit of difference. It was the banks, it is the banks it will be the banks.

Ali Babba

It's only a matter of time before we default anyway, this scale of debt is totally unsustainable for us.

pragmatic1

Doesnt make much of a difference. Dark days ahead.

mlumley

Veles wrote: »

You forgot Portlaoise :mad::mad::mad::mad::mad:

And Clonmel.:mad::mad::mad::mad:

ardinn

Augmerson wrote: »

Ireland, Spain, Greece, Portugal and Italy should all say they are ready to leave the Euro. Hold those ****ers in Berlin and Paris to a sword. And if they don't like it, INVADE US! Come on! See how you like occupying ****ING CARLOW OR TULLAMORE OR ATHLONE, AHAHAHAHA!

Carlow is right craic!! if we let them into Scraggs sure they'd never leave!

dlofnep

This was said a long time ago by David McWilliams, the ball is in our hands. If we threatened to leave the euro-zone, we'd get a reduction. And what happens? Nobody ever seems to listen.

A 1% reduction won't do us much in the broad scheme of things as our debt levels are still far too high.

Crann na Beatha

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ascanbe

Ali Babba wrote: »

It's only a matter of time before we default anyway, this scale of debt is totally unsustainable for us.

If we cop on and take control of our destiny we won't 'default. Refusing to pay a debt we are in no way culpable for should in no way be construed as a 'default'; if we continue as we are, though, our economy will completely collapse and we will default on soveriegn debt/debt we are actually responsible for.
We need to disown the bank-bailout that the previous government foisted upon us and investigate those who brought it to bear; and prosecute those who are found to have acted illegally.
Morgan Kelly had an excellent piece on the situation in today's Irish Times.
More and more posters on boards seem to be copping on to the truth of our situation; if this in any way reflects a shift in perception/understanding amongst the public in general, i believe we still have time to take the necessary measures to save ourselves.
Whether those in power realise what's going on and have the foresight/guts/will to do the right thing is another question; our ruling class may well be the the most important barrier to overcome.
No matter what happens, there are turbulent times ahead.