Now to tackle the Spend and we could be on the up

fliball123

After news broke late last night that all EU Finance ministers have agreed in a fairly big cut in the interest rates for the borrowings of all Countries (due to Italys slow decline into the sh1t). The EU have finally woke and realised that charging such rates that Ireland are getting is only increasing the risk of the EU going under. Noonan said that it will not only get a fairly good rate cut but all countries drawing funds will be on the same rate (no quid pro quo - so our Corpo tax is safe). Also the loan will be spread over a much longer period..It took Italy's imminent sh1tstorm for these people to wake up.

Now having said that if this country could only get its spend in order I think we could be well on the way to a recovery...Come on Enda get that scissors sharpened and keep cutting until spend comes back to what we are bringing in

RichardAnd

It is good news allright. I don't trust the europeans not to have another go at our corp tax rate, especially with the little man in france having an election to deal with next year.

Still, it's a step in the right direction.

Frank Black

Let's just tell Sarkozy that we'll cut the corpo tax rate to 10% the next time he even mentions it.

Dannyboy83

It's a step in the right direction, but I wouldn't say it's good news.

We are in a deep hole, and instead of pulling ourselves up out of it; we've been screaming abuse at the guy trying to throw us a rope.

The reason we are in this hole is because of Irish politicians, nobody else.
The reason we continue to remain in this hole is because of Irish politicians, nobody else.

ei.sdraob

Dannyboy83 wrote: »

It's a step in the right direction, but I wouldn't say it's good news.

We are in a deep hole, and instead of pulling ourselves up out of it; we've been screaming abuse at the guy trying to throw us a rope.

The reason we are in this hole is because of Irish politicians, nobody else.
The reason we continue to remain in this hole is because of Irish politicians, nobody else.

I am sorry but EU politicians are just as incompetent, 2 years and more and more countries are being sucked into the euro crisis with the ECB at the helm acting like a deranged captain, both spanish and italian bond yields are on a sharp rise this morning.
And there is still no plan or leadership, nothing.

fred252

can we hold off on hailing this news until we see the details?

thanks

Dannyboy83

ei.sdraob wrote: »

I am sorry but EU politicians are just as incompetent, 2 years and more and more countries are being sucked into the euro crisis with the ECB at the helm acting like a deranged captain, both spanish and italian bond yields are on a sharp rise this morning.
And there is still no plan or leadership, nothing.

I completely agree, was just looking at your post 10mins ago.

But the ECB could give us money at 0% interest, and unless Irish politicians are prepared to get it together, we are still screwed either way.

Irish politicians got us into this mess and (God Forbid) they will have to find a way to get us out of it (unless we hand over the controls to somebody else - it seems the IMF aren't interested)

ei.sdraob

Oh I am certainly not trying to excuse our shower, its just I am just as disillusioned with the European lot now. Lemmings walking off a cliff the lot of them.

irishh_bob

i hear the sound of the printing presses being reved up , the markets are down today , not impressed , the markets love quantitive easing , germany may have to give in eventually and settle for a degree of increased inflation

astrofool

I wouldn't be overly confident of us being able to make the necessary cuts, witness the hysterics over a single relatively small (and reportedly unsafe) A&E being cut. The new governments first "hard decision", I fear they won't have the courage to be able to follow through on the rest.

fliball123

well the detail will be trashed out tonight and basically it ticks the 3 boxes for me

box 1 a definate substanial cut on interest rates
box 2 a longer period to pay it over
box 3 the use of a Euro bond to help out with the existing debt

But as a poster said the devil is in the detail and we should know more after tonight

Debtocracy

fliball123 wrote: »

Now having said that if this country could only get its spend in order I think we could be well on the way to a recovery...Come on Enda get that scissors sharpened and keep cutting until spend comes back to what we are bringing in

This will never happen. Once an economy gets to debt saturation stage, it’s like being stuck in quicksand. Logically austerity should draw us out but it actually makes us sink deeper and deeper. There's no point going back to living like a poor country while retaining the debts of a rich country. Austerity without default in a debt saturated economy is simply masochism.

thebman

astrofool wrote: »

I wouldn't be overly confident of us being able to make the necessary cuts, witness the hysterics over a single relatively small (and reportedly unsafe) A&E being cut. The new governments first "hard decision", I fear they won't have the courage to be able to follow through on the rest.

Well the reason they ran into so much problems there is because they promised to keep it open (both coalition partners).

What this is a lesson in, is not promising things you know you can't deliver as it will affect your popularity.

Rather than explain to the people of Roscommon in a rational way why their opponents promises to keep the hospital open were lies, they jumped on the band wagon.

Whatever happened to politicians properly debating issues in the run up to elections? Seems the boom times left ours all promising to deliver the same dream world outcomes and then failing to deliver on them and doing the exact opposite leaving the public incapable of making an informed decision when they go to vote.

And people can say but sure they will lose to the populist but that is nonsense. If properly explained, most people are rational and will vote for the person who is making the most sense and if we don't really believe that, then we should stop pretending to want to have a democracy because lying your way in and doing the opposite once elected is not a sustainable political system.