Why has National debt doubled in last 3 years?

Slideshowbob

http://www.financedublin.com/debtclock.php

Is it essentially because private debt has become public debt?

antoobrien

Slideshowbob wrote: »

http://www.financedublin.com/debtclock.php

Is it essentially because private debt has become public debt?

I just love bursting bubbles. That simplistic argument is just plain WRONG.

We've spent nearly €74 billion that we've taken in since 1/1/2008, which had to be borrowed. Of that a whopping €58 billion has nothing to do with the banks.

We've spent a measly €15.67 billion on the banks compared to the increase in debt (that's about 20% of the overall deficit from 2008 up to 31/10 this year).

Gee I wonder why the imf have come in:rolleyes:

Which debt figure is that clock using anyway - general government debt (which includes the promissory notes for Anglo) or national debt (just government spending debts)? That "clock" is either several billion too high (if using national debt) or several dozen billion too low (general government debt).

Dannyboy83

I remember having that in my signature in 2009, post crisis, when it was €78 billion.

If you look at the attached PDF:
http://www.financedublin.com/pdfs/GG_debt_NTMA_note_May_2011.pdf

Ireland’s General Government Gross debt – the debt of all arms of Government and the standard metric across the EU – was €148.1bn at the end of 2010. It is projected to increase to €173bn at the end of 2011. Based on Department of Finance forecasts for the Exchequer deficit as set out in the recently published Ireland - Stability Programme Update and projected interest costs from the NTMA, General Government debt is forecast to reach €203bn by 2015 (see table 1 below).

The increase in General Government debt of €24.9bn between 2010 and 2011 is projected
as follows:
Debits:
An Exchequer deficit of €18.2bn in 2011, including interest payments.

Conservative estimate of further borrowing of €10.0bn associated with the
Prudential Capital Assessment Review (PCAR) : gross PCAR cost of €24bn minus indicative burden sharing with junior bondholders and offset from liquid assets of National Pensions Reserve Fund (NPRF)

Local authority and other non-central government borrowing €0.4bn

Here are some other parts of the jigsaw:

A bit out of date, but you get the jist.......

Various economic indicators relevant to the crisis (€bn)



Again out of date, but helps with perspective.......