Property prices are on the way back up!

Monty Burnz

goodie2shoes wrote: »

For the love of Jasus.

here is the EU summit press release,

"When an effective single supervisory mechanism is established, involving the ECB, for banks in the euro area the ESM could, following a regular decision, have the possibility to recapitalize banks directly. This would rely on appropriate conditionality, including compliance with state aid rules, which should be institution- specific, sector-specific or economy-wide and would be formalised in a Memorandum of Understanding. "

Nobody said the Northern countries were gonna sign a blank cheque. I mean how could you possibly expect Merkel to agree to that ffs!!!?
Do you have any concept of how real-politics actually operates?:(

But the Irish banks have already been recapitalised. Have you forgotten this already? The reason the ESM deal was hailed as great news for Ireland is because it was thought the Irish government might get back the money they put into the Irish banks, not because new money would be handed to the banks to dole out to the public:

By allowing the ESM to invest directly in failing banks and backdating the deal to include the Irish banks, Irish government debt stands to be reduced by up to €64bn.

That's a third of the projected year-end figure. Even if the ESM only assumes responsibility for the €43bn which the Irish government borrowed to pump into the banks rather than the €20bn which came from the National Pension reserve fund, the government debt would fall by almost one-fifth.

Of course, the latest news is that the net contributors don't even want the Irish state off the hook for that debt:

GERMANY, Finland and the Netherlands yesterday poured cold water on the Government's plans to use the European Stability Mechanism (ESM) to pay for the cost of bailing out our banks.

Finance ministers from the three countries issued a joint statement saying the ESM should not be allowed to use any of the €500bn fund to pay for previous bailouts.

So the ESM never had anything to do with pumping new money into the Irish banks.

I recommend that if you are struggling to follow this stuff, you should ask questions on the economics forum on Boards.ie - someone will usually be in a position to explain things to you.

Victor

latenia wrote: »

You're delusional.

goodie2shoes wrote: »

this clearly demonstrates why!

Constructive posts only please

Moderator

jmayo

Well a certain poster has decided that since we in the Accommodation and Property forum are not listening to their insightful opinions on the ressurection of the Irish property bubble they will move their tent over to After Hours.

If at first you don't succeed try again I guess.

Back on topic ...
does anybody have any idea how close to a realistic price register we actually are ?

Note I said realistic.