Does Ireland need a Jubilee?

Merrion · 12-11-2012 10:15pm #1

An interesting idea, the rolling jubilee fund are buying US debt at pennies in the dollar and tearing up the contracts - should Irish charities do something like this?

Could this even work here?

Big Bottom · 12-11-2012 10:20pm

What does that even mean?

reginald · 12-11-2012 10:24pm

mmm good question, that would be an ecumenical matter imo

Senna · 12-11-2012 10:36pm

Even for a basket case like Ireland, our debt is still being bought for high rates, nowhere near a couple of cents on a euro.

Rigol · 12-11-2012 11:07pm

so wait...we give the govt money.....so we don't have to give the govt money.

all while giving the govt money

Fr_Dougal · 12-11-2012 11:11pm

reginald wrote: »

mmm good question, that would be an ecumenical matter imo

Nope.

dj jarvis · 12-11-2012 11:14pm

if it was possible then why not do it , if the debt was bought for a cheap price

every little helps

Merrion · 12-11-2012 11:15pm

Rigol wrote: »

so wait...we give the govt money.....so we don't have to give the govt money.

all while giving the govt money

Ideally the charity or fund or whatever would buy some debt (this reducing the bank or government debt exposure) and relinquish the contract this freeing the debtor to allow them to become a functioning member of the economy again.

This in turn would reduce the default risk of all the other debts making them cheaper to service.

EoghanIRL · 12-11-2012 11:16pm

The little skangers and scum bags could go there

dj jarvis · 12-11-2012 11:17pm

Rigol wrote: »

so wait...we give the govt money.....so we don't have to give the govt money.

all while giving the govt money

i see what ya done there

but , you are missing out the social justice and solidarity side to this

does not matter who receives the money , it matters who's debt is cancelled ,
and if a random donation of 10 euro makes this a reality , then if you can you should

Wacker The Attacker · 12-11-2012 11:42pm

Merrion wrote: »

An interesting idea, the rolling jubilee fund are buying US debt at pennies in the dollar and tearing up the contracts - should Irish charities do something like this?

Could this even work here?

Who is going to pay for this exactly?