Irish Economy - Do we understand how bad the situation is?

DonJose · 10-11-2010 03:23PM #1

Does the average Irish person understand the incredible situation we are in at the moment. Depending on who you believe, market analyst's or the government, we have enough money to last 60 days or until June 2011.

60 days scenario
http://www.bloomberg.com/video/64352822/

June 2011 scenario
http://news.yahoo.com/s/ap/20101110/ap_on_bi_ge/eu_europe_financial_crisis

The frightening story is todays 10 year Irish bond. It now stands at 8.422, it had risen as high as 8.47, thats up 6.083% today alone.
http://www.bloomberg.com/apps/quote?ticker=GIGB10YR:IND

So basically we are just weeks or months away from the EU or IMF stepping in, its a sad day for Ireland!!!

Duggy747 · 10-11-2010 03:25PM

Can't we talk about puppies for a change?

Ali Babba · 10-11-2010 03:26PM

Most people on here are in denial for some time now and probably will be forever, all you have to do is look and see the amount of people who do and will support Fianna Fail. It's the likes of them should also be held responsible for this mess to a certain extent too.

amacachi · 10-11-2010 03:29PM

If the budget doesn't get through we're done. Come April we're out of money and no-one to give it to us. Well done everyone.

gbee · 10-11-2010 03:31PM

Ali Babba wrote: »

Most people on here are in denial for some time now and probably will be forever,.

Ye, we had a girl on yesterday and she posted "La De DA..La De DA..La De DA..La De DA..La De DA..La De DA..La De DA..La De DA..La De DA..La De DA..La De DA" when someone was trying to explain.

So yes you are correct.

DonJose · 10-11-2010 03:34PM

The 10 year bond looks like hitting 9% today!!! Currently at 8.490, up 6.940% today alone. Looks like there is a run on the country as I type.

http://www.bloomberg.com/apps/quote?ticker=GIGB10YR:IND

FatherLen · 10-11-2010 04:00PM

please just stop talking about the economy in AH. even for a day.

Chairman Meow · 10-11-2010 04:01PM

DonJose wrote: »

The 10 year bond looks like hitting 9% today!!! Currently at 8.490, up 6.940% today alone. Looks like there is a run on the country as I type.

http://www.bloomberg.com/apps/quote?ticker=GIGB10YR:IND

Woo hoo lookatit go!!! C'MON FINANCIAL RUIN!!!

ejmaztec · 10-11-2010 04:06PM

Duggy747 wrote: »

Can't we talk about puppies for a change?

We'll be eating puppies soon.:(

Sykk · 10-11-2010 04:12PM

Oh look, an economics thread.. Not seen one of these in about 4 minutes.

Victor McDade · 10-11-2010 04:17PM

ejmaztec wrote: »

We'll be eating puppies soon.:(

Are we all being shipped out to Korea?

the keen edge · 10-11-2010 04:23PM

Ali Babba wrote: »

Most people on here are in denial for some time now and probably will be forever, all you have to do is look and see the amount of people who do and will support Fianna Fail. It's the likes of them should also be held responsible for this mess to a certain extent too.

I don't get how people, in general, are so unaware or just dont seem to care, of how much of a financial **** hole Ireland is in.

The time pasted years, not months, ago when people should of being taking notice of what our governmental leader's were ridiculously calling scaremongering!

The tide has gone out now, and we are clearly standing there without any trousers on.

Sea Sharp · 10-11-2010 04:23PM

We should cut 40bn in the budget and be able to say: "Hah, we don't need your stupid money bond holders."

maxwell smart · 10-11-2010 04:24PM

I think the problem is that some people don't understand the reason the bond market is running so high. There are lots of CFD's (Contract for Differences) at play on Irish bonds and these are driving the price higher, and as we are not actually in the market, the bond dealers can pitch them at very high rates today hoping that a 0.1% increase tomorrow will mean they can flip them without having to pony any money up front.
The real fun is when we go back into the markets. Lets say we go back for 10 billion and we are offered 8%. If we refuse the guys who betted on a CFD for a really high figure are screwed.
So if we went back early when we still had some reserves we could play a game of poker with these guys. It's just a very high stakes game.

partyatmygaff · 10-11-2010 04:24PM

Irish Economy - Do we understand how bad care?

Personally I don't. I didn't cause it and I and most others for that matter have no influence whatsoever on its performance. Moaning and complaining about the economy every waking moment is wasting your life.

mikom · 10-11-2010 04:28PM

https://www.youtube.com/watch?v=ZR6wok7g7do

mikemac · 10-11-2010 04:30PM

I don't stress over things I can't control

Well I used to and that's how I got my username

Sungodbr · 10-11-2010 04:34PM

I predict a riot!

DonJose · 10-11-2010 04:34PM

feelingstressed wrote: »

I don't stress over things I can't control

Its not about being stressed over things you can't control, its about being aware of the situation and planning ahead. If the EU/IMF have take control we are looking a totally different lifestyle to what we are/were used to.

10-11-2010 04:38PM

partyatmygaff wrote: »

Irish Economy - Do we understand how bad care?

Personally I don't. I didn't cause it and I and most others for that matter have no influence whatsoever on its performance. Moaning and complaining about the economy every waking moment is wasting your life.

Thanks, thanks, thanks and thanks again!

jodaw · 10-11-2010 04:40PM

maxwell smart wrote: »

I think the problem is that some people don't understand the reason the bond market is running so high. There are lots of CFD's (Contract for Differences) at play on Irish bonds and these are driving the price higher, and as we are not actually in the market, the bond dealers can pitch them at very high rates today hoping that a 0.1% increase tomorrow will mean they can flip them without having to pony any money up front.
The real fun is when we go back into the markets. Lets say we go back for 10 billion and we are offered 8%. If we refuse the guys who betted on a CFD for a really high figure are screwed.
So if we went back early when we still had some reserves we could play a game of poker with these guys. It's just a very high stakes game.

We are a nation of gamblers right? We love our horses and playing high price property speculation games. We are fecked either way. So why not just take everything we have left including the NPRF. And short the CFD's pocketing the profits of the longs when we hit their stops

I mean one of our most successful business men "Quinn", thought i would be a great idea to risk billions.

flyton5 · 10-11-2010 04:42PM

No I don't think we do. Please, do enlighten us. :rolleyes:

jodaw · 10-11-2010 04:43PM

partyatmygaff wrote: »

Irish Economy - Do we understand how bad care?

Personally I don't. I didn't cause it and I and most others for that matter have no influence whatsoever on its performance. Moaning and complaining about the economy every waking moment is wasting your life.

I think you could be moaning when you are walking to the shops with a wheelbarrow full of Eire-Euros for a slice pan!!! Still dig your head in the sand the future will never happen. :rolleyes:

JONJO THE MISER · 10-11-2010 04:51PM

Ive came on here before saying how bad things would get and advising to stock up on food and basic supply's but i was laughed at:rolleyes:

partyatmygaff · 10-11-2010 04:53PM

jodaw wrote: »

I think you could be moaning when you are walking to the shops with a wheelbarrow full of Eire-Euros for a slice pan!!! Still dig your head in the sand the future will never happen. :rolleyes:

The economy's a fickle thing. I've got much more important things to worry such as my LC. Things that I have no control over aren't worth worrying about.

jodaw · 10-11-2010 04:53PM

JONJO THE MISER wrote: »

Ive came on here before saying how bad things would get and advising to stock up on food and basic supply's but i was laughed at:rolleyes:

Clever man. One thing we can be sure of in the system that we operate, history repeats itself.

Check out them survival seed packs too. Heirlooms

And also one on those bunkers that Del Boy and Rodney had

DonJose · 10-11-2010 04:54PM

JONJO THE MISER wrote: »

Ive came on here before saying how bad things would get and advising to stock up on food and basic supply's but i was laughed at:rolleyes:

Yeah and I bumped that thread.

the keen edge · 10-11-2010 04:55PM

JONJO THE MISER wrote: »

Ive came on here before saying how bad things would get and advising to stock up on food and basic supply's but i was laughed at:rolleyes:

Honestly, do you think it could possibly get to that stage, as in food shortages?

It couldn't, could it?

partyatmygaff · 10-11-2010 04:56PM

the keen edge wrote: »

Honestly, do you think it could possibly get to that stage, as in food shortages?

It couldn't, could it?

If it did, you wouldn't be reading about it here on the internet anyway...

Diapason · 10-11-2010 04:56PM

the keen edge wrote: »

Honestly, do you think it could possibly get to that stage, as in food shortages?

It couldn't, could it?

Nah, there'll be enough cheese to go round.

jodaw · 10-11-2010 04:56PM

partyatmygaff wrote: »

The economy's a fickle thing. I've got much more important things to worry such as my LC. Things that I have no control over aren't worth worrying about.

The way things are going your LC will be the least of your worries. Still, in reality it is not you that created this crap. If i were you i would be seriously pissed off about this country and what the greed of the older generations achieved

Irish Economy - Do we understand how bad the situation is?

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