Vinny B - 23/11 Should we tell Europe we cant afford it?

24-11-2010 12:25AM #1

http://www.tv3.ie/live.php
On after the break says the national debt will be over 200 billion
over 10 billion a year interest payments

Thats something fierce, crippling debt

Bob_Latchford · 24-11-2010 12:27AM

just posted that on other thread. Its an Iceland situation, its impossible to service with 2m taxpayers

123balltv · 24-11-2010 12:29AM

2m taxpayers paying back a possible 200 billion

we're in a sorry state

Bob_Latchford · 24-11-2010 12:34AM

Eurozone want 6.5%, IMF 5%. Wheres our friends in Europe?

digme · 24-11-2010 12:34AM

They're talking about this on Vincent Brown, sweet mother of god.
Default now !!!!!!!!!!!!!!!!!

doc_17 · 24-11-2010 12:35AM

Its not a question of should we tell them we can't pay as we actually can't pay them. Things are about to get interesting.

Slideshowbob · 24-11-2010 12:35AM

Just stated on Vincent Browne we need over 300bn

add it onto people's mortgages and pay back over time:

so how many mortgages in Ireland - 1m?

300,000,000,000
_____________ = 300k / mortgage to be added & repaid
1,000,000

would that work? another solution?

Bob_Latchford · 24-11-2010 12:37AM

This hole just keeps getting bigger. There must have been a cover up?

mallet head · 24-11-2010 12:37AM

Dont think they know what the hell they are on about on tv3 at the minute.

Ren2k7 · 24-11-2010 12:38AM

Sure why not make it a clean trillion while they're at it. After all, isn't that how much the fed and ECB are printing out of thin air these days. All it is really is ink on a ledger book

Dirk Gently · 24-11-2010 12:39AM

its like watching an auction. can I hear 400 billion?

Bob_Latchford · 24-11-2010 12:39AM

this is moving to fast. "Default territory"

Last week talks of bailout were fiction???

ntlbell · 24-11-2010 12:39AM

I'm dizzy, I can't seperate fact from fiction anymore the numbers and figures are just getting too big for my tiny little mind.

hotmail.com · 24-11-2010 12:40AM

This is certainly worrying listening to these panelists.

What happens if we default? Is this why deposits have been trickling out of AIB?

*Not an expert.

phill106 · 24-11-2010 12:40AM

Default now, whats the worse that can happen!
At the moment out great great grandchildren will still be paying this off.

Cavehill Red · 24-11-2010 12:41AM

It gets worse - the rate is apparently 7%

Seven per cent!!!

They gave to Greece at 5% let's recall.

This is beyond a joke. They really must be told where to go. This is a blatant attempt to put the Irish nation in servitude.

Scofflaw · 24-11-2010 12:41AM

Merged with other, slightly less hysterical threads.

moderately,
Scofflaw

Bob_Latchford · 24-11-2010 12:41AM

We have a gun to our own head and europes head. Its a hostage situation

Ren2k7 · 24-11-2010 12:41AM

We don't need 300 billion. The banks do. F**k em

Larrson · 24-11-2010 12:42AM

Oh i think they do.

anoble66 · 24-11-2010 12:42AM

I dont think there is any question now that we are going to have to default

Sir Oxman · 24-11-2010 12:43AM

Bob_Latchford wrote: »

We have a gun to our own head and europes head. Its a hostage situation

Yeah and we have the roll-over-bunnies negotiating our side.
If this is approved, this country is gone.

Mister men · 24-11-2010 12:44AM

Now we know why the Army and Gardai have been in constant riot control training for the last several weeks. Still are deposits are safe.:rolleyes:

oppenheimer1 · 24-11-2010 12:45AM

Their figures are fundamentally flawed and only serve to frighten people. We are currently carrying the banks debt at this very moment, but believe it or not the banks also have assets. The difference between the liabilities and the assets is whats important. Clowns like Lucy only serve to frighten people. We will not be on the hook for a quarter of a trillion euro.

To make it worse, Guirgev wants a scheme that lets those in NE (Like himself who very wisely bought at the top of the boom, Guirgev is by his own admission 40% in NE) to get relief. You couldn't make it up. Why do people listen to these talking heads?????

Bob_Latchford · 24-11-2010 12:47AM

how much assets do the banks have? It must be fraction of their liabilities

It is hysterical though listening to this. The worst banking crisis in the world ever????

hotmail.com · 24-11-2010 12:48AM

oppenheimer1 wrote: »

Their figures are fundamentally flawed and only serve to frighten people. We are currently carrying the banks debt at this very moment, but believe it or not the banks also have assets. The difference between the liabilities and the assets is whats important. Clowns like Lucy only serve to frighten people. We will not be on the hook for a quarter of a trillion euro.

Right but how much are the banks assets worth? Certainly not enough to cover the scale of debt. We owe at least 200 billion, at least.

Cavehill Red · 24-11-2010 12:49AM

Seven per cent interest on 85 billion on top of the interest on existing sovereign debt = how much exactly per capita per annum, I wonder?

Back of my envelope says somewhere in the region of 12 grand, but no doubt I'm way out.

Can anyone do better?

Cavehill Red · 24-11-2010 12:49AM

hotmail.com wrote: »

Right but how much are the banks assets worth? Certainly not enough to cover the scale of debt. We owe at least 200 billion, at least.

WE don't. The banks do. Time to sever the connection and let them float away, or sink.

hotmail.com · 24-11-2010 12:49AM

Bob_Latchford wrote: »

how much assets do the banks have? It must be fraction of their liabilities

It is hysterical though listening to this. The worst banking crisis in the world ever????

What is hysterical about it?

They did the adding and it came to roughly 300 billion. One panelist suggested that we need to default. It's hardly hysteria.

eigrod · 24-11-2010 12:50AM

oppenheimer1 wrote: »

Their figures are fundamentally flawed and only serve to frighten people. We are currently carrying the banks debt at this very moment, but believe it or not the banks also have assets. The difference between the liabilities and the assets is whats important. Clowns like Lucy only serve to frighten people. We will not be on the hook for a quarter of a trillion euro.

To make it worse, Guirgev wants a scheme that lets those in NE (Like himself who very wisely bought at the top of the boom, Guirgev is by his own admission 40% in NE) to get relief. You couldn't make it up. Why do people listen to these talking heads?????

Exactly. If there was stability, these guys will lose a fortune so it's in their interest to keep the hysteria to the forefront for some time yet.

oppenheimer1 · 24-11-2010 12:51AM

hotmail.com wrote: »

Right but how much are the banks assets worth? Certainly not enough to cover the scale of debt. We owe at least 200 billion, at least.

Yes but the banks assets are not entirely worthless unlike what Lucy would have you believe. Yes they have distressed assets and non performing loans, but the deal cut by the IMF that was revealed tonight was to sell off these loans with a loss sharing arrangement with the buyers, in order to reduce the size of the banks.

Why does Browne allow those "economists" to frighten people? I know fear is in high demand at the moment but its ridiculous.

Vinny B - 23/11 Should we tell Europe we cant afford it?

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