Regulation failed.
I thought the problem was that the banks actually paid all their borrowings back when many suggested they shouldnât.
Itâs worth bearing in mind that the Greek crisis had no significant internal shock causing it. Their banks didnât fail like the US, Ireland, Iceland etc.
Their massive debt to GDP is purely a result of horrendously bad fiscal management. Including fraudulent economic returns over multiple years.
For example the actual cost of the 2004 Olympics is estimated at around 4 times the stated cost.
[QUOTE=âJulio Geordio, post: 1081164, member: 332â]Itâs worth bearing in mind that the Greek crisis had no significant internal shock causing it. Their banks didnât fail like the US, Ireland, Iceland etc.
Their massive debt to GDP is purely a result of horrendously bad fiscal management. Including fraudulent economic returns over multiple years.
For example the actual cost of the 2004 Olympics is estimated at around 4 times the stated cost.[/QUOTE]
They even stopped paying taxes recently in expectation of a re-negotiation.
The banks paid fuckall back, the taxpayer paid
Letting them all fail would have wiped your savings as well though.
In an ideal scenario we would have saved PTSB, BOI, AIB and EBS and let Irish Nationwide & Anglo fail.
In time weâll probably get our money back for that lot.
Itâs easy in hindsight of course.
The banks repaid their bondholders and then the gov invested into them to stop them collapsing.
Nonsense, the bondholder were,and still are, being paid with taxpayer monies
[QUOTE=âJulio Geordio, post: 1081169, member: 332â]Letting them all fail would have wiped your savings as well though.
In an ideal scenario we would have saved PTSB, BOI, AIB and EBS and let Irish Nationwide & Anglo fail.
In time weâll probably get our money back for that lot.
Itâs easy in hindsight of course.[/QUOTE]
Not that much foresight was needed to know that anglo and INBS were not of systemic importance
Agreed on the others
I said the banks repaid their debt - which is correct. The taxpayer had to invest (using borrowed money) and buy assets from them (NAMA) to allow them to repay that debt. As you and Julio point out, this made sense for BOI/AIB etc but not for Anglo.
Its just deckchair shuffling, long story short no taxpayer no party
nope, they were insolvent so couldnt pay them back
Krugman calls @tallback[/USER] and [USER=193]@balbec on their complete lack of credibility on Greece:
Youth unemployment in Greece is 60% and unemployment is ballpark 30% (after a lot of emigration). If Greece had simply defaulted and left the euro (staying in the EU) instead of taking the bailout and itâs fantasist conditions and projections, itâs arguable they would have gone through the same or maybe worse pain but come out the far side of it already, like Argentina. Instead theyâre probably worse off than when they started.
[QUOTE=âglasagusban, post: 1081236, member: 1533â]Krugman calls @tallback[/USER] and [USER=193]@balbec on their complete lack of credibility on Greece:
Youth unemployment in Greece is 60% and unemployment is ballpark 30% (after a lot of emigration). If Greece had simply defaulted and left the euro (staying in the EU) instead of taking the bailout and itâs fantasist conditions and projections, itâs arguable they would have gone through the same or maybe worse pain but come out the far side of it already, like Argentina. Instead theyâre probably worse off than when they started.[/QUOTE]
You of all people should never use the word credibility.
A. Dumb
2. Unfounded
Third, shows you have nothing to support your opinions, which are based on your beliefs rather than any actual facts.
I believe you are a mug. Is that enough?
Can someone ban glasagusban from this thread?
FYP
Is FYP a thing? Was there a memo sent out?
fixed your post?