History will paint Lenihan in a worse light than Ahern. Nothing more dangerous than a man in power that fundamentally believes he is doing the right thing despite all evidence to the contrary.
Supposedly 30 lads from North Clare moved to Sydney last weekend maybe Turfcutter can confirm? This must be like what Kilburn was like back in the 70s
Lenihan will be declared a national hero in about 5 years time when NAMAs profits start rolling in.
NAMA made a 140m profit last week on the sale of a carpark in London last week. Did you not hear the great news?
Of course, they bought the loan from the other state bad debt agency Anglo and any profits realized went into Derek Quinlans back pocket. Wonder how much gorilla holdings will be forced to sell Battersea power station for, serious site that but a few owners have had no luck with it
I’d advise you to get professional help mate, and I’m not talking about the accountants and lawyers for whom NAMA is a giant state welfare scheme.
Lawyers and accountants need work too.
Good few lads gone alright KIB man we lost 3 two years ago it was so bad at one stage I had to go hitting free for a while, good few lads back on the land again, in all fairness the likes of ballyvaughan, lisdoonvara, doolin, kilfineora, liscannor and lahinch will do ok because of the tourists but lads are running out of other places Shannon getting an awful doing I hear
7.14%, it’s like the Celtic Tiger boom all over again!
Sid can you tell me what Greeces 10 year bonds were at when they were bailed out and what level Irelands are currently at in comparison?
The Greeks are still at over 10% they were at about 14% I think in the worst of it.
Yes but what were they at when the IMF moved in?
http://www.bloomberg.com/apps/quote?ticker=GGGB10YR:IND
There’s a graph in the link above. Bear in mind that a year ago they were below 5%. By April and the time of the bailout they rose very sharply to the 8-9% range and then higher again. The bailout has not stopped them rising. I don’t see any realistic chance of Ireland avoiding a bailout.
Can anyone tell me what would the probable effect be on public sector defined benefit pension schemes be when the IMF come in?
Yes, I was of the impression we had passed the bond level at which the Greeks were at when their bailout occurred.
Hopefully eliminated. Outrageous that the public sector still get these, they must be worth a fortune.
below our current level
link here
you can superimpose the greek trend, we’re following a similar trajectory, just about 12 months behind
alternative here
gives a more up-to-date version, the lower the bid, the higher the yield
(currently bidding 80.93 for 100 euro of debt issued by NTMA)
slashed.
i think the index-linking will be the first thing to go, possibly followed by the CPI link
or they might simply lop 10% off the top for the sake of simplicity.
the sad part is there are people who have been screaming this from the rooftops for a few years now, and we’re done absolutely nothing to save ourselves.
on a more general note, public sector pensions were always in danger once FF started messing about with the NPRF to buy almost worthless bank shares.
Just as I suspected, cheers TE. It’ll take a miracle of unbridled proportions for us to avoid the IMF.
In summary, if the IMF get in then it will be the lender of the money in control of all the money.
The aim of the IMF is to get paid. Same as any lender. While we are still in control of our finances (even though we are not really in control any more) then we will run a deficit each year. pensions/welfare/public spending will stay high, tax will stay fairly low (as it is now) and we will borrow to live.
If the IMF come in then they want the governemnt to stop spending money so that they can get paid. Everything will be slashed.
It will cause awful social damage to the country and we fought to get control of our country so having these fkers in here making sure they get paid first and then we can have the leftovers would be awful.
Many people reckon they will come in with a light tough to help us out, but thats not what they are about. They lend, they get paid. If they control the money going out then they pay themselves first and stop payments to everyone else.
Yours etc,
GSH.
there are plenty of examples (in the not-too-distant past) of IMF intervention
Greece being the most obvious one. Monopolies and cartels being broken up, obvious areas of cost-cutting being singled out (retirement age, inheriting your parent’s pension, etc.)
our bailout won’t be quite the same, the greeks were the test case, the process has been refined slightly, looks like we get to try out ver 2.0, and pay about 6% interest for the convenience. technically the greeks are availing of assistance which was set up to aid a eurozone member after a natural disaster. IMF are minority shareholders (if that’s the right word) in bailout fund, the rest comes from the other eurozone members proportionately.
also argentina, romania, hungary, latvia, etc. had IMF “assistance”, plenty on google about it, the eastern european examples are probably more relevant.
every cloud etc etc