Very interesting story this - not sure what the truth is at this stage but sounds ominous enough.
Around 15 minutes in for anyone who wants to listen back.
Reports of a Press conference at 5pm on RTE
I’ll take a summary of the story from you please.
RTE giving us a vision of the future in this fleadh special
Rabbitte has said that the NPRF is on the table as collateral for the overall deal, doesn’t know what the exposure is as far as derivatives go.
Programme about the end of Ireland on RTE 1 now. That’s Stephen Ireland. There’s something quite appropriate to the current mess about seeing Steve Staunton in charge.
So the money hasn’t been lost already but it will be in future?
Essentially, yes.
That’s just his opinion though.
So we can just take the 80bn then tell them to fuck off and keep the 25bn :lol:
Plus bord gais, the esb, national lottery licence and who knows what else. Also we won’t be able to borrow any money. We might even have to renounce our claims to Rockall.
‘Compromise’ rate of 6% being reported
Robert Peston on Twitter saying 6% is the likely rate - but the Germans want 7%.
Since the Irish economy can’t support those repayment rates, and presumable the EU nations know this, is this then about extracting as much as possible from us before we inevitably collapse into default?
Kudos to our valiant negotiators for getting it down from the 6.7% being reported earlier in the weekend
Bailout agreed but no details yet. Coverage on Sky now. Nothing yet on RTE. Cowen to speak at 6.15ish
Cowen is going to have to go to incredible lengths of distortion during this press conference.
He’s going to have to disguise an unaffordable interest rate, asset stripping, and the raiding of the pension reserve fund. Big ask.
They should give him a regular Sunday evening slot.
At least better scheduling this week will ensure it doesn’t clash with X-Factor.
My guess is he will dismiss talk of interest rate being too high by telling us the higher interest rate won’t have to be drawn down but is just there as a backup. He will waffle on and actually say very little. David Davin Power may even call it a strong performance.
That’s a definite anyway. Some sickening platitudes about the helpfulness of our EU neighbours and the character of the Irish people as well.