Kieran
Paranormal Adept
Just to inform my American Friends, and other friends who are living in Europe and Elsewhere. Ireland has gone the way of Greece. It has not hit the headlines as the Greece Crisis, a few months back, mainly because there has been no serious riots in the streets. There is lot of anger in the country mind you. The IMF/EU arrived in country a week and are forcing the country to take a bailout to keep the country going, and Explain in a minute why they are forcing us to take this Loan.
The Government of the Country has no mandate to go into these discussions, there support is down to 16% of the country, and to understand how bad a drop in support for them, it has become, you have to go back to 2008. When their support was around 43%
There is going to be a election in Jan or Feb after a Budget is passed which will inflict more pain on the poor of society and the Middle class. The IMF and the Current Government talks will end on Sunday, and a framework for how the country will go forward will be produced, we the Irish population already know wages will be cut and taxes will be going up. Other stuff will be going up, but it would take too long to write up everything, that I find wrong with this framework document for the country. I just providing people here a short summary of what is going on for people to digest.
The ECB (European Central Bank) and IMF are forcing this on us so to protect European, and World Markets, and to Protect the Euro and the European union.. Europe is in survival mode (Germany and France) are worried that certain banks are on the verge of collapse (lack of liquidation) and it looks very likely in a year or more some of these banks will fail across Europe and the World!
We have been given 90 billion in a loan, and we run our small country on 38 billion every year. These discussions are now discussing the interest rates on this loan. Some pundits claim it could be anywhere from 3% to 7% and Here is the Problem, and I have studied, Economics at College, and some Economic Anaylsts on Radio and TV, have suddenly grasped the reality of the situation.
We can't afford it as country. The sums are just too large. This is just some basic maths, if we are told by the IMF, we must pay 6% or 7% on this 90 billion loan, we have to pay that percentage every year, and that means that a significant portion of the tax intake will go to pay the interest, thats before we even begin to pay back the normal Loan. The figures are staggering, and just like Greece, we will could go totally bust in one to two years, if our government and Foreign influences force us to pay. Look scenarios like Banks and ATM'S being turned off next year, is a real possibility!
In basic terms Greece and Ireland, Will default in a year or two from now!
If we are forced as citizens to pay for these loans, it will cripple a number of countries across the European union.. The Bondholders are protected by EU law's, but they'd been foolish handing money to the banks, to lend recklessly, so why should the ordinary citizen suffer now for the malpractices of Privately owned Institutions? The Bondholders will just have to take a haircut, and take a write-down to their profits. We need to tear-up the old model, and create a new one for the sake of the ordinary working person! To cut a long story short
Here is the most frightening thing for everyone, it not over. Portugal is now feeling the pressure, and Spain it now being widely speculated will go bust after Portugal. That is a nightmare scenario.
Spain and Italy, have there own problems. Those nations going bankrupt would collapse and be the fall of the European Union, and the Euro! Germany and France, and the Uk have there own problems, but are large enough to keep the wolves at bay for a while, a collapse like that of 2008 would change that of course. Worrying times ahead!
The Government of the Country has no mandate to go into these discussions, there support is down to 16% of the country, and to understand how bad a drop in support for them, it has become, you have to go back to 2008. When their support was around 43%
There is going to be a election in Jan or Feb after a Budget is passed which will inflict more pain on the poor of society and the Middle class. The IMF and the Current Government talks will end on Sunday, and a framework for how the country will go forward will be produced, we the Irish population already know wages will be cut and taxes will be going up. Other stuff will be going up, but it would take too long to write up everything, that I find wrong with this framework document for the country. I just providing people here a short summary of what is going on for people to digest.
The ECB (European Central Bank) and IMF are forcing this on us so to protect European, and World Markets, and to Protect the Euro and the European union.. Europe is in survival mode (Germany and France) are worried that certain banks are on the verge of collapse (lack of liquidation) and it looks very likely in a year or more some of these banks will fail across Europe and the World!
We have been given 90 billion in a loan, and we run our small country on 38 billion every year. These discussions are now discussing the interest rates on this loan. Some pundits claim it could be anywhere from 3% to 7% and Here is the Problem, and I have studied, Economics at College, and some Economic Anaylsts on Radio and TV, have suddenly grasped the reality of the situation.
We can't afford it as country. The sums are just too large. This is just some basic maths, if we are told by the IMF, we must pay 6% or 7% on this 90 billion loan, we have to pay that percentage every year, and that means that a significant portion of the tax intake will go to pay the interest, thats before we even begin to pay back the normal Loan. The figures are staggering, and just like Greece, we will could go totally bust in one to two years, if our government and Foreign influences force us to pay. Look scenarios like Banks and ATM'S being turned off next year, is a real possibility!
In basic terms Greece and Ireland, Will default in a year or two from now!
If we are forced as citizens to pay for these loans, it will cripple a number of countries across the European union.. The Bondholders are protected by EU law's, but they'd been foolish handing money to the banks, to lend recklessly, so why should the ordinary citizen suffer now for the malpractices of Privately owned Institutions? The Bondholders will just have to take a haircut, and take a write-down to their profits. We need to tear-up the old model, and create a new one for the sake of the ordinary working person! To cut a long story short
Here is the most frightening thing for everyone, it not over. Portugal is now feeling the pressure, and Spain it now being widely speculated will go bust after Portugal. That is a nightmare scenario.
Spain and Italy, have there own problems. Those nations going bankrupt would collapse and be the fall of the European Union, and the Euro! Germany and France, and the Uk have there own problems, but are large enough to keep the wolves at bay for a while, a collapse like that of 2008 would change that of course. Worrying times ahead!
