Altho they may be right, I don't trust opinion that isn't impartial, and if TD's were such experts in economics, they kept it very quiet for the last long period of time!
There maybe a structured default imo. Rather different from a chaotic one. The powers that be would be very wary of contagion, so I think the latter is unlikely, altho not impossible given the strains on the Euroland political system. ie recent election in Finland.
At this stage, with Lenihan looking set to exploit his strong negotiating position to seek a bailout of the banks only, Honohan intervened. As well as being Ireland’s chief economic adviser, he also plays for the opposing team as a member of the council of the European Central Bank, whose decisions he is bound to carry out. In Frankfurt for the monthly meeting of the ECB on November 18th, Honohan announced on RTÉ Radio 1’s Morning Ireland that Ireland would need a bailout of “tens of billions”.
Rarely has a finance minister been so deftly sliced off at the ankles by his central bank governor. And so the Honohan Doctrine that bank losses could and should be repaid by Irish taxpayers ran its predictable course with the financial collapse and international bailout of the Irish State.
The figure of 10 billion interest to 30 billion income is quite accurate I'd imagine.
We will be paying interest on up to 250 billion. Even 200 billion at 4% would be 8 billion per year.
I belive we used to spend up to 50 billion a year.. I think we'll struggle making do with 22 billion. We used to spend 15 billion on both the health service, and social welfare, so 30 billion between those two departments... and another 20 billion spent elsewhere. Soon we'll have 20 to 25 billion per year, for everything.
Are these figures substantially wrong?
I suppose I should add that the US owes 14,000 billion, and is paying interest on it. Can it afford to repay?
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