Yesterday in a radio interview Brian Lenihan stated that the cost of our borrowing was "very high' and that he expected that following the decision by Europe on the future on Anglo ,which he expected in a few weeks at most, that the cost of our borrowing should reduce significantly.
Today the cost of our borrowing has risen to 6.1% for 10 year bonds which is 3.8% above that which Germany pay. To put this into context if Ireland borrows 1 Billion euro we pay 61 million a year interest , whereas Germany only pays 23 million in interest.
Also today the NTMA confirmed that they intend to go into the market next week and sell more Government Bonds - despite the fact that they have indicated on several occasions this year that they have already borrowed all the money they need for this year.
This is nuts or else we are being told lies never mind the fact that our level of borrowing is unsustainable and the Government wont cut spending,.
The only way out of this mess is to run the country on the 32 Billion we raise in taxes. We have to make every euro count and have a value for money culture across the entire public spending area.
Today the cost of our borrowing has risen to 6.1% for 10 year bonds which is 3.8% above that which Germany pay. To put this into context if Ireland borrows 1 Billion euro we pay 61 million a year interest , whereas Germany only pays 23 million in interest.
Also today the NTMA confirmed that they intend to go into the market next week and sell more Government Bonds - despite the fact that they have indicated on several occasions this year that they have already borrowed all the money they need for this year.
This is nuts or else we are being told lies never mind the fact that our level of borrowing is unsustainable and the Government wont cut spending,.
The only way out of this mess is to run the country on the 32 Billion we raise in taxes. We have to make every euro count and have a value for money culture across the entire public spending area.