Ireland "forced" to take bailout money.

[ZenOps]

http://www.telegraph.co.uk/finance/f...t-package.html

Ireland is so far gone, they don't want to be bailed out anymore.

Might as well put even more stuff on credit, try and stretch out the freeloading for another year, see if they can make it to a million per citizen.

At slightly over 10% interest and approximately $600,000 per capita. It might take five years to hit a million.

Not that I blame - There does come a point where you just give up trying to pay your debts and try to borrow some money for a last fling with strippers and beer.

Standard Christian ethos means that you just get to try again in seven years.

"At the end of every seven years thou shalt make a release. And this is the manner of the release: Every creditor that lendeth ought unto his neighbor shall release it: he shall not exact it of his neighbor, or of his brother; because it is called the Lord's release." Deuteronomy 15:1-2

[broken_legs]

http://www.sinnfein.ie/

[mx73someday]

Pretty strange how they use the word "forced" but don't really explain how they were forced. Were the other EU nations threatening to invade or something? Sounds like they wanted the bailout all along and were just waiting for an excuse to come along.

[Feruk]

Any word on corporate taxes?

[broken_legs]

Originally posted by mx73someday
Pretty strange how they use the word "forced" but don't really explain how they were forced. Were the other EU nations threatening to invade or something? Sounds like they wanted the bailout all along and were just waiting for an excuse to come along.

"They" being the rest of the EU, the self concerned government, bankers, and bondholders.

I doubt that "They" the people want to pay for other peoples greed and mistakes in perpetuity.

Originally posted by Feruk
Any word on corporate taxes?

APPL GOOG and MSFT have the getaway car idling out back.

[BigMass]

Originally posted by mx73someday
Pretty strange how they use the word "forced" but don't really explain how they were forced. Were the other EU nations threatening to invade or something? Sounds like they wanted the bailout all along and were just waiting for an excuse to come along.

Military warfare is so passé and barbaric. Economic warfare, centralized power and corporate takeover is where it’s at now. Too complicated for the average peon to figure out so the elite can play it like a game of chess without disruption. There are countless ways to force a government into doing things that are against it’s own people that doesn’t involve military force.

[Feruk]

Originally posted by broken_legs

APPL GOOG and MSFT have the getaway car idling out back.

As one would expect. The article doesn't seem to indicate the terms of the bailout though.

[ZenOps]

The banks do not want Ireland to declare bankruptcy. The banks would much rather have the cash flow than a bunch of houses (that have no value - because noone is buying)

If that means propping up people on the edge of foreclosure so that they can get their 10% (equivalent to the entire years wages of an Irish person) at the end of the year in Euros, they will...

Worse than that, if Irelands banks and mortgage system goes insolvent. A whole bunch of empty houses will flood the market, possibly collapsing other banks in other countries. Mind you, you could also easily destroy the market by having the Queen put one of her castles up for sale (and not sell, that would be killer)

Although you do have to think that effectively garnishing or taxing 100+% of wages would have some serious issues... I guess Ireland gets to be the guinea pig.

[BigMass]

Originally posted by ZenOps
The banks do not want Ireland to declare bankruptcy. The banks would much rather have the cash flow than a bunch of houses (that have no value - because noone is buying)

If that means propping up people on the edge of foreclosure so that they can get their 10% (equivalent to the entire years wages of an Irish person) at the end of the year in Euros, they will...

Worse than that, if Irelands banks and mortgage system goes insolvent. A whole bunch of empty houses will flood the market, possibly collapsing other banks in other countries.

Although you do have to think that effectively garnishing or taxing 100+% of wages would have some serious issues... I guess Ireland gets to be the guinea pig.

The other double whammy is you have to keep a certain standard of living for your populace or they will leave. If you implement draconian tax laws or austerity measures, the people will just leave and the country won’t be any better off.

[ZenOps]

Yeah, and I'm watching for the flood of million dollar debt Irish refugees. Fleeing their creditors for fear of being "Star whacked" like Randy Quaid because he ran out on country and his debts.

Detriot refugees too... Seriously, its time to militarize the border a bit to protect ourselves from the US. I wouldn't want to be that Malarctic French guy sitting on $12 billion worth of gold when Angry Dad from Detriot comes into town after the banks foreclose on his $7,500 house.

[kertejud2]

Originally posted by BigMass


Military warfare is so passé and barbaric. Economic warfare, centralized power and corporate takeover is where it’s at now. Too complicated for the average peon to figure out so the elite can play it like a game of chess without disruption. There are countless ways to force a government into doing things that are against it’s own people that doesn’t involve military force.

It amazingly took the British 800 years to apply this lesson to Ireland.

[Pinner]

Originally posted by ZenOps

At slightly over 10% interest and approximately $600,000 per capita. It might take five years to hit a million.

Those numbers are unbelievable, I didn't know it was that bad.

[ZenOps]

http://en.wikipedia.org/wiki/List_of..._external_debt

Luxembourg is technically at the top of the list. But in that case its bank to bank debt at near zero interest (like Swiss banks)

Ireland has its debts mostly weighed on the people, which is going to hurt. Its also sad that they no longer quote interest on 100-year bonds, but 10-year bonds for nations.

Kim Jong Il is supposed to have a rainy day fund of about $4 Billion stored in Luxembourg, and more in Switzerland. Mostly in Gold bars I'm guessing, so it might be more like $15 Billion since the last time anyone counted.

The Sultan of Brunei and the Royals of Lichtenstien are probably the only ones that can guarantee a surplus.

Edit: Found more solid numbers, its 8.01% for Irish 10 year Bonds.

http://www.finfacts.ie/irishfinancen..._1021030.shtml

Quite risky, I don't know if your average Irishman can pay the interest, nevermind the principal half a million or so, it will be a tough uphill slog.