Are we really Bankrupt?

Captain Furball

Since we are getting 400 Million Euro from the ECB every week.Is it safe to assume we are broke?

OnTheBalls

Not sure we are bankrupt to be honest. I think we're just ****ed

RiverWilde

OnTheBalls wrote: »

Not sure we are bankrupt to be honest. I think we're just ****ed

Well with the price of hairdos going up everyday, it's safe to assume we're broke.

Riv

Captain Furball

Is this after hours?
:eek:

ei.sdraob

Captain Furball wrote: »

Since we are getting 400 Million Euro from the ECB every week.Is it safe to assume we are broke?

are you for real?

if you earn 35K a year but your expenses are 70K a year and you are surviving on overdrafts and credit cards, would you call yourself bankrupt? :rolleyes:



yes a country that has to keep borrowing close to 30billion a year just to get by is bankrupt

just because there are institutions dumb enough to keep lending us money alot of people havent realized yet the severity of situation


unless somehow the construction sector gets back to being 25% of our economy we are gonna remain 25% poorer (or more)

blinding

The only way to know for sure if people are broke is to organise an invasion force.

If the people that own land, property and sizable assets cannot find money to defend this land, property and sizable assets then they are broke.

Its extreme but thats the only way to know for sure if people of land,
property and sizable assets are broke.

People without land property or sizable assets are so near being broke at all times that they are largely inconsequential in this matter.

Who would be your preferred invasion force (hostile or friendly)

eoinbn

Captain Furball wrote: »

Since we are getting 400 Million Euro from the ECB every week.Is it safe to assume we are broke?

It's €500m and only some of it comes from the ECB.

edit: and yes is the answer.

ardmacha

unless somehow the construction sector gets back to being 25% of our economy we are gonna remain 25% poorer (or more)

Nonsense. Typical Fianna Fail propaganda that prosperity can only come from construction. Other more prosperous places than Ireland do not have 25% of their economy in construction.

Captain Furball

As far as I can see most people don't have a clue we are broke.Why are we still using this monetary system?I had a feeling we were broke but I wasn't exactly sure.
How long do you think we will be getting a 500million a week loan for?And what is the interest charged on that loan?
Who else is giving us money?

ei.sdraob

ardmacha wrote: »

Nonsense. Typical Fianna Fail propaganda that prosperity can only come from construction. Other more prosperous places than Ireland do not have 25% of their economy in construction.

ffs :rolleyes:

im not saying that having 25% of economy in construction is a great idea

im just stating the fact that construction was 25% or more of the economy and now thats gone

unless some other sectors (or combination) grow to this size within next 2 years we are in serious ****

the other alternative is to cut costs (welfare, PS) but like thats gonna happen



were not only bankrupt were also a bankrupt with a bad drug habit who keeps buying drugs on credit cards

puffdragon

I posted this in another thread some time ago but seems relevant again!!

Anyone copped on yet ,jebus this is old news! and part of the reason I voted no to lisbon,meetings ,discussions,committies, the whole nine yards ,they have been going on for years ,the potential of our offshore oil/gas, and now our tidal/wind energy potential is why we shouldn't be running around on the coattails of europe "we're sitting on a goldmine"and now thers a new super boat(the RV Keary) doing a geographical mapping of the seabed around ireland probably to pinpoint the target areas for the exploration and eventual exploitation of these resourses, and guess what the yessers have just signed the whole f---ing thing over to europe! I'd laugh if ----aw whats the point?

http://infomarupdates.blogspot.com/

http://www.infomar.ie/surveying/Bays/Donegalv1.php

Far from helping us out and us thinking that we owe Europe for our very existence there could be an underlying agenda to reap our natural resources for the benefit of Europe to the cost of Ireland, If these results are accurate then Ireland holds the highest potential for "green energies" in Europe and if properly harnessed and managed our future wasn't as bleak as we were led to believe. Food for thought!!



Address by European Commissioner for Fisheries and Maritime Affairs Joe Borg
to the Irish Maritime Policy Conference
Dublin, 6 March 2007
This could be worth a couple of phonecalls

• By laying a path to competitiveness and new opportunities, you are supporting research into the natural sciences, engineering and commerce, as well as applied research initiatives in the marine food industries, offshore oil and gas, shipping and transport.

Co-operative efforts based on cutting-edge knowledge, entrepreneurship, innovation and stakeholder participation can promote the introduction of new technology to ensure environmental sustainability in shipping, ship-building and offshore energy, creating both business and export opportunities. This awareness is important since, in the highly competitive environment of the global economy, the EU's leading position in the world's maritime sector cannot be taken for granted. Challenges from economies on the other side of the world and from the constant shifts that technology brings, demand an integrated policy response at EU level to retain Europe's competitive edge.

Given the Commission's central aim to ensure coherence in maritime policy, I have been impressed by the range and stature of the supervisory arrangements you have put in place for your programme. I highly commend your efforts to bring together government departments, state agencies for energy, environment and education, industry representatives and other stakeholders. I believe you have found the recipe for success.

It is therefore no wonder that you confidently predict hundreds of jobs and hundreds of millions of euros in sales for ocean energy systems over the coming decade.

FP7 is central to the Lisbon Strategy's goal of building a Europe of knowledge. The principle is to stimulate, organise and exploit all forms of co-operation in research, including the common development of European infrastructures.

It is entirely appropriate that Ireland should have been the host for the agreement of the Galway Declaration, with its emphasis on collective work among the marine scientific community on the role of the oceans vis a vis life on Earth. Above all, it spells out the contribution that maritime industries can make to the Lisbon Agenda of growth and jobs - and puts equal emphasis on economic achievement and harmony with the environment.

http://www.marine.ie/home/aboutus/ne...forIreland.htm

http://ec.europa.eu/ireland/press_of...imeconf_en.htm





http://www.marine.ie/home/aboutus/ne...Underwater.htm
Last edited by puffdragon; 07-10-2009 at 20:49.

ei.sdraob

Captain Furball wrote: »

As far as I can see most people don't have a clue we are broke.Why are we still using this monetary system?

if it wasn't for €uro membership, alot of people would have noticed the currency suddenly becoming worthless and everything imported becoming ultra expensive

as happened in Iceland (on smaller scale, their population is size of Cork city)

€euro is only thing keeping us from riots and complete social breakdown, by being tied to Germany and France who are now recovering is like clinging onto a life ring when drowning in a flood

Captain Furball wrote: »

How long do you think we will be getting a 500million a week loan for?

no one knows, if the world economy improves then "investors" might be more willing to lend us more, continuing to waste money down most generous welfare and PS black holes would scare investors away, would you give money to this country?

Captain Furball wrote: »

And what is the interest charged on that loan?

might be good idea to ask in Economics forum, im not economist its about under 5%, a bit more than more stable countries like Germany pay

also check NTMA site > http://www.ntma.ie/GovernmentBonds/govtBondsIntro.php

Captain Furball wrote: »

Who else is giving us money?

ECB is handing us money at just above 1% interest for NAMA

rest are investors like hedge funds, sovereign funds etc, once again im not 100% sure as im not economist

eoinbn

Captain Furball wrote: »

As far as I can see most people don't have a clue we are broke.Why are we still using this monetary system?I had a feeling we were broke but I wasn't exactly sure.
How long do you think we will be getting a 500million a week loan for?And what is the interest charged on that loan?
Who else is giving us money?

Currently the interest is about 5%, which will increase as our risk increases. So in 5 years time we will be paying €10b in interest, up from €3b this year, and paying back about €8-10b in bonds each year. So in 5 years time we will be spending between €18-20b in repayments. Given that our tax take will be a stunning €29b next year it's pretty clear that 5% cuts to welfare and the pay bill is a complete and utter waste of time.

puffdragon

Is it just me or are all the figures and predictions based on the present potential tax take from those working at the moment because that figure is falling all the time and wont get any better if nama is introduced, I would venture to suggest that all estimates go out the window when you factor in the emmigration rate !!

ei.sdraob

puffdragon wrote: »

Is it just me or are all the figures and predictions based on the present potential tax take from those working at the moment because that figure is falling all the time and wont get any better if nama is introduced, I would venture to suggest that all estimates go out the window when you factor in the emmigration rate !!

yes the figure for the tax hole is growing as the year progresses and more dismal figures come in

its close to 28 billion already and growing, and the year is not finished

diverdriver

Who was it who said, 'We should hand the keys back to Britain and apologise for the mess we left the place in'? Not that they're dealing with their problems all that well either. Maybe we should join Germany or France.;)

Someone mentioned that our only saving grace is that we are in the Eurozone. I think that's true. If you look at the collapse of sterling. That would have been our fate if we still has the Irish pound. I suspect Britain will be impelled into the Euro because of this.

We are bankrupt, remember too that the €4billion in cuts this year must be repeated next year too and on an on. Eventually Europe will have to bail us out. What a bloody mess.

ei.sdraob

diverdriver wrote: »

Who was it who said, 'We should hand the keys back to Britain and apologise for the mess we left the place in'? Not that they're dealing with their problems all that well either. Maybe we should join Germany or France.;)

Someone mentioned that our only saving grace is that we are in the Eurozone. I think that's true. If you look at the collapse of sterling. That would have been our fate if we still has the Irish pound. I suspect Britain will be impelled into the Euro because of this.

We are bankrupt, remember too that the €4billion in cuts this year must be repeated next year too and on an on. Eventually Europe will have to bail us out. What a bloody mess.

no way

in order to be accepted into euro your economy needs to be stable

they wont be accepted as they would just end up being a huge burden

in meantime let them get more shafting by the "gordon brown" adult toy

puffdragon

I still believe that all is not lost ,and the only justification for that statement is my own local experience of the people I grew up with and with whom Ive worked all my life.My own story is that I basicaly went bankrupt in July 2008
having built two houses in 2007 and managed to sell the second in April 2008 ,lucky you might say but I paid €35 000 euro VAT on each house and after my accountant had finished my accounts I also owed €60 000 in income tax/paye etc.I havent worked a solid week since Christmas and only started to get some help from social welfare eight weeks ago (after the revenue sheriff was satisfied that I wasn't hiding any money under my bed:rolleyes:)

Ok Ok enough of the personal stuff but my point is that a lot of friends of mine were employed in the construction industry and are just as badly off as I am , but here's the surprising thing none of them are sitting round with their head in their hands ,A couple have gone back to college and some are working part time ,one fellow managed to get a couple of thousand from the credit union and bought himself a wee van and keeps going cutting grass and stuff like that.

True spirit in the face of depression and more power to them! BUT STOP!! where is the government they deserve? where are the people who are supposed to lead us out of recession? these friends of mine don't want the dole, they dont want handouts and they dont believe the government when they tell us that we should save the banks or the developers from their own mistakes, part of the strategy of getting us to vote yes to Lisbon(big mistake) was to make us believe that the effects of a GLOBAL recession were not global but local and something to do with us voting no the first time, bull---t!!

To answer your question though; yes we are bankrupt
--MORALY--
--POLITICALLY--
--FINANCIALLY--
But thank God (and I can only speak for my own environment here) we are not spiritually bankrupt yet!!