6.7 % rate for the bailout.

Bob_Latchford

Sweden are offering 3%, Germany can raise funds at 2.5% greek bailout 5%
6.7 is different ballpark.

No wonder they want Portugal to take a bailout to, at those rates its a nice little earner

bizmark

Eu's one big happy supportive family eh :rolleyes:

jmayo

Idbatterim wrote: »

6.7% its a disgrace! Vradakar said he would burn bond holders! I really hope this becomes a major election issue! It is total madness millions of us are going to be affected for what is pocket change in the scheme of things to bondholders. So what if a few percent of their investments have to be totally or partially written off?! Ireland really is in a position to totally unleash hell on the euro project. I think a referendum would have to be held though, so that the people would speak and that we would then accept whatever the consequences were.

FG have been saying that all week, whereas ff have been saying ?????

This is GAME OVER if it goes ahead.:mad::mad::mad:

We are being governed by Traitors.

hotmail.com

What is Sean Whelan's source for this? VB's panel discussions don't seem so wrong anymore, like some on boards were suggesting.

anoble66

I just cannot get over how stupid this government is. We will have no option but to default at that rate. Even at 6% it is way too high.

carrolls

I think default is the only option. Bring down Europe with us. **** them. 6.7% is too much of a price to pay. If we play hardball, we will get 4.5%.

donkey balls

By jaysus if these FF b,stads go through with this i think i might take up the job offer in Canada i can get including residency.:mad:

ArtSmart

hotmail.com wrote: »

What is Sean Whelan's source for this? VB's panel discussions don't seem so wrong anymore, like some on boards were suggesting.

yeah - i was one of them

it seems the lunatics have taken over the asylum

Absurdum

"could be as high as 6.7% compared to 5% for Greece" was the "and the main news again" bit, even though it was behind by-election result on the news, something seems amiss here, this can't be right

Idbatterim

even if the rate is 5%, the amount of debt is just far too high. The interest rates are nearly a side show. If you look at elections issue, you would think turning the economy around, job creation would be agenda number 1. I reckon they are now second in importance to the DEBT - destruction of this country for decades if we just keep our heads down and roll over.

greendom

hotmail.com wrote: »

What is Sean Whelan's source for this? VB's panel discussions don't seem so wrong anymore, like some on boards were suggesting.

Don't know but he was very specific; he was able to give the rates of each of the 3 lenders iwth IMF providing the lowest interest rate.

Bob_Latchford

They are called lender of last resort, but does that mean thats it?

amen

unless FF are playing a long game. Take the 6.7% loose the next election and let Labour/Fg default and then blame then and FF get reelected next time around.

greendom

donkey balls wrote: »

By jaysus if these FF b,stads go through with this i think i might take up the job offer in Canada i can get including residency.:mad:

Think you'd be mad not to :mad:

Laois_Man

donkey wrote:

Did anyone hear the interveiw yesterday evening with matt cooper and ollies spokesman saying that the interest rate would not be over 5%.

Didn't hear it but I'd imagine he was only talking about the IMF portion of the loan and remember we're only getting about one-third of the money from them!

ArtSmart

amen wrote: »

unless FF are playing a long game. Take the 6.7% loose the next election and let Labour/Fg default and then blame then and FF get reelected next time around.

i know they're cynical but for fooks sake...

and RTE give us the Toy Show.

paul71

carrolls wrote: »

I think default is the only option. Bring down Europe with us. F**k them. 6.7% is too much of a price to pay. If we play hardball, we will get 4.5%.

I agree we should simply tell the EU that excepting this deal is not possible and we are allowing the banks to fail thus taking the German, French and UK bondholders with them. If the EU want to prevent this then they should recapitalise the Irish Banks themselves.

tonycascarino

Yes for jobs, yes for the economy

Absurdum

greendom wrote: »

Don't know but he was very specific; he was able to give the rates of each of the 3 lenders iwth IMF providing the lowest interest rate.

he seemed to be suggesting that we take the IMF bit at the low rate then see what happens

i.e. burn the bondholders

the IMF money will be used to day-to-day stuff and recapitalisation?

Scofflaw

carrolls wrote: »

Time to threaten default. What have we got to lose? We may as well borrow off moneylenders.:D

Except that last time we looked, the most respectable moneylenders were charging north of 8%.

That's a higher figure than might have been expected, but one thing it does is make us reluctant to actually use the facility, and keen to get back into the bond markets, because the minute the bond rates drop below 6.7% it makes no sense to draw against the facility any more.

Won't make sense if we're paying interest on the mere existence of the facility, though, and pretty bad if we have to draw down most or all of the facility.

cordially,
Scofflaw

blue_steel

If Cowan and Lenihan sign off on 6.7% they deserve the death sentence. The ink won't be dry before before the markets start the clock running down to a default.
Edit: this is not a contingency fund. Most of the 85 billion will go straight to the banks within a few months.

Sir Oxman

Just what would be the EU's reasoning behind such a punitive and destructive rate?

Anita Blow

Absolutely ridiculous. Forced into a bailout by the EU but punished with an impossibly high interest rate.
I agree with posters above. Default. Take the ****ers down with us.

hotmail.com

Let's see if this is a kite. On Sunday, we'll hear the actual rate will be 5% and Lenihan will try to take some credit.

Hence, what is Sean Whelan's source?

kaiser sauze

bleg wrote: »

No, you're not too cynical. Definitely possible.

In a way, I just hope FF sign off on this-consigning them to the sidelines for a generation-and the next government come in and push the nuclear button.

oppenheimer1 wrote: »

**** the EU, we should take the IMF rate of 4.5%. At 6.7% that isn't a bailout, we'd be better off taking our chances in the market.

It will be an utter failure of government if that is the final rate and we'll have been sold into servitude. This is simply too expensive and is a self defeating measure.

Not so pro-bailout now, are we?

hotmail.com wrote: »

What is Sean Whelan's source for this? VB's panel discussions don't seem so wrong anymore, like some on boards were suggesting.

Yup, people were being castigated for discussing the discussion and certain people also had a pop at Vincent Browne because he always gives FG a hard time when they are on.

Don't listen to Somerville, Gurdyiev(not involved on the particular show) and Lucey, they're on a Vincent Browne show! :rolleyes:

Absurdum

Scofflaw wrote: »

Except that last time we looked, the most respectable moneylenders were charging north of 8%.

That's a higher figure than might have been expected, but one thing it does is make us reluctant to actually use the facility, and keen to get back into the bond markets, because the minute the bond rates drop below 6.7% it makes no sense to draw against the facility any more.

Won't make sense if we're paying interest on the mere existence of the facility, though, and pretty bad if we have to draw down most or all of the facility.

cordially,
Scofflaw

but 6.7% is blatant punishment

last time Spain, Portugal, *insert next in line* looked, the bond markets weren't too rosy either

Bob_Latchford

blue_steel wrote: »

If Cowan and Lenihan sign off on 6.7% they deserve the death sentence. The ink won't be dry before before the markets start the clock running down to a default.

I wouldnt give them the benefit of being some FF martyr. They deserve to be remembered for what they have done

Laois_Man

ArtSmart wrote: »

i know they're cynical but for fooks sake...

and RTE give us the Toy Show.

They even had a completely meaningless and farcical by-election result as the top story ahead of this. They're ****ing gob****es!

greendom

Is not the whole of the EU at stake here? Certainly the euro anyway Surely we have to have some leverage to get a more reasonable rate?

kaiser sauze

amen wrote: »

unless FF are playing a long game. Take the 6.7% loose the next election and let Labour/Fg default and then blame then and FF get reelected next time around.

This has been speculated by a couple here, and I have a hard time dissecting it to a point where I can say: not proven!