How Long Can Ireland, Inc Continue To Borrow 400m a week?

Freddie59

Surely this has to reach critical mass at some point?

What exactly is this money being borrowed FOR?

Hootanany

Where did you get that figure from

oppenheimer1

Freddie59 wrote: »

Surely this has to reach critical mass at some point?

What exactly is this money being borrowed FOR?

What do you think? To pay for public services.

How long can it continue? Until people stop lending it to us.

robman60

That 400m is just to keep the country's services running.

We're taking in 35bn per year and spending 60bn, it's unfeasible by anyone's standards. We can't keep doing it for ever, so expect more austerity.

44leto

We have already borrowed it, the world bank/ECB have loaned us the money till 2014 then we shouldn't have to, that is the plan anyway.

woodoo

robman60 wrote: »

That 400m is just to keep the country's services running.

We're taking in 35bn per year and spending 60bn, it's unfeasible by anyone's standards. We can't keep doing it for ever, so expect more austerity.

Is there a link to that?

ilovesleep

And 800,000 of that 400 million is going on one (lump sum?) retirement package.

Phill Ewinn

A bit longer than Greece can

LighterGuy

Things are bad alright.
Hence why people say ireland is f**ked. But of course, thats usually sarcastically met with "why dont you leave then!" statments on here :rolleyes:

Sindri

It's a sad day when the soil you walk on, the air you breathe and the turf that you light on cold January nights to heat your cold feet is owned by someone else and you must pay for it because of the greed of people and financial institutions.

Freddie59

Hootanany wrote: »

Where did you get that figure from

- €54.5 billion: The cost of running Ireland in 2010.

- €35.25bn: What the Government is taking in, mostly through taxes, this year.

Read more: http://www.irishexaminer.com/ireland/is-irelands-number-up-136365.html#ixzz1krhwzUAh

So, give or take 10m or so, borrowings of 400m EVERY week.

Something REALLY has to be done about the cost of the Public Sector and Social Welfare. And these ridiculous settlements/lum sum "entitlements" have to be axed.

Freddie59

Phill Ewinn wrote: »

A bit longer than Greece can

But how much? Realistically, we are a nation of some 4.5 million souls. This is truly criminal.

Rhys Essien

Irelands debt clock.:eek:

http://www.financedublin.com/debtclock.php

Notorious97

Rhys Essien wrote: »

Irelands debt clock.:eek:

http://www.financedublin.com/debtclock.php

How many minutes to 12 is that? Need to know if we can start cracking heads open yet and feasting on the goo

Chucky Norris

Rhys Essien wrote: »

Irelands debt clock.:eek:

http://www.financedublin.com/debtclock.php

really would depress ya wouldnt it :mad:

NinjaK

As long as our leaders are criminals and traitors.

Guy:Incognito

Sindri wrote: »

It's a sad day when the soil you walk on, the air you breathe and the turf that you light on cold January nights to heat your cold feet is owned by someone else and you must pay for it because of the greed of people and financial institutions.

Its not to do with rants about banks etc. Just to run the country we are spending more than we take in.

It social welfare, public service wages, the health service, education and everything else the government spend money on

Cicero

Freddie59 wrote: »

What exactly is this money being borrowed FOR?

You don't actually believe boards mods are all voluntary do you...???

saywhatyousee

Not really worried debt only really becomes a problem when you cannot service the interest our current debt levels are about 60-70% of Gdp which believe it or not is not to bad for a developed country.

dxhound2005

I don't know if it is good news or not but while the country is broke (just like UK, USA, Italy etc) and lots of individuals in the country are broke, other people have a bit of money.

Personal savings in the country while falling recently still amount to something like €100,000,000,000 at present about €87 billion in the banks and €13 billion in state savings including €1.3 billion in Prize Bonds.

http://blogs.myhome.ie/2011/12/14/household-deposits-continue-to-fall-in-irish-banks/

rossie1977

could be worse, we could be borrowing 30 billion a week like the usa did last year

gigino

Freddie59 wrote: »

Surely this has to reach critical mass at some point?

What exactly is this money being borrowed FOR?

Average public sector pay is 48k a year here versus 21.5k a year stg in the UK. Our dole and old age pension in Dundalk is double what it is in Newry, so go figure. We do not have economy of scale either, and our embassy in Canada cost what was it to renovate ? 10 million? Oh, and we give something like 600 million a year from our government to the 3rd world, inc nuclear powers like Pakistan. Go figure.

Big Nasty

rossie1977 wrote: »

could be worse, we could be borrowing 30 billion a week like the usa did last year

I think they have one or two more people than us though!

Freddie59

gigino wrote: »

Average public sector pay is 48k a year here versus 21.5k a year stg in the UK. Our dole and old age pension in Dundalk is double what it is in Newry, so go figure. We do not have economy of scale either, and our embassy in Canada cost what was it to renovate ? 10 million? Oh, and we give something like 600 million a year from our government to the 3rd world, inc nuclear powers like Pakistan. Go figure.

It is completely nuts. I really fear for our future. And there are people on boards.ie every day trying to defend and justify it, for whatever insane reason.

don ramo

cut everything, who'll gives a sh1t anyway, there gonna do it anyway over the next 3 years, why the hell delay it,

just do it, do beat around the bush, do it

Crazy Horse 6

We will keep doing so as long as the civil servents run the country.

Freddie59

Crazy Horse 6 wrote: »

We will keep doing so as long as the civil servents run the country.

Yep. Got it in one.

dxhound2005

Freddie59 wrote: »

It is completely nuts. I really fear for our future. And there are people on boards.ie every day trying to defend and justify it, for whatever insane reason.

Hi Freddie. Your thread died a death for 2 hours and you had to revive it yourself. Maybe people are not that interested.

Benny_Cake

Freddie59 wrote: »

Crazy Horse 6 wrote: »

We will keep doing so as long as the civil servents run the country.

Yep. Got it in one.

I run the country?! Cool, think I'll eat the child of someone who works in the private sector..

Freddie59

Benny_Cake wrote: »

I run the country?! Cool, think I'll eat the child of someone who works in the private sector..

I think the ones he's talking about are a little above your pay grade. All 15 of them. The ACTUAL Government.

Freddie59

dxhound2005 wrote: »

Hi Freddie. Your thread died a death for 2 hours and you had to revive it yourself. Maybe people are not that interested.

Right. So commenting on a thread is 'reviving it'? FFS get a grip man.:rolleyes:

woodoo

Its hard to see how it can be fixed.

woodoo

Thats €21 billion btw. Does anyone actually know what the deficit is. We hear its anything from 12 billion to 25 billion. You hardly hear the same figure twice.

Daniel S

Is there anything to be said for a mass?

Nick Guats

I hate it when people say Ireland inc

Johro

dxhound2005 wrote: »

Hi Freddie. Your thread died a death for 2 hours and you had to revive it yourself. Maybe people are not that interested.

Two hours is f#ck-all tbh. Threads disappear for weeks to all of a sudden be at the top of the pile again. Happens all the time.

ejmaztec

woodoo wrote: »

Its hard to see how it can be fixed.

We'll get Enda pissed up and get him to announce to the world that we're building nuclear weapons, and that we'll have no hesitation using them against any country that looks at us in a funny way.

The deficit will be cleared within 24 hours.

Johro

woodoo wrote: »

Thats €21 billion btw. Does anyone actually know what the deficit is. We hear its anything from 12 billion to 25 billion. You hardly hear the same figure twice.

http://www.financedublin.com/debtclock.php

dxhound2005

Johro wrote: »

http://www.financedublin.com/debtclock.php

Here is the USA version just for comparison. It's very pretty.

http://www.usdebtclock.org/

Johro

dxhound2005 wrote: »

Here is the USA version just for comparison. It's very pretty.

http://www.usdebtclock.org/

Scary stuff. I've started growing my own fruit and veg. May as well be prepared. Couple of chickens, a goat, the good life.

Johro

ejmaztec wrote: »

We'll get Enda pissed up and get him to announce to the world that we're building nuclear weapons, and that we'll have no hesitation using them against any country that looks at us in a funny way.

The deficit will be cleared within 24 hours.

Meh. We ain't got the money for fireworks.

dxhound2005

Johro wrote: »

Scary stuff. I've started growing my own fruit and veg. May as well be prepared. Couple of chickens, a goat, the good life.

On a serious note if it all goes bellyup like the merchants of doom are saying the only thing of value will be food. No good having a pocketful of gold coins if the economic system collapses.

ejmaztec

Johro wrote: »

Meh. We ain't got the money for fireworks.

Bluffs are free.

woodoo

I think the west is going for a wipe the slate clean time pretty soon. Just look at the american debt.

Geekness1234

woodoo wrote: »

I think the west is going for a wipe the slate clean time pretty soon. Just look at the american debt.

How exactly would they do that?

Johro

dxhound2005 wrote: »

On a serious note if it all goes bellyup like the merchants of doom are saying the only thing of value will be food. No good having a pocketful of gold coins if the economic system collapses.

Yup, we may go back to bartering. I got a plumber to install a stove with back boiler in my sis's house in exchange for me fixing his car. Our neighbour keeps hens and swaps fresh eggs for bags of potatoes from a local farmer. Goods for goods, goods for services or vice versa, or services for services, any of those will work.

woodoo

Geekness1234 wrote: »

How exactly would they do that?

America just won't pay and then we'll all just jump on the bandwagon

Johro

dxhound2005 wrote: »

Here is the USA version just for comparison. It's very pretty.

http://www.usdebtclock.org/

US Gross Domestic Product almost equals its National Debt according to that.

dxhound2005

I'm getting to like these clocks

http://cluaran.free.fr/debt.html

http://www.economist.com/content/global_debt_clock?page=7

patwicklow

Global Debt Crisis: Financial Destabilization for Profit and Power


http://www.davidicke.com/articles/the-money-scam/54072-global-debt-crisis-financial-destabilization-for-profit-and-power

Johro

ejmaztec wrote: »

Bluffs are free.

Except everyone knows we're skint.
It's all gone way too far, we're dealing with virtual money now, best to just tell the banks to wipe the slate clean and stfu. Start again. Reset.