Alan Dukes: If Germany Is Daft Enough To Pay 100% Of Its Sovereign Debt Let Them Pay But We Can Default

YouKnowWhatIMeanLike

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If you have an unsustainable debt defaulting is not a choice. That seems to be a problem fact that a lot of people cannot process. We will not repay all of the debt in banking etc that we cannot afford because we cannot afford it. Pretending we will can only go on so long. We left with a selection of choices on how to go about not paying it, but short of a massive oil find we are not going to be paying it.
speaking of which how is that oil well coming along?
 


hammer

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Sovereign debt will be approx. €250 billion by early 2015.

Sure thats an easy peasy €139,000 for every person in employment regardless of whether you are a high earner or part time.

Put that on top of personal debt and ........................
 

Catalpast

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He's all mouth lately but very little substance.
I think the point EB that if someone like Dukes now realises that the game is up then the worry why is he coming out with it now?

Its unlikely he would go public unless he is seeing the writing on the wall...

25 “This is the inscription that was written:

mene, mene, tekel, parsin

26 “Here is what these words mean:

Mene[e]: God has numbered the days of your reign and brought it to an end.
27 Tekel[f]: You have been weighed on the scales and found wanting.
28 Peres[g]: Your kingdom is divided and given to the Germans and the French.”
 

SPN

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Sovereign debt will be approx. €250 billion by early 2015.
Really?

I thought it was around the €140 Billion mark now and would top out around €160 Billion in 2015.
 

44percent

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What's with the "if" here ?
The settlement was based on Franco-German realisation that Europe could never return to the destructive nationalism of the previous two centuries. Out of that, an economic union. That settlement is just about holding.
 

Catalpast

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He's all mouth lately but very little substance.
I think the point is that even someone like him has finally realised that the situation is unsustainable

Maybe the worry is does he think we are rapidly reaching Endgame...?

Because its hard to see why he would go public now unless he sees the writing on the wall
 

elliebee

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I think the point EB that if someone like Dukes now realises that the game is up then the worry why is he coming out with it now?

Its unlikely he would go public unless he is seeing the writing on the wall...

25 “This is the inscription that was written:

mene, mene, tekel, parsin

26 “Here is what these words mean:

Mene[e]: God has numbered the days of your reign and brought it to an end.
27 Tekel[f]: You have been weighed on the scales and found wanting.
28 Peres[g]: Your kingdom is divided and given to the Germans and the French.”
That's what I thought at first Cata but I suppose the cynical side of me kicked in and wonder if there's some ulterior motive other than the obvious. All these guys seem to be speaking out of both sides of their mouths. We'll see anyway.
 

44percent

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It's actually very worrying that Dukes would say this. A former Minister of Finance, a former leader of the main party in government and head of the "bad bank"; if this is off the cuff its grossly irresponsible loose talk but if he is putting something in play it would seem that there is some sort of crisis.
 

elliebee

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I think the point is that even someone like him has finally realised that the situation is unsustainable

Maybe the worry is does he think we are rapidly reaching Endgame...?

Because its hard to see why he would go public now unless he sees the writing on the wall
Maybe I'll listen back to get a better handle on what he said.
 

YouKnowWhatIMeanLike

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It's actually very worrying that Dukes would say this. A former Minister of Finance, a former leader of the main party in government and head of the "bad bank"; if this is off the cuff its grossly irresponsible loose talk but if he is putting something in play it would seem that there is some sort of crisis.
I think it's the Marian Finucane credit people get whatever they say on the show is sacrosanct. there is no follow up no review just plain talk. I mean I remember Sean FitzPatrick on the show a day or two after the promissory note deal was done telling us that Anglo Irish would repay every cent of the Anglo Irish promissory note to the Irish taxpayer. Well he was kind of accurate with the minor detail that the bank had to be nationalized before it (the taxpayer) pays for the promissory notes in full.
 
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DuineEile

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Correct
Ireland's options have been severely limited by this and the last government. They have painted the country into a corner.

"Failure to conclude negotiations on the promissory note would have a potentially catastrophic effect on Ireland," Gilmore will tell the meeting being attended by EU Commission President Jose Manuel Barroso, European Council president Herman van Rompuy and German Chancellor Angela Merkel."
Ireland warns about impact of a bank debt deal failure | Reuters

It's clear there isn't going to be a deal on PNs.
I wouldn't be so sure. What is clear is that our politicians and European politicians cook up these staged fights to convince the locals that their politicians are fighting hard.

Mostly it's just a sham fight. We'll be sold another pup presently.


D
 

elliebee

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Whoever the Kameel is Pat Rabbitte was speaking about in that interview, he got right hot under the collar when he spoke about him/her. Apparently Mr Rabbitte thinks "It defies logic to suggest that because some of our citizens have taken a lot of pain that we should try to ensure that all of our citizens should take a lot of pain." His emphasis, not mine

Have the salaries of the 'big' boys come under the cosh in Europe which might explain why there was a certain amount of indignation prevalent in that interview?
 
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greagh

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The PIIGS standing together to defy the core with the threat of group default has always seemed logical ,the negotiations must be getting crucial when Dukes has thrown this in the mix . A more united stand by the peripheral nations would still work wonders especially as the trillion of liquidity created by Draghi runs into the sand .
 


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