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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Lesson number 2 in pissing off those who pay our bills.

Number one was the tapes.

Dukes is clearly playing the Goldman Sachs-JP Morgan bankster game at the expense of Ireland.

Dukes knows full well that Ireland is not allowed to default no matter what. Timothy Geightner made that very clear when he spelled it out on behalf of the US government. That means for those to stupid to realise, that if Ireland defaults we annoy the hell out of the USA, which would be the most stupid thing we could do.
It's not clear at all what game Alan Dukes plays. He certainly is a big-head with an exorbitant self-importance hubris and plenty of arrogance. You might be right with the big money servitude obsession though. He and Sutherland ...
 

feargach

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Whether we default or whether we reach an agreement to restructure those debts we have, all we know is that it is mathematically impossible to pay in full and in the time-frame we are currently committed to.

This is also true for Spain, and probably for Italy and certainly for Portugal. It seems perfectly obvious that those 3 nations will certainly work out a better deal for themselves if we coordinate our restructure/default/reorganisation of debts together rather than separately.

Again, if anyone can explain why NOT negotiating as a group is better AND makes the sums add up, I will very cheerfully admit I'm wrong.
 

Watcher2

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it's not what Alan Dukes said though.
I couldn't give a toss what that pr!ck says. Public interest me hole. He is merely a leech, always has been. When did that moron ever make private money? His whole life has been spent sucking from the public purse. What has he ever given back to Irish society?
 

Watcher2

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Whether we default or whether we reach an agreement to restructure those debts we have, all we know is that it is mathematically impossible to pay in full and in the time-frame we are currently committed to.

This is also true for Spain, and probably for Italy and certainly for Portugal. It seems perfectly obvious that those 3 nations will certainly work out a better deal for themselves if we coordinate our restructure/default/reorganisation of debts together rather than separately.

Again, if anyone can explain why NOT negotiating as a group is better AND makes the sums add up, I will very cheerfully admit I'm wrong.
Best strategy I've heard on here since this crap started.
 

wombat

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Again, if anyone can explain why NOT negotiating as a group is better AND makes the sums add up, I will very cheerfully admit I'm wrong.
Probably because there are enough differences between the causes of each country's problems to make the permanent govt in each country think they can do better on their own?
 

feargach

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Probably because there are enough differences between the causes of each country's problems to make the permanent govt in each country think they can do better on their own?
Which is grand if you have a Tardis and can go back in time to unmake the errors that are the causes of the predicament.

In the absence of that Tardis, and with the errors made and not unmakeable, what's the argument against working together?

The fact is that for Ireland, Portugal and Spain, failure to pay our current devt timetable within the next 10 years is a certainty and the perma-govt of each country can't alter that fact.
 

SPN

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Whether we default or whether we reach an agreement to restructure those debts we have, all we know is that it is mathematically impossible to pay in full and in the time-frame we are currently committed to.
We have just restructured our debts by extending the maturity of a goodly chunk of them by 7 extra years.

A State does not typically pay its debts, it rolls them over. The problem in our case is going to be the fact that we will be rolling 3.5% debt over in an environment where I expect interest rates to be closer to 10%.

If "it is mathematically impossible to pay in full and in the time-frame we are currently committed to" then why are we able to continue to overspend by >40% of income? Somebody somewhere must believe we can keep on borrowing, not least given the overspending commitments made in the Haddington Road Agreement.




This is also true for Spain, and probably for Italy and certainly for Portugal. It seems perfectly obvious that those 3 nations will certainly work out a better deal for themselves if we coordinate our restructure/default/reorganisation of debts together rather than separately.

Again, if anyone can explain why NOT negotiating as a group is better AND makes the sums add up, I will very cheerfully admit I'm wrong.
Working out a deal is one thing, but crafting a deal that still enables these States to keep on overspending into the future - given their collective inability to live within their means -is something else completely. If you bankrupt your lender this week then who are you going to borrow from next week?
 

feargach

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If you bankrupt your lender this week then who are you going to borrow from next week?
Our lender is the Troika. How exactly is lending to Ireland going to bankrupt them? Did you know that one part of the Troika is the ECB, which is literally the ultimate source of all the Euro in the world?
 


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