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Bundestag gets to see Irish government borrowing schedule before Dáil


Iphonista

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I suppose we should be used to it at this stage but it still sticks in the throat when it happens.

The NTMA tends to issue roughly 10bn euro's worth of long term bonds this year, €3 billion in the first quarter of the year, followed by €2.5 billion in the second and then €2 billion in each of the third and fourth quarter. Germans parliamentarians got to see this schedule yesterday and thanks to Cantillon in the Irish Times, their Irish counterparts will have had the opportunity to have read about it over their cornflakes and coffee this morning.

I don't get why this needs to happen. This is not money we'll be borrowing from the Troika so it's not Germany's business. Anyway, why do the Germans get to see this before anyone else - not just us? I don't see it being studied in e.g. the French or Belgian parliaments. Can anyone enlighten me?

Bundestag gets to see Irish government borrowing schedule before Dáil
 


Taxi Driver

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I suppose we should be used to it at this stage but it still sticks in the throat when it happens.

The NTMA tends to issue roughly 10bn euro's worth of long term bonds this year, €3 billion in the first quarter of the year, followed by €2.5 billion in the second and then €2 billion in each of the third and fourth quarter. Germans parliamentarians got to see this schedule yesterday and thanks to Cantillon in the Irish Times, their Irish counterparts will have had the opportunity to have read about it over their cornflakes and coffee this morning.

I don't get why this needs to happen. This is not money we'll be borrowing from the Troika so it's not Germany's business. Anyway, why do the Germans get to see this before anyone else - not just us? I don't see it being studied in e.g. the French or Belgian parliaments. Can anyone enlighten me?

Bundestag gets to see Irish government borrowing schedule before Dáil
It has been known for months now that the NTMA will try to raise €10 billion in 2013. Also the Draft Commission Review is distributed to all members of the Oireachtas Finance Committee. Who do think leaked it??
 

Iphonista

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It has been known for months now that the NTMA will try to raise €10 billion in 2013. Also the Draft Commission Review is distributed to all members of the Oireachtas Finance Committee. Who do think leaked it??
Was the schedule known rather than just the total to be borrowed? I still don't see why the Germans need to know this.
 

A view from England

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It really must stick in the craw of Republicans to have shed the yoke of the UK to now be subservient to Germany. Just a few years ago Ireland was a true sovereign nation. Now nothing more that a gimp state, dependent on handouts from the troika.
Such a shame.
 

Lord Muck Savage

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I suppose we should be used to it at this stage but it still sticks in the throat when it happens.
Perhaps our ruling elite prefers it that way, somebody responsible has got to be in charge and the Bundestag fits that role perfectly.
 

Iphonista

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It really must stick in the craw of Republicans to have shed the yoke of the UK to now be subservient to Germany. Just a few years ago Ireland was a true sovereign nation. Now nothing more that a gimp state, dependent on handouts from the troika.
Such a shame.
Yes but like I said this isn't borrowing from Germany, Troika, anyone else.
 

Lord Muck Savage

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It really must stick in the craw of Republicans to have shed the yoke of the UK to now be subservient to Germany. Just a few years ago Ireland was a true sovereign nation. Now nothing more that a gimp state, dependent on handouts from the troika.
Such a shame.
But they have no shame; as long as the money is forthcoming, that is all that matters.
 

ShoutingIsLeadership

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Germany has an effective parliamentary democracy, which keeps a tight check on the way the country's money is spent. It is only because we are so unaccustomed to the concept of an accountable parliament, that we find this so unusual.
 

Iphonista

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Germany has an effective parliamentary democracy, which keeps a tight check on the way the country's money is spent. It is only because we are so unaccustomed to the concept of an accountable parliament, that we find this so unusual.
Oh,FFS. There's no German money involved this time around. How many times do I have to say that?
 

ShoutingIsLeadership

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Oh,FFS. There's no German money involved this time around. How many times do I have to say that?

As the article says:

The indicative timetable contained in the troika review of the Irish programme
Personally, I find the fact that the article quotes Bank of Ireland’s Dan McLoughlin, far more offensive. I know it was far too much to hope for him to be sacked, but I thought he might have the good grace to never open his gob again.
 

lying eyes

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Just as well, we need somebody to mind us, we have proven that we are not capable of looking after ourselves.
 

Iphonista

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Just as well, we need somebody to mind us, we have proven that we are not capable of looking after ourselves.
I think I'll just go to bed and leave ye all to it because it seems that no one is getting it at all.

The Germans have no say, no control, zilch over what we borrow in the open market because there's no German state lending or involvement in any way. So why are German MPs privy to this info before our own parliamentarians?
 

Frank Galton

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In the domestic political arena in Germany, these are the arguments (from Mrs Merkel's opponent in the coming election)

Der Gesamthaftungsrahmen der Rettungspolitik ist noch weitaus größer: 211 Milliarden Euro für die EFSF, 190 Milliarden Euro für den ESM und 750 Milliarden Euro über die Target-II-Forderungen der Bundesbank. Dazu kommen 57 Milliarden Euro als Anteil der Bundesbank an den bereits getätigten Staatsanleihekäufen der EZB. Summa summarum sind das rund 1,2 Billionen Euro. Das gilt zwar im schlechtesten Fall, aber sicher ist, dass sich Deutschland längst in einer Haftungsunion befindet.
This is from SPD leader Peer Steinbrück. He says Germany's total [EU bailout] liability is at least 1.2 trillion euro = 211 (EFSF)+ 190 (ESM)+ 750 (Target2) + 57 (ECB bond purchase).

Euro-Krise : "Deutschland steckt längst in einer Haftungsunion" - Nachrichten Wirtschaft - DIE WELT

In that context, Ireland's borrowing is going to be seen as Germany's business.
 
Last edited:

storybud1

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I think I'll just go to bed and leave ye all to it because it seems that no one is getting it at all.

The Germans have no say, no control, zilch over what we borrow in the open market because there's no German state lending or involvement in any way. So why are German MPs privy to this info before our own parliamentarians?
No 2 Exporting Country in the world happens to be in Europe? of course they have a say, the markets listen to Germany first and would laugh at Ireland if it was not connected to Europe.

This charade is about the Germans telling the markets that Germany is looking out for Ireland so it is okay. The real question is when is a federal Europe coming (2017) and is it a bad thing if we stop paying doctors 500K a year for prescribing antibiotics that a German doctor would be glad to do for a fraction of the price.
 

Dublin 4

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What about the €5 Trill?
 

Dublin 4

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I've some seriously funny links about how much sh1t Germany is in Mutthafukkahs :lol:



Don't make me angry - you won't like me when I'm angry


Nitey nitey Hulkphobes
 

Frank Galton

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What about the €5 Trill?
I've edited the Steibruck claim of 1.2 trillion to make clear he's only talking specific liabilities due to the bailouts, not overll German debt.
 

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