Irish national debt update - mid-2017

McTell

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No
https://www.rte.ie/news/business/2017/0607/880813-national-debt-it-hasnt-gone-away-you-know/


I'm always a bit vague about GNP and GDP, and hold the view that earning the folding stuff is better than talking about other peoples' FS. Debt - is it gross or net? Taking account of deposits? ... and so on.

So this is a timely heads-up.


"Only Cyprus, Portugal and Greece make Ireland look good on this basis. On a debt per capita basis - how much in cash terms every man woman and child has as a share of government debt - Ireland is the highest in the EU, and one of the highest in the world. IFAC researchers say on a gross debt basis we are fourth highest in the world, after Japan, the USA and Singapore."
 


HarshBuzz

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This can hardly be a surprise?

Now we are on the long hard slog of outgrowing our debt pile. It's been declining relative to our national income for a couple of years now. Need to get it down under 50% by continuing to grow strongly.
 

Burnout

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I have a life.
Keep the recovery going lads, get up early, work hard, pay your taxes and stop scaring the plebs, some think they are rich again haha....most have just forgotten who they are.
 

Sister Mercedes

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Here's another billion added onto it.

The new public pay deal will buy the Government another three years of industrial peace. But the pacification of around 300,000 workers in the public sector has come at a cost, and a rather hefty one at that.

The total price tag lies at €887m up to 2020, and while Public Expenditure Minister Paschal Donohoe had claimed before the talks he had an overall price in his head, yesterday he wouldn’t signal if the final tally was above or below that marker.or has come at a cost, and a rather hefty one at that,
Public service pay deal: Paying a hefty price for some industrial peace
 

YouKnowWhatIMeanLike

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tax take is under-performing to projections while spending is rising way ahead and housing is in a desperate state again. Varadkomics looks more like Bertinomics to me.
 
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HarshBuzz

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HarshBuzz

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tax take is under-performing to projections while spending is rising way ahead and housing is in desperate state again. Varadkomics looks more like Bertinomics again to me.
Bollix if you'll excuse my Franglais.

Have a look at the May exchequer returns.
 

Hunter-Gatherer

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Ireland is up there with the banana republics of the third world. What a surprise.

If ever there was a country crying out for a credible right wing party, a party to trim the expenditure and reign in the monetary policy....its us. New housing bubble starting. Have we not learned from previous mistakes ?
 

HarshBuzz

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Ireland is up there with the banana republics of the third world. What a surprise.

If ever there was a country crying out for a credible right wing party, a party to trim the expenditure and reign in the monetary policy....its us. New housing bubble starting. Have we not learned from previous mistakes ?
Banana republics tend to have very low debt - as nobody in their right mind would lend to them. It's actually developed economies who have the most debt by far.
 

Plebian

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Remove the Leprechaun economics magic money tree and the reality of our situation ain't very pretty. Fingers crossed that the voodoo economics continue to defy gravity.
 

RodShaft

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https://www.rte.ie/news/business/2017/0607/880813-national-debt-it-hasnt-gone-away-you-know/


I'm always a bit vague about GNP and GDP, and hold the view that earning the folding stuff is better than talking about other peoples' FS. Debt - is it gross or net? Taking account of deposits? ... and so on.

So this is a timely heads-up.


"Only Cyprus, Portugal and Greece make Ireland look good on this basis. On a debt per capita basis - how much in cash terms every man woman and child has as a share of government debt - Ireland is the highest in the EU, and one of the highest in the world. IFAC researchers say on a gross debt basis we are fourth highest in the world, after Japan, the USA and Singapore."
I'm sick of reminding people of this.

There has been no recovery. Unless getting all your loans terms extended so you can pretend things are getting better counts as a recovery.
 

YouKnowWhatIMeanLike

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I'm sick of reminding people of this.

There has been no recovery. Unless getting all your loans terms extended so you can pretend things are getting better counts as a recovery.
as long as the ECB keeps buying up toxic gov bonds the euroship will stay just above the water line or broadly balanced in QE speak.
 

Burnout

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I have a life.
Ireland is up there with the banana republics of the third world. What a surprise.

If ever there was a country crying out for a credible right wing party, a party to trim the expenditure and reign in the monetary policy....its us. New housing bubble starting. Have we not learned from previous mistakes ?
...what previous mistakes?
 

Odyessus

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https://www.rte.ie/news/business/2017/0607/880813-national-debt-it-hasnt-gone-away-you-know/


I'm always a bit vague about GNP and GDP, and hold the view that earning the folding stuff is better than talking about other peoples' FS. Debt - is it gross or net? Taking account of deposits? ... and so on.

So this is a timely heads-up.


"Only Cyprus, Portugal and Greece make Ireland look good on this basis. On a debt per capita basis - how much in cash terms every man woman and child has as a share of government debt - Ireland is the highest in the EU, and one of the highest in the world. IFAC researchers say on a gross debt basis we are fourth highest in the world, after Japan, the USA and Singapore."

This is playing with statistics. The generally accepted measure of debt is as a percentage of GDP/GNP. By that measure, at 78% we are well below the EU average of 90%.


Note the three countries mentioned as having higher debt to government revenue, Japan, the USA and Singapore, are hardly economic basket cases. Meanwhile, the real economic basket cases have debt to government ratios which are a fraction of ours and the other countries mentioned.

What does that tell you?
 

Orbit v2

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Debt to government revenue is a very good yardstick, as GDP is fairy tale money. Government revenue is what is used to actually pay off debt, not GDP.

I'd like to see what/if any progress was made in that measure over the last years. There might be some comfort to draw from that. Debt to GDP has obviously dropped dramatically, but that is presumably mostly down to GDP going up rather than debt dropping.
 

Odyessus

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Banana republics tend to have very low debt - as nobody in their right mind would lend to them. It's actually developed economies who have the most debt by far.
Correct. Just as billionaire businessmen often have tens of millions of euros in bank loans outstanding, while the average man in the street would not have a hope of being granted such loans.

We would laugh at a man who declared: "Well at least I'm better off than Denis O'Brien, because I don't owe as much as he does."
 

robut

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Lads Lads .. stop talking down the economy. Everything is going gang busters, we are back baby.

This is just more fake news, shur its from RTE like .. close down this thread, nothing to see here :D
 

YouKnowWhatIMeanLike

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An exchequer surplus of €383 million was recorded a the end of May, compared with a deficit of €125m in May 2016.

https://www.rte.ie/news/business/2017/0602/879929-tax-take-up-in-may/


Keep taking the tablets.
you should read first what you post here moron.

"A lower than expected amount of tax had been collected over the past couple of months, and by the end of April revenues were 2.4% lower than expected.

The increase in tax revenues in May - the second biggest payment month for tax in the year, meant the gap was closed to 1.4%, some €268m lower than expectations."
 


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