They are not giving us money, they are lending us money, i.e. giving us more debt.What does a bank bailout by the EU/ECB/IMF actually mean in terms of the monies already given to them by the Irish taxpayer? Are those funds returned to the exchequer and/or is the promised dividends on those monies now redirected to paying off a bailout from the above?
I accept that, but my point concerns the original monies from the taxpayer 'lent' to the banks. Would an EU bailout cover these funds to the point where they could br reinvested into the economy to stimulate etc, etc.?They are not giving us money, they are lending us money, i.e. giving us more debt.
Tens and tens and tens of billions of euro of more debt: enough to get us through the next three years at the nippy rate of about 5.5%.
Spot on! Ireland 2010 well summarized.Lenihan on the phone "Yeah Boss, managed to kick the can down the road a bit further - bit of waffle, patriotic spiel and all that ... think it confused 'em ... anyway we live to fight another day .. wahoo ... FF for ever"