Ray Kinsella Interview on Bloomberg

Sham96

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Ray Kinsella (ex Irish central bank and IMF) was just interviewed on Bloomberg. Painted a very scary scenario for both Ireland and the Euro zone in general. His conclusions

The bailout won't work and the contagion will spread to other Euro zone countries. He door stepped Rehn when Rehn was in Dublin. "Why are you proposing taking 6billion out of the Irish economy which will lead to even bigger problems"? Rehn refused to answer him.
 
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Pauli

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Ray Kinsella (ex Irish central bank and IMF) was just interviewed on Bloomberg. Painted a very scary scenario for both Ireland and the Euro zone in general. His conclusions

The bailout won't work and the contagion will spread to other Euro zone countries. He door stepped Rehn when Rehn was in Dublin. "Why are youproposing taking 6billion out of the economy which will lead t even bigger problems"? Rehn refused to answer him.
Kinsella is right. He was on BBC Radio FiveLive this morning and more or less said the same thing. Portugal is next and if, and it is a big if, they manage to sort it out, Spain will sink it with the monster property bubble it managed to produce.
 

Berty

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Ray Kinsella (ex Irish central bank and IMF) was just interviewed on Bloomberg. Painted a very scary scenario for both Ireland and the Euro zone in general. His conclusions

The bailout won't work and the contagion will spread to other Euro zone countries. He door stepped Rehn when Rehn was in Dublin. "Why are youproposing taking 6billion out of the economy which will lead t even bigger problems"? Rehn refused to answer him.

So - am I right to say - that this bail out is only a very short term solution that will not stop this so-called contagion effect? :(
 

Sham96

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Kinsella is right. He was on BBC Radio FiveLive this morning and more or less said the same thing. Portugal is next and if, and it is a big if, they manage to sort it out, Spain will sink it with the monster property bubble it managed to produce.
Exactly. He said the EU won't be able to fix Ireland with this dubious budget. And therefore will have no chance of fixing Portugal, Spain, Italy etc. He confirmed the Show is over.
 

Sham96

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So - am I right to say - that this bail out is only a very short term solution that will not stop this so-called contagion effect? :(
Not only will it not work. It wil cause more problems in the near and not too distant future. I will try post theinterview on here later as soon as it goes online. Kinsella did not mince his words. This bailout will not work.
 

Berty

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Not only will it not work. It wil cause more problems in the near and not too distant future. I will try post theinterview on here later as soon as it goes online. Kinsella did not mince his words. This bailout will not work.
Cheers
 

MPB

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So - am I right to say - that this bail out is only a very short term solution that will not stop this so-called contagion effect? :(
A short term solution for the euro. An absolutely monumental disaster for Ireland if we ever draw any of this money down for the Banks.

We have just agreed to take on another 100 billion in sovereign debt.

Our debt levels will now be 200 billion plus by the end of 2011. This will cost us 8 billion a year to servive, without reducing the amount owed.

We earn 30 billion or less a year, meaning debt servicing will take up over 25%of our annual budget.

We are currently devising plans to take another 6 billion out of our economy.

Let me just say that Ray Kinsella is an optimist.
 

cork based

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Time to default on bank debt and state debt if needed. Should also consider pulling out the euro and devalue. We have to put our own needs first. Thats what capitalism is all about.
 

Li Black

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Kinsella and Rehn-Correction

prof Kinsella didn't 'doorstep' Rehn-He was an invited guest!
He did put the question to Rehn ,who appeared flummoxed and avoided answering with lots of irrelevant waffle.
This was noted by a number of other guests.
 

Li Black

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Kinsella and Rehn-Correction

Ray Kinsella (ex Irish central bank and IMF) was just interviewed on Bloomberg. Painted a very scary scenario for both Ireland and the Euro zone in general. His conclusions

The bailout won't work and the contagion will spread to other Euro zone countries. He door stepped Rehn when Rehn was in Dublin. "Why are you proposing taking 6billion out of the Irish economy which will lead to even bigger problems"? Rehn refused to answer him.
Prof Kinsella didn't 'doorstep' Rehn-He was an invited guest among others!
He did put the question to Rehn ,who appeared flummoxed and avoided answering with lots of irrelevant waffle.
This was noted and commented upon by a number of other guests.
 


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