RTE reports EU/IMF interest rate to be 6.7%!!! We are sunk

gijoe

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RTE now reporting that the interest rate will likely be 6.7%. Looks like we brought Pat Neary and Roddy Molloy out of retirement to negotiate on our behalf!
 


Ingersoll

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We are finished, time to default - nearly 7%! What the fcku are they thinking, there is o way we can handle so much debt
 
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WTF?

This would mean interest of nearly 20 Billion from a tax take of 30 Billion.

Beans and Toast for all working at €1.00 per day. Korea looks like a good place to live and work compared to what Ireland will be.
 
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The Government's four year plan assumes that by 2014, interest payments will have increased from €2.5 billion to €8.4 billion a year - around one fifth of all tax revenue.
These figures do not include any borrowing that may be made for extra capital for the banks.
RTE.ie

Where are they getting there figures from?
 

Mister men

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Oh ffs it does'nt matter what the rate is. 2% or 7%. We are done for. We owe more than 200 Billion euro and the mortgage defaults have'nt even kicked in yet. Default and let's get on with the pain.
 

an innocent abroad

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IF that is the interest we are Fxxkxd, This is debt slavery and this country cannot afford this dept! This is bank debt, not soverign debt! DEFAULT NOW! Take all your money out of Irish banks and put them anywhere but Irish banks. By keeping your money in them you are rewarding them for there economic treason! IRELAND NOW EQUAL TO WEST AFRICA. WITH THE CORRUPT POLITICANS AND BANKERS, P,S, Seanie you slimy lil BXXXXXXXXXXXXX. Don't forget your sunlotion, hate to think about you getting too much sun in your luxiourious villa!
 

sport02

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I think the OP misunderstood the News report where they stated that our current blended rate on the national debt is 4.5% and the Greek bailout was at 5.2%. He got his wires crossed methinks.
Rte defintiely said they are expexting the bailout/loan rate of interest to be anywhere between 4.8-5.2%
 

Catalpa

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If these idiots borrow one penny for those delinquent Banks I will only vote for a party that promises to default.

4.8% for money we never had any responsibility for in the first place. What a shower of imbeciles.

I don,t care what the interest rate is. The people of Ireland will never pay for the idiotically bad investments of German, French and British Banks.
+1

Anyway how long before some other 'unforeseen' crises erupts and we are asked to out yet another loan &/or another round of 'cutbacks'

The sooner we default, painful an all as it will be, then the sooner we can start to fix our broken Country...

Europa Conventus Delenda Est
 

Marcos the black

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Saying now "close to 7%" in thew news headlines...... WTF....
 

flavirostris

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RTE are announcing the rate will be closer to 7% (?)
 

Astral Peaks

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Delusions heaped on delusions!

Firstly, whatever is going on with reported rate yo yo-ing is just likely to be bad spin being carried,mistaken or plain not understood. Confusion, in other words.

This process is all just delay and pray, our guys in the room will understand this as it has been Govt policy as far back as 2006.

Meanwhile, serious people are knocking heads on a debt for equity swap deal, with cast iron legal back up, sort of a bail-in, not bail-out. On the bank part of the sovereign debt.

This is the only explanation of these various leaks that makes sense, a kind of distraction to give room to the guys to get it done before 5am Monday when the business media start blogging,reporting, steering.

Two reasons for this being likely.
1. Short term paper flooding in to Irish banks to shore up day to day liquidity. This cannot continue.
2. Deal is imperative for ECB/IMF as it is not clear if FF/Greens can get this budget through. Collapsed Govt = real time problems till new Govt formed.

No real inside info here although a good friend does have some insight into the legal end of the bank deal.
 

firefly123

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7%. !! Ok pull the pin and default. We are dead either way. At least this way we have dignity as a nation. That rate is punishment rather than aid:mad:
 

Astral Peaks

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And of course I could be wrong!
 


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