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The FINANCE DUBLIN Irish Government Debt Clock

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See the Republic of Ireland’s national debt mount up, a measure of the legacy the Irish Government is in the process of bequeathing to the children of Ireland:

                        

                          € 87,669,547,647

 

The FINANCE DUBLIN Irish Government Debt Clock was set at midnight on June 30th 2009, when it was €65.278 billion.

(25 August): S&P downgrade disputed by NTMA, but, the main problem – non banking bailout costs – remain

The most negative aspect of the S&P re-rating on August 24th 2010 is the ‘outlook negative’ aspect, rather than the actual rating, the aspect the NTMA focusses on in disputing the validity of the downgrade. Here’s what S&P say on this aspect: “The negative outlook reflects our view that the rating could be lowered again if–as a result of its support for the financial sector or due to a more sluggish economic recovery (emphasis added)–the government’s fiscal performance improves more slowly than we currently assume.”

“Conversely, the outlook could be revised to stable if the Irish government looks more likely to achieve its fiscal target for the underlying general government deficit of less than 3% of GDP by 2014, or if the banking sector stabilizes more quickly and at a lower fiscal cost to the government than we now think likely.”

As argued many times in this page, since the Finance Dublin Debt Clock was set up in July 2009, while the cost of the banking bailout is admittedly very serious, the much more serious issue is the excessive cost of the state in the economy, which currently sees the national debt as rising by some €18 billion a year. This compares with a estimated total net (once-off) cost of the banking bailout of €25 billion to €30 billion.

Continued emphasis on the (admittedly serious) cost of the banking bailout, Anglo-Irish bank etc., at the expense of focus on Ireland’s unsupportable current and capital spending Budget (now costing 5.35 per cent p.a. in the bond markets to fund) will continue to put Ireland’s credit rating unfavourably under the microscope.

As a close reading and assessment of S&P’s statement shows, a positive result could be achieved by a decision from the Irish Government that it will address the issue of Ireland’s deteriorating credit ratings head-on in the forthcoming Budget by going further than previously announced in cutting down the spending programmes for 2011, 2012, on capital and current account than the (now clearly inadequate) €3 billion it has previously signalled for the 2010 Budget – i.e. bringing forward its fiscal consolidation plan.

Such would be consistent with the principles enunciated by the Minister for Finance in his Beal na mBlath speech on August 22nd. Lenihan’s statement that “We know from the 1980s that unless businesses are confident about the Exchequer’s long term position, they will not create new jobs” shows that this awareness is there – and that policy framed to underpin business and household confidence is key to (a) recovery in tax revenues, which springs from expanded employment primarily, and (b) a stabilisation in the property market, upon which the financial cost of the banking bailout will crucially depend.

Comment

At the above rate we will be well over the  100,000,000,000 Billion  by Christmas so go and get your Christmas shopping now you might not be able to afford it at Christmas !

Any coming budget savings in the 2011 budget will go directly into the Anglo Irish Bank Black Hole and we will need another emergency budget sometime next year when we finally get this shower of gangsters out of government, but I fear the damage will be complete by then! They will by then have helped their pals get everything worth taking of shore and we the people will be left saddled with the bad debts  and all the bills  

Any announcements coming from Brian Clown or Brian Lenihan must be taken with a pinch of salt! the Twiddle Dum and Twiddle Dee politicians are the last people we should rely on for leadership, after nearly two years since the bank crises these two jokers are only now coming to the realization that a bailout of the toxic toilet Anglo Irish Bank wasn’t a great idea after all and the billions powered down that toxic toilet was better spent in retraining the enormous dole queues

Almost two years and 22.5 billions, Clown and Lenihan still cannot  tell the Irish people where this enormous amount of money went, specifically who got this money and why?

Why is it taking this long to say exactly how much has this Toxic toilet has  in bad debts? How many staff has been recruited to this toxic toilet since the financial crises started and why??

Since the announcement of a split of Anglo Irish are we now going to have double staff levels, a second management level, at double the costs, for the same totally discredited bankrupt bank?

Since the work lode will now presumably be less in one or the other good bank, bad bank can we the taxpayers expect a reduction a claw back of the pay rises given to this surplus staff now???

When are we going to see prosecutions of the directors of the banks who have effectively stolen from every citizen of this country? And when can we expect Clown and lenihan resign for the gross mishandling and incompetence of the economy? Since they have effectively destroyed our countries financial independence and with it our soverne independence, they are guilty of economic terrorism

Neither they, nor their cronies should be allowed to benefit in any shape or form from these crimes that includes running off into the sunset with enormous pensions.

it’s time for a change in Irish politics and we must start with a system change this means a constitutional change to make these people personally accountable for their actions whilst in the service of the citizens

Machholz

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Author: machholz

I started this Blog to get out of my system the absolute rage that I have for the corrupt politicians and their Banker Buddies. I’m an ordinary guy, married with kids, and have firm opinions of what is right and what is wrong. I’m not afraid to say it even when it makes me unpopular. I reproduce news all manner of articles, but will always confirm the source of the articles; this is a compliment to the source of such news pieces. But if you do not agree with this and you are the original author, I will take down any article when requested to do so. I do not assume that the author of the news articles share with my views, I include news articles to give readers another slant to my views or to illustrate what the mainstream news media say on the relevant topic. The opinions expressed are my own but I do not accept liability for them, If I have offended you or made a factual error please put on record the truth by leaving a comment. In addition, my thoughts and opinions change from time to time...I consider this a necessary consequence of having an open mind. This weblog is intended to provide a semi-permanent point in time snapshot and manifestation of the various memes running around my brain, and as such any thoughts and opinions expressed within out-of-date posts may not the same, nor even similar, to those I may hold today. For the record I am currently an Independent political activist and am not affiliated to any political party

One thought on “The FINANCE DUBLIN Irish Government Debt Clock

  1. Great info on your blog for Debt Consolidation. If more people would visit blogs like yours and mine then more people would be living a debt free lifestyle. The info is out there and most are free, they just have to look!

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