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Promissory Notes: Negotiating or Play-Acting?
national |
eu |
opinion/analysis
Wednesday April 04, 2012 18:51 by O.O´C. - People´s Movement post at people dot ie 25 Shanowen Crescent, Dublin 9 087230830
What other country in Europe is sticking 20 percent of its GDP on its national debt to support a completely bust bank? And how did we get into this position? In a move clearly aimed at trying to upstage and divert attention from an extremely embarasing Sinn Féin private members’ motion on the ESM Treaty, the Minister for Finance, Michael Noonan, told the Dáil on 21 March that the Government is What other country in Europe is sticking 20 percent of its GDP on its national debt to support a completely bust bank? And how did we get into this position? |
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Jump To Comment: 1 2 3 4Over at Constantin Gurdgiev's blog he has analyzed what Noonan's latest deal on promissory notes for 3.1 billion euro has done and shows that it has no advantages and will actually cost more.
He outlines 16 points on it and in point 13 says:
The positive factor of so-called 'more flexible fiscal buffer' is a red herring, in my view. The idea is that we are 'saving' cash allocation of €3.06bn this year, making it 'available' for borrowing in 2013. This is rather stretching the reality - the 'cushion' has been pre-provided to us by the Troika deal and is specific to the Promissory Notes. There is no indication that it can be used for any other purposes. Even if it were to be used for any other purpose, it would be an addition to the bond issued, so our debt will increase by the amount we use from the 'cushion'. Furthermore, the deal runs out in 2013 and thereafter no 'cushion' is available. So on the net, we have just paid 400mln increase in debt, plus 90mln in deficit to buy ourselves an 'insurance' policy that should we need 3bn in 2013, we will be able to ask for it from the kindness of the EU and have it for no longer than a year. That's pretty damn expensive insurance policy.
You can find the full text at the link below.
Meanwhile as one commentator to his blog says about the deal:
Because of the general discontent around the household tax, and their impending ard fheis, Fine Gael had to be seen to produce a result for the people. The ECB refused to play ball so Noonan's very expensive fudge was cooked up.
It is astounding that the government are willing to accrue further debt, many multiples of the revenue they hope to get from the household tax, just to save face.
don't forget Tom Parlon.
Noonan has compounded the problem by issuing a bond for €3.06bn. He has converted private debt to sovereign debt, thus taking it out of the frame for future negotiations. What a disaster and a scam of the highest order. The debt situation has actually been made worse, not better.
We are sinking more and more and it is crystal clear that DISASTER looms. There's a stockmarket bubble forming.
The BIG CRASH is 6 months away, at most!!!
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