Tuesday, 8 May 2012

THE DIRTY DOZEN w/e May 13th 2012

2008
National debt: approx. €44bn
Pension Reserve Fund: approx. €20bn
Net national debt: approx. €30bn.
Budget deficit: approx. €13bn


2012
National debt: approx. €164bn
Pension Reserve Fund: approx. €5bn
Net national debt: approx. €159bn, and rising fast
Budget deficit: approx. €14bn


The troika are thrilled with us for meeting all their targets, the bondholders (the bottom-feeders of the secondary market especially) are amazed at but grateful to us for our generosity, but I ask you - anyone; please tell me what the policy of our governments of appeasing the ECB has gained for us, the Irish people, over the last few years.

We were told it was to save our banking system - that's worked out well for the bondholders, still being paid in full, profit margins and all; how are the people faring at the hands of those banks, how is business faring?

And still our economy bleeds money. €114.7m last week in three bonds, all unsecured, but not a line anywhere in our national media, not a word from TV or radio, not even on the business sections.

Look below at what's coming: €304.6m in ten unsecured bonds, a mouth-watering €2.251bn in two so-called 'covered' bonds. Covered by what, a guarantee issued under false information? One bond, for €2.25bn was taken out by AIB on May 28th 2008 when that bank was still privately owned. We now own it (99.8%), the billions going out of this country on May 28th is our money, apart from the 0.2% - that's €4.5m.

Just reflect on that for a moment. 0.2% of one bond is €4.5m, two lotto wins; that means the bond itself is 500 times €4.5m.

Will there be even a murmur about it?



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