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Front Page 2013 looks like a bad year for the Euro.
The Farce!
The government has set up an asset management agency – NAMA, which will buy toxic assets from banks at a discount and will in turn issue government-guaranteed securities. NAMA was expected to buy about $81 billion of toxic assets at a price of $43 billion and issue government-guaranteed securities in return. Since these securities have collateral backing and are likely to be repaid through pay back of underlying loans, these securities are considered off-balance-sheet and are not part of general government debt by Eurostat. According to Davy research, while the projected gross government debt excluding the impact of promissory notes and NAMA bonds is 84.8% in 2012, including the impact of promissory notes and NAMA bonds (in other words, including the truth), the gross government debt can rise to 117.4% of GDP. This either competes with or bests Greece, 2010’s poster child of flagrant spending.
This means that the teacher has created a very harsh austerity plan for its “learner”/student/tax paying populace that has materially lowered the standard of living – all based upon numbers that were bogus to begin with. In other words, it ain’t gonna work!
The Irish have been living on credit for the last 15 years and none of them were complaining when the living was good. If their government was culpable, the Irish didn't want to know so long as the money was still flowing.
The Irish have been living on credit for the last 15 years and none of them were complaining when the living was good. If their government was culpable, the Irish didn't want to know so long as the money was still flowing.
Ya let the good times roll as long as we don't see the bill. Kicking the can down the road is the national pass time it seems. An ever expanding debt bubble is a dream that sadly can't come true, it will eventually pop.
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or in the parking lot?
