The ordinary people will still face more austerity in the next two budgets at least. Then they have property taxes and water charges to deal with. It therefore changes nothing for them. Telling people that because of this deal, cuts will be less severe is little consolation. Businesses can make long term plans, but a person with nothing doesn’t have that luxury.

@ Marlon, another astute and insightful comment.

But was not the deal simply a way of ensuring the preservation of enough public expenditure capacity to pay these magnificent salaries and munificent pensions. It is life for today and foist most of the liability on to the next generation which will be more poorly paid generation. I can’t afford to pay you but in 2038 and after, my son and daughter will pay you back.

The generation of which I am a member too a lot and have left our debts to the next generations.

Why would the next generations rationally wish to stay in Ireland if they are able to make a future outside of Ireland.

It is the moral quality of the deal which offends me and this morning I see stories of 20 billion saved! Stuff and nonsense from a delusional people ruled or governed by grand illusionists. I despair

Exactly! Well said.

That was directed @ Rodrigo.

Peter and Ridrigo I agree whole heartedly.

Furtermore, I’m amazed that our lenders aren’t outraged at how our political and government officials compensate themselves…

I know for a fact… I wouldn’t give a penny! If I saw a begger on Ha’ Penny Bridge dressed in shiney sharp runners, nice new jeans, a warm jumper and slick cool leather coat with an empty Starbucks Cup asking for spare change.

I am no fan of our political class. And definitely don’t agree with how they’re runnning our budgets.

But am I the only one who has no major problem with what they are paid?

They invest huge effort and money and time into getting elected, they work all the time. They have to pretend to like b*llshit local issues just to get elected. They have to get destroyed every day by basically half the people they meet in the streets no matter what side of the fence they are on.

Whoever says they should be doing it for love of the country, sure charities aren’t run for love of the charity, they’re run by high paid competent people. And those jobs have a lot less negatives involved. If I was to do their job, and do it well, I’d want to be paid a fair amount.

Now entitlements, the way they get pensions while in office and when they’re so young. Fair enough. But their pay seems fair to me…

Hi Conor,

I agree with you to some degree. Our Political Officials do work hard, do have a difficult position and are always disliked by someone.

Their pay is at par with American Federal Politicians (President, VP and Secretary), German Prime Minister and British Prime Minister. I would argue that our international influence isn’t as strong at this time. This is not to say that Ireland couldn’t be an International Power House… But we are not there yet.

So I would suggest that, when our politicians weld international influence like the American President, British Prime Minister and German Prime Minster, then they should be compensated accordingly.
Additionally, how many jobs do you know of that people get such large benefits for on the job training?

Finally…. We can’t afford it.

Triona
Try cutting down on your use of the Internet or mobile phone.

The neo-cons don’t view it that way. They see the “peasants” having an obligation to socialize their corporate debts. Hence why the business class support this deal – they are voters for Fine Gael. Enough said.

They’re not neo-cons they’re mo-rons. How could a conservative support the state propping up bad businesses with public funds? It goes totally against the basics of liberal economic thinking!

hi richard maybe u could cut out internet all together and do us all a favor

Indeed,………….. a similar headline would read. ” murderers welcome deal to reduce mandatory sentences for murdererers”. Well, they haven’t won back my vote, that’s for certain.

I really think this is the best we could get out of an impossible situation.
No payments on the principal sum for 30+ years, by which time inflation will have taken a massive chunk out of it.

Seem a good enough deal to me

Brave prediction at a time when some experts are predicting protracted deflation. I suppose that we can tell ourselves that inflation will devalue the repayment and salve our consciences about what we have done to the next generation. Already we know that they will not be paid as well as this generation was.

I am over 60. For me it is mildly good news but we have mortgaged our birth right and shunted this liability on to the future generation, having caused the problem in the first place by having a Regulator which was a lap dog not a watch dog.

Fine bunch we are.

The significant number for Irelands fiscal finances and our national economy is the revised interest rate.
There is a net annual saving of €1 billion per annum. This takes some pressure of the adjustments required for the next three budgets. Secondly the pressure is of the near term PSBR. This will facilitate an earlier return to the bond markets and an exit from the bail out mechanism. Finally, the monies due under the new bond can, if circumstances require be pushed out to infinity. The Government may, if circumstances dictate, issue new bonds to meet the maturity of the one just created.

All in all an excellent start to restructuring and regaining control over our finances. Now for the other bank debt. Next step…..ESFM.

Cliff
While inflation will erode the value of the debt any economic growth will also reduce the real cost of repaying the sum. Combined, the debt will become insignificant over such a long period.
It is interesting to note that Sinn Fein either don’t understand this concept or are lying in all of their public posturing of the past twenty four hours.
Are we surprised?

Your complaining RTE gave a government minister an easy time,your shocked?
When the agreement was before the Dail what was RTE showing? it was left to TV3 and they don’t even get a euro from our tv licence.

Not shocked, just in a state of perpetual disgust. As a commentator Vincent Browne appears very much on his own and try as I might I just can’t for the life of me reconcile with the Irish medias generalized acceptance of what they perceive on our behalf as a deal.

It’s not a deal, they swapped a promissory note for sovereign debt. It beggars belief that a great majority of our so called intellectuals endorse what our drunken elected representatives rammed through the Dail.

Our journalists historically have and continue to endorse this maniacal approach to the management of our children’s heritage. I think that in itself is a crime for which a price must eventually be paid. It’s just that we as a people consistently end up paying for it in full, on their behalf.

The top 5% have filled their pockets yet again and the Irish media is there once more to help finish the job.

Not shocked. I’m livid, disgusted, appalled and pissed off enough to wish a plague of the most insidious kind on all their houses. They certainly visited one upon mine.

Or they’re all right

If your being selective in what you read your correct,try the FT if you want some objectivety.

Just seen them Paul.
Only the mail going with a negative slant.
The rest seem to think our debt is “gone”.
#gone!Juslikdat!

Does it encourage them to spend less?

David sorry now but thats a stupid comment.There is several more austerity budgets to come maybe not as harsh but there still coming.An agreement was reached but lets stop the spinning before we all get dizzy.The country is debt to the tune now of 167 billion with a further 30+ billion of private and household debt.

It’s about confidence Norman. There are people out there who could spend but haven’t because of uncertainty. Confidence for the domestic market is the lifeblood. This will help…

O Reilly it might encourage those that have money, but those same people had money on Monday and they know even with this agreement they will be paying alot more late this year and next year in property taxes and water taxes.That hasn’t changed.
BTW has anyone in government adressed the 1 billion we will save and the Trioka veiws as a “windfall” to be applied to the natiobal debt?

Really, O’Reilly! Do you like paying debts of private corrupt institutions, If so? You might like to pay my debts, If I get a good arrangement on them. If not, stop cheerleading this deal like it was our debt and incurred by us! The budgets won’t change, but protests and strikes will increase from now on!

It is all about confidence lads.
Because without that the trick won’t work!

Stephen
Our Democracy has spoken and the deal is done ! Anything of the nature you’re talking about , such as protests and strikes are likely to disrupt the economy and cause a worsening of the States position.
What’s your end game Stephen?
Is this all to advance the Hard Left and make yourself feel important? Or is this the only way that you see yourself and your pals being able to express yourselves?

@Seamus; only when combined with the intellectual capacity of a dung beetle and the imagination of an amoeba.

Basically guys you f.cked up, you trusted politicians. I mean hello, like they have EVER kept election promises, in ANY country? Btw do you REALLY think SF will be better? If so why? Whats the evidence? Personally I dont think there is one political party in the dáil I would trust. Some individual politicians yes, but no party. Forget about it, we’re screwed!

This is an example of Blinkered obedience, by brainwashed supporters! If I get good terms arranged on my debts, will you pay them for me?