John D your ”auld lad ” is spot on . My ‘aauld lad ” would have said too many paper pushers…..They are both right.

be very clear these are not handouts, they’re not helping us, they’re facilitating the raping of our country to feed the habits of dead banks.

I agree Danny D.

Remember the old saying that if you owe the bank €1000 you’re in trouble, but if you owe them €1000000 the bank is in trouble.

Well if a country owns a bailout fund a billion, the country’s in trouble….

Dead right, B. But it’s much more likely some other actor will cause this, with IRL benefitting as a side effect of currency collapse or others’ sovereign default.

As to the first comment, who is this guy? Bertie Aherne reincarnated? Is there an anorak below the neckline?

Just to note, a default isn’t a good thing. Even though it’s probably the only option avaliable at this stage. I support defaulting, but i dont support the lefts view that it would be all hunky dory if we defaulted. It would mean serious quick change in this country. Not too mention ALOT of public service workers on the streets id imagine.

Default is not an option, it is an inevitability. Mitigation of that problem is what the EU and the Govt. here needs to focus on. It will not be pleasant either way. The longer that it is put off the more unpleasant it will be for all.

Our external debt is 1.7 trillions euro – we’ll have to default – we cannot pay that much -it’s an appalling amount of (electronic) money ( we owe €390,969 Foreign debt per person EACH)!!!!!!!!!

This a great link which offers visualisations of who owes who what…………

http://www.bbc.co.uk/news/business-15748696

Like the cut of your gib drama

Life without liberty? Wake up and smell the roses. Your not free. Your a debt slave.. Is that the life you want

@ed, I am NOT. A debt slave , I live within my means and when the government take money out of my left pocket , I take money out of their right pocket, I have an affordable mortgage, I earn money legitimately to shore up what has been taken, you hear about there being no jobs etc etc , I can tell ya now edwardo, we are one shower of lazy b******s as a race,my friend has a hair salon and cannot get a decent hairdresser, the good ones don’t want to work and that leaves the useless ones who leave after a week or so. So in conclusion , you make you mind up as an individual if you want to be a TAKER or a GIVER , you get up of your fat arses and start fighting and if that is not your cuppa tea, stop whining and leave the rest of us go and and have a decent life.

PS not aimed at you directly BTW but to the lazy shower in this country

Drama @
I like your attitude
Dave O’Shea @
You are so right .
We are lazy as a nation.
I live on a road and except for myself and two or three others out of 50
we are the only ones that clean up out side .I know it is a simple thing
but just to take a brush and sweep the path,clear the weeds pick up papers , but its a start.
A sense of pride. It is a start !

I am not a debt slave either. I do believe in living beyond my means. Maybe I am lucky !

@Dave, you’re not a debt slave yet, but the way things are going you will be. Once the asset stripping is finished, all public services are in private hands, THEN you’ll really start to feel the pain, taxes will carry on upwards of course, then with tighter fiscal union, and Ireland not able to hit it’s targets we’ll be fined by the EU, driving the country further into debt…etc….
Look at the long game. The current situation is only the start.

It’s time to call a halt to all this nonsense! Look at all the hits the Irish people have taken so far! If a light at the end of the tunnel could be seen, then ok, the pain would be worth it! However it seems the tunnel just keeps getting longer. We can’t sit back and watch anymore. The people in charge of this mess aren’t up to it. Surely going it alone has to be better than what will happen if we continue to let others outwith Ireland dictate the future. It’s not so long ago that the rest of Europe were falling over themselves trying to emulate Bertie’s economic miracle. It’s just not possible for consistent growth to take place when so much money is taken out of an economy. If Europe wants Ireland to stay on board, the debt has to be restructured.Say at something under 2% over 100 years. Anything less than that means default is a certainty.

Doom & gloom honesty is orders of magnitude better than sticking your head in the sand.

Never realised we left the original recession – anyway lets call a spade a spade – Depression!

“it’s time for all the so called economists to shut up and go away” Torpedo economists that kept quiet during the celtic tiger years is the reason were in this mess.He’s only pointing out that the markets won’t buy Irish government bond’s at a good rate meaning we will need money from somewhere else or a second bailout.
If and more likely we do get a second bailout that mean’s more or if any power’s held by our
government will be handed over to the EU.
That mean’s bye bye 12.5% corporation tax.

It doesn’t take an economist to go to the medium term fiscal outlook published by the Irish government that outlines how much debt we are taking on; or to go investigate and discover that if Ireland were to borrow on the markets today it would be at 8%

Our debt dynamics don’t work because eventually debt interest grows to become larger than income or all other spending.

It takes a five year old with some basic addition and multiplication skills to work that out, not an economist.

Torpedo. We are hardly coming out of the last recession. This will be classified as an economic depression by the time that this is all over. The underlying no’s of the economy are what is driving recession, not negative or positive talk. This is not a Gok Wan makeover show. Looking at it all in a new way does not change the figures. Debt write down or default has been a certainty for countless European banks and many sovereigns since this started. What cannot be paid back, will not be paid back. Irregardless of what one thinks of it. We are heading to a situation in a few years time, where we will be paying 10bn a year in interests for the bankbailouts. That equates to nearly all of this states income tax stream. How is that sustainable. It is not, everyone knows that, from Kenny to Barroso and the EU/ECB. Kenny and crew are waiting to see what comes up hoping for a deal for Ireland as part of a wider resolution. The latter could not care either way, they have an ideological dream of a united Europe and the good of the people or regional economies will not get in the way.

Back into another recession?? In political terms we aren’t in a recession but in reality 1% growth is a recession…