The European Tribune is a forum for thoughtful dialogue of European and international issues. You are invited to post comments and your own articles.
Please REGISTER to post.
But waht about the loans to the irish government?
Immaterial.
Loans actually extended to the Irish sovereign amount to less than 20 % of the total outstanding Irish sovereign debt. The remaining 80+ % are loans originally extended to Irish banks, which the Irish sovereign, in a fit of momentary insanity, decided to guarantee. That guarantee should never have happened, and simply telling all the hedge funds and foreign banks to go take a hike is the simplest way to reverse it at this point.
- Jake Friends come and go. Enemies accumulate.
Take 2010. Of the famous 30% deficit, 20% or so are guarantees etc. to the banks. But 10% is the ordinary deficit. And these "ordinary deficits" alone have caused a significant part of the debt.
The ECB should be printing money on demand to support that, not demanding that the member states fund their countercyclical policy in the money markets.
1) I can call it odious that the ECB isn't buying those bonds at face value, and is forcing Ireland to jump through ridiculous hoops and fund in the private market.
and
2) Just because a third of the debt isn't odious doesn't mean the other two thirds also aren't odious.
by gmoke - Nov 28
by gmoke - Nov 12 7 comments
by Oui - Nov 2832 comments
by Oui - Nov 278 comments
by Oui - Nov 2511 comments
by Oui - Nov 24
by Oui - Nov 22
by Oui - Nov 2119 comments
by Oui - Nov 1615 comments
by Oui - Nov 154 comments
by Oui - Nov 1319 comments
by Oui - Nov 1224 comments
by gmoke - Nov 127 comments
by Oui - Nov 1114 comments
by Oui - Nov 10
by Oui - Nov 928 comments
by Oui - Nov 8
by Oui - Nov 73 comments
by Oui - Nov 633 comments
by Oui - Nov 522 comments