Ireland could pay 6.7% bailout interest

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#1
114,000,000,000 x 6.7% = 7,638,000,000

into 9 years = 68,742,000,000 euros INTEREST ONLY

that's really an awful lot of interest to pay.

source: http://www.channelnewsasia.com/stories/a...37/1/.html


DUBLIN: Ireland could be charged a 6.7 per cent interest rate on its emergency loans from the EU and the IMF, state broadcaster RTE said Friday.

The nine-year loan of 85 billion euros (114 billion dollars) is to help Ireland bring down its massive budget deficit.

RTE said the figure compares to an average borrowing rate of 4.5 per cent on funds raised by the country's National Treasury Management Agency (NTMA) over the past two years.

It would be significantly higher than the 5.2 per cent rate charged to Greece for its separate bailout fund, said the broadcaster.

Michael Noonan, finance spokesman for the Fine Gael main opposition party, described the report as "very disturbing".

"This rate is far too high and is unaffordable on any reasonable projection of growth.

"Even though the government is in its last days in office, it must not abandon the national interest and settle on unaffordable terms in its negotiations," Noonan said.

But The Irish Times newspaper, citing a source involved in the talks, said the interest rate would be lower than the 6.7 per cent figure.

The source said the rate was still under negotiation but would not be that high, although it would be above the 5.2 per cent charged to Athens as the Greek loan was only for three years.

The nine-year loan being negotiated by Ireland would involve a higher interest rate, as the risk of default on a longer loan was considered to be higher, the broadsheet said.

The Irish Times said it understood the rate on the International Monetary Fund loan would be around 4.5 per cent, with the European Union portion attracting a much higher rate.

It also reported that officials in the EU-IMF mission to Dublin were examining how senior bondholders could be compelled to pay some of the cost of rescuing Ireland's banks.
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#2
they make me feel so grateful to PAP...
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#3
Side tracking here. On politics I don't agree to having only 1 party with so much power.

With that I really hope opposition wins big this time. Win a big ward. This will pull them down and make them listen to what we want. Sorry but I do not agree to having so many foreigners here compete with us over our livelihoods. If they say foreigners are here to make us more competitive then fine I also want better and stronger opposition to make the government more competitive too. Smile
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#4
Might as well employ FTs to replace our ministers and MPs. With or without their presences, life still goes on. In fact if they are not around, maybe GST wouldn't rise to 10% nor population goes up to 6 million.

The citizens are watching very intently, and the young generations are not as easily swayed as before. They are even more outspoken and worldly savvy than the Generation X.

Give us crap continuously and it's only a matter of time a "freak election result" would appear.



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#5
(28-11-2010, 01:34 AM)arthur Wrote: Might as well employ FTs to replace our ministers and MPs. With or without their presences, life still goes on. In fact if they are not around, maybe GST wouldn't rise to 10% nor population goes up to 6 million.

The citizens are watching very intently, and the young generations are not as easily swayed as before. They are even more outspoken and worldly savvy than the Generation X.

Give us crap continuously and it's only a matter of time a "freak election result" would appear.
As much as I would like to think that the opposition could actually win a GRC due to a "freak" election result, I am now more realistic than I was in my heady days back during my 20s. I'd expect the incumbent to remain in firm power for at least 2 more elections; after that, it is anyone's guess.

But I do admit the foreign policy, building of IR, soaring property and car prices and the frequent slip-ups by the authorities have contributed somewhat to the jaded feeling on the ground, which will, in time, probably swell up to a boil. But for now, it's still quietly contained.... Tongue
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#6
I must put in italics your last two word "quietly contained". LOL

Today we even have MBT announcing the recent govt measures of curbing properties prices a success! Wow.. Never knew our world class ministers did a parting of Red Sea feat so easily in such short a time.

Geeze. We are literally taken as idiots again.

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#7
MBT created the problem, young sg couples suffered, now he clear his own problem, he say it's a success and we have to pay him 2 months bonus?!! :O
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