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Thread: Namawinelake: We've now largely stopped borrowing to pay for services + welfare --We're borrowing to repay interest on debt

  1. #16
    Join Date
    Oct 2011
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    Default Re: Namawinelake: We've now largely stopped borrowing to pay for services + welfare --We're borrowing to repay interest on de

    Quote Originally Posted by ang View Post
    That will have to be repaid to BOI in 2013 and if there is no debt relief that bond won't be touched with a barge poll.

    So €3.1BN owing for 2012 and €3.1 BN for 2013 wouldn't like to see the mini budget covering that one
    They'll borrow the money somewhere and we'll just have to find the money to service it from the budget. More tax-hikes and more cutbacks and the pips will start to squeak. Meltdown territory for Labour.

  2. #17
    Join Date
    Oct 2011
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    Default Re: Namawinelake: We've now largely stopped borrowing to pay for services + welfare --We're borrowing to repay interest on de

    Quote Originally Posted by C. Flower View Post
    There are a few billion in reserve in the Central Bank too, from the best of my memory of the PAC hearing the other week.

    It is still grievously hard to look back to four years ago, when we had a good stash in the Pension Reserve Fund and a low level of National Debt.

    It was the run on the banks that did us in, and the reason for the run on the banks was the bank bailout.
    Yep, the decision to make us throw the NPRF into the Bailout pot was strategic on their part. No rainy day money left made us totally dependant on them.

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