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 Post subject: Re: Indo: IMF to Cut Public Service Wages and Jobs
PostPosted: Fri Apr 29, 2011 5:44 pm 
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John Bruton in the IT today:

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A country that has to borrow €12 billion every year just to keep going is not in a great position to demand concessions on its existing debt. This is because it will be demanding those concessions from the people from whom it wants to borrow more money every year.

Ireland needs to get into a position as quickly as possible in which it can borrow on the commercial sovereign bond markets on reasonable terms, if its economic independence is not to be compromised permanently. Delay will not make things easier. Conditions on sovereign bond markets are likely to get more difficult; interest rates are likely to go up; and if “restructuring” by any sovereign borrowers takes place, interest rates on all new sovereign bond issues will tend to rise even further.

There is a lot to be said for accelerating the 2012 budget process and taking decisions earlier than the financial markets and our EU partners expect.


http://www.irishtimes.com/newspaper/opi ... 72612.html


I think Bruton went Euro-native some time ago and is perhaps reflecting here wider European thoughts on the matter.


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 Post subject: Re: Indo: IMF to Cut Public Service Wages and Jobs
PostPosted: Sat Apr 30, 2011 6:09 pm 
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I state that the target which supersedes such a sub standard suggestion would be one which see our material existence based entirely independently of the need to borrow any money on any market as it is one which has the interests of those liable for any borrowings against their fit will at its core, particularly when there has proven to be no market only trolls.

These guys have elevated themselves to that status of High Blue Aristocracy prevailing over nothing greater than animals animals they see fit to husband as they see fit to husband as they see fit to husband.

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