Moscowâ€™s Formerly Lockdown Lemming May... Wed Jan 27, 2021 12:21 | Anti-Empire
NOT SATIRE: Cats and Dogs May Need Covid... Wed Jan 27, 2021 11:15 | Yaron Steinbuch
CDC Recommends Also Wearing Face Mask on... Wed Jan 27, 2021 10:17 | The Onion
US, Russia Agree to Extend New START Wed Jan 27, 2021 10:09 | Deutsche Welle
Big Tech Has No Power at All. Always and... Tue Jan 26, 2021 18:24 | Curtis Yarvin
A bird's eye view of the vineyard
American Prospect Wed Jan 27, 2021 11:34 | amarynth
by Sushi for the Saker Blog If you wish to understand the concerns of those who attended the 1/6 Save America rally, you can learn much by watching the first
Russian President Putin Delivers Speech at Virtual World Economic Forum Wed Jan 27, 2021 11:34 | amarynth
This is the live stream happening now. The transcript will be posted when available.
Democrats? ?divide and conquer? Senate show trial may jeopardize duopoly Wed Jan 27, 2021 10:42 | amarynth
by Ramin Mazaheri and PressTV Much ink could be spilled about the upcoming, and second, Senate impeachment trial of Donald Trump, but that would be a waste of ink –
Moveable Feast Cafe 2021/01/26 ? Open Thread Tue Jan 26, 2021 20:30 | Herb Swanson
2021/01/26 20:30:02Welcome to the ‘Moveable Feast Cafe’. The ‘Moveable Feast’ is an open thread where readers can post wide ranging observations, articles, rants, off topic and have animate discussions of
Joe Biden-Administration may focus only on internal issues Tue Jan 26, 2021 18:37 | amarynth
by Zamir Awan for the Saker Blog Congratulations! Joe Biden has been taken oath as the 46th U.S. president, terminating one of the most intense political transitions in modern American
The Saker >>
Interested in maladministration. Estd. 2005
Mainstream media: Failing to speak truth to power
David Quinn’s selective tolerance Anthony
A Woulfe in judges clothing Anthony
Sarah McInerney and political impartiality Anthony
Did RTE journalists collude against Sinn Fein? Anthony
Public Inquiry >>
A Blog About Human Rights
Poor Living Conditions for Migrants in Southern Italy Mon Jan 18, 2021 10:14 | Human Rights
Right to Water Mon Aug 03, 2020 19:13 | Human Rights
Human Rights Fri Mar 20, 2020 16:33 | Human Rights
Turkish President Calls On Greece To Comply With Human Rights on Syrian Refugee Issues Wed Mar 04, 2020 17:58 | Human Rights
US Holds China To Account For Human Rights Violations Sun Oct 13, 2019 19:12 | Human Rights
Human Rights in Ireland >>
Media Fuss over €280 Million While Completely Silent on €28 Billion Plus Interest
Friday December 05, 2014 19:33 by irate
I'm reproducing this post here because I think it needs wider circulation. I hope the original poster will forgive my boldness but It is an important message that should get out to the widest possible audience.
Basically, under instruction from the EU, we will be giving private investors the interest on 28 billion of bank debt instead of paying it back to the Irish central bank as is currently the case, all with barely a murmur from the Irish media. Meanwhile the distraction storm rages on over a piddling 280 million which MIGHT be repaid to junior bond holders some of which MAY actually be local credit unions etc who are very beneficial to our economy.
Furthermore If interest rates rise in the future we WILL be crucified by huge wasted interest repayments to greedy vulture capitalists.
Meanwhile the media have us pissing and moaning over a hypothetical 280 million which MIGHT be repaid mainly to the likes of our own credit unions which will be peanuts compared to these other interest payments most likely going to foreign vulture capitalists
€280m v €28,000m - THE MEDIA OMERTA
It’s baffling, truly baffling.
Today our media discusses the outrage over the possible (and this is still not locked in) payment of €280m to junior bondholders in the two wound-up banks – Anglo and Irish Nationwide – that were combined to form IBRC.
Meanwhile, there is absolute silence from the same media on the scheduled definite destruction over the coming years of €28bn, legacy debt from the same two banks.
That destruction begins in 2014, continues until 2032; under the schedule, €28bn in sovereign bonds that replaced the old Promissory Notes (remember Noonan’s widely hailed ‘deal’ of February 2013?) will be sold by the Central Bank, then those borrowed billions destroyed, every cent – that’s 100 times the amount causing so much outrage at the moment.
The destruction of those billions is only half the story, however; immediately each of those bonds is sold and the money thus raised destroyed, for the full lifetime of each of those bonds we pay interest to the new bondholder (rubbing salt in the wound, perhaps it will even be one of those same bondholders bailed out by us in the first place).
In 2038 the bonds start ‘maturing’, meaning the new bondholders – thanking us I'm sure for the interest we’ve paid – now come looking for the principal back.
In 2053 we have the scheduled final payment, €5bn – if we can afford it even then. The possibility exists that we won’t, that the debt will be rolled over, meaning we’re not just debt-slaves for the next 40 years, but that this could go on into perpetuity. And for what? To bail out back in 2010 the failed European big-bank bondholders and creditors of two bust Irish banks.
How much will it all eventually cost? The €28bn in sovereign bonds now about to be sold and destroyed is in the ha’penny place – between interest and principal over the next 40 years, that €28bn, along with the €3bn paid in 2011, is going to cost us at least €80bn, an average of over €2bn/yr. And that in itself is less than half the full story of the Irish bank bailout (the full figure is €69.7bn)!
I suppose when you read it like that, written down in black-and-white, the fact our media is absolutely silent on it is understandable. If the people are reacting as they are now to the water-charge attempted robbery, how would they react if they were fully aware of this?
Originally posted here at the chattering magpie:
A SCREEN GRAB OF MINISTER NOONAN'S PARLIAMENTERY QUESTION REPLY
TO PEARSE DOHERTY (SINN FEIN) IN EARLY 2013