And thats the bit I don't get.In an era of prolonged, ultra low interest rates, this country still cannot manage to make a dent in the nominal sum owed.
If sovereign bond rates begin to climb, the interest bill on what's owed will climb
FF offered us the wonderful gift of paying 10 times as much for a house and the price for this great thing was a 200 billion national debt, FG offered us the treat of a million third world immigrants and the price is homelessness and a busted health service (Harris admitted on the radio today that 'Ireland's growing population' is the reason for the broken health service).
And we just love FFG don't we?
Should have let the banks sink. Should have had a govt which put the country first before international finance.
Should have marched on the streets in our millions (we still 'believed' in FF black magic at that stage).
At the very least everyone can agree that the bailout was a statement saying the private sector is more important than public finances because private debt was transferred to public debt - this is not hard to work out.
And thats the bit I don't get.
Are we still running huge a deficit.
And are we paying far higher interest rates than are available?
There was a comment about the Apple money dropping by 75 million due to negative interest rates.
What are our financial geniuses doing?