Duke of Marmalade
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It is really nauseating me how the main nougat being seized on by the media and opposition politicians is that the ECB bullied Noonan into paying €9bn to bondholders.
For a start this is a quite useful figure to have but for the opposite reason. €9bn is a drop in the ocean compared to the €60bn cost of the bank bail out.
Why did the inquiry not put a cost on bailing out depositors. That is of course the €51bn balance of the bank bail out.
Other interesting figures the inquiry failed to provide are.
We could have saved €80bn if we had followed David McWilliams advice and confiscated 10% of MNC Irish assets.
We could have saved the whole national debt if we had followed the advice of many and defaulted on it.
Heck we could save (?) €4bn a year if we closed down the health service.
The implication of course is that we could have saved that €9bn with little or no collateral damage and we would be in a betterr place today. Given that we are in a much better place today than the burners were predicting that is a little hard to swallow.
For a start this is a quite useful figure to have but for the opposite reason. €9bn is a drop in the ocean compared to the €60bn cost of the bank bail out.
Why did the inquiry not put a cost on bailing out depositors. That is of course the €51bn balance of the bank bail out.
Other interesting figures the inquiry failed to provide are.
We could have saved €80bn if we had followed David McWilliams advice and confiscated 10% of MNC Irish assets.
We could have saved the whole national debt if we had followed the advice of many and defaulted on it.
Heck we could save (?) €4bn a year if we closed down the health service.
The implication of course is that we could have saved that €9bn with little or no collateral damage and we would be in a betterr place today. Given that we are in a much better place today than the burners were predicting that is a little hard to swallow.