The Irish "Bailout" is no such thing

[n2doc]

From Krugman's blog:
So, a credit line at 5.8 percent interest. Considering that Ireland was able to borrow at that rate as recently as mid-September, and was falling off a cliff then, why is this supposed to solve the problem?

What’s the Gaelic for “You’ve gotta be kidding”?

http://krugman.blogs.nytimes.com/2010/11/28/the-irish-non-bailout/

http://www.irishtimes.com/newspaper/breaking/2010/1128/breaking1.html

And, as a commenter notes "It's worse than 5.8% when you unpick it. Ireland itself is contributing €17.5bn, or 20%, to this fund. That money comes from the its pension fund, so it's not money it should be monkeying around with. The IMF is contributing about 26%, at a rate of 3.1% so I've heard. That means the 54% that comes from Europe has a 9.4% interest rate attached! So much for helping out friends in the Eurozone. This is a rate at which Ireland is guaranteed to default, and therefore certain to lose (much of) the €17.5bn from its pension fund. Misery."

[sendero]

1. They did it here..

... why not do it in Ireland? They socialized the losses of the big banks, bailed them out and gave American taxpayers the bill. But Americans are too stupid to understand what is happening so they just go along.

At least SOME of the Irish get it and want no part of it.

[Starry Messenger]

2. recommend.

[xchrom]

3. bears repeating:

'That money comes from the its pension fund, so it's not money it should be monkeying around with.'

[tama]

4. And meanwhile in Greece

Before the "bailout" Greek budget deficit was 13 %.

After, it's 16 %.

It's very simple, banks (and the whole global banking system) are allready gone down the tube to the oblivion where they belong and so are the states that are sacrificed to "bail out banks", ie. give banks and banking system few months/years of suspended "life".
Yes, it's all very good.

As the system keeps on collapsing (in slow motion to observers with short attention span) we the people are feeling increasingly better, gradually waking up from the nightmere of being hypnotized by money and more and more money and forgetting what is really important in life.