Repudiate the debt, instead of cutting services for the sick and the poor

by lefty Fri Aug 31, 2012 02:20

That money could totally be covered (plus a surplus by the difference in interest rates between that due on the recent ridiculously large amount of money borrowed on the strength of soverign bonds by the NTMA at over 6% (5,800,000,000) and the going ECB rate (3%) under the current program

The NTMA borrowed this 5.8 billion at > 6% interest because "it's important for our soverignty to be seen getting back borrowing from the market" even though money is available at 3% currently from the ECB

Well that may very well be true but they could have just as easily sold maybe just 1 billion of bonds to "put their toe in the water". Why a whole 5.8 billion?? One suspects either basic mathematical innumeracy regarding percentages, callous disregard for the poor people whose livelihoods they are juggling and whose taxes they are spending, or maybe even corrupt sweet deals with big private capitalists in a zero or negative interest world. "Don't worry, the stupid Irish taxpayers will cover you at 6% interest".

so that 130 million cut to medical services could have been totally avoided if the NTMA just didn't borrow that much money at 6% and instead borrowed it from the ECB fund at 3% if they needed it, and thus saved the over 3% interest on 5.8 billion which comes to about 174 million.

174 million euro gone in a puff of smoke on a stupid political stroke which means nothing except for a few brief headlines in the newspapers.

But money which sick people in Ireland will be paying for for a long time to come with their health and maybe even their lives in some cases on long waiting lists etc.

Because like it or not, there is a direct link between financial crimes causing the loss of large amounts of public funds and people's deaths as a result of poor public health services or road maintenance etc etc. The sooner the Irish public start to link these two things and demand appropriate swift punishment for politicians and their financial terrorist and bankster friends the better.

This kind of political arrogance and hubris must end. The people behind these policies and stupid politically motivated financial decisions are irresponsible, have lost touch with reality and are not fit to hold public office.