Upcoming Events

National | Anti-Capitalism

no events match your query!

New Events

National

no events posted in last week

Blog Feeds

Anti-Empire

Anti-Empire

offsite link The Russophobia of the British State Sat Apr 17, 2021 11:36 | Tim Black

offsite link 5 Stages of Grief: How America Is Handli... Sat Apr 17, 2021 10:33 | World Affairs

offsite link America’s Individual Sanctions on Chin... Sat Apr 17, 2021 09:36 | Asia Briefing

offsite link The East German STASI and the Polish Com... Sat Apr 17, 2021 08:36 | Deutsche Welle

offsite link US Forces in Syria Fire a Howitzer Into ... Fri Apr 16, 2021 11:36 | Caitlin Johnstone

Anti-Empire >>

The Saker
A bird's eye view of the vineyard

offsite link Roger Waters ? ?The Bravery of Being Out of Range? Sat Apr 17, 2021 21:39 | The Saker
Roger Waters, a “one man peace movement”, released this superb video just a few hours ago.  This man is truly a musical genius and one of the greatest people of

offsite link Russian amphibious options and how to debunk a Ukie lie (OPEN THREAD #13) Sat Apr 17, 2021 19:23 | The Saker
You probably have heard that Russian moved almost the entire Caspian Flotilla to the Black Sea, including quite a few amphibious assault ships.  What you might not know is that

offsite link So Who Wants a Hot War? Sat Apr 17, 2021 17:27 | amarynth
by Pepe Escobar and cross-posted with Strategic Culture Foundation It?s not by accident that the Hegemon is going no holds barred to harass and try to smash Eurasian integration by

offsite link Russian official statements about counter-actions to US sanctions Fri Apr 16, 2021 23:58 | The Saker
16 April 202119:28 Foreign Ministry statement on measures in response to hostile US actions The latest attack by the Biden administration against our country cannot go unanswered. It seems Washington

offsite link Moveable Feast Cafe 2021/04/16 ? Open Thread Fri Apr 16, 2021 22:00 | Herb Swanson
2021/04/16 21:00:02Welcome 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

The Saker >>

Public Inquiry
Interested in maladministration. Estd. 2005

offsite link Mainstream media: Failing to speak truth to power

offsite link David Quinn’s selective tolerance Anthony

offsite link A Woulfe in judges clothing Anthony

offsite link Sarah McInerney and political impartiality Anthony

offsite link Did RTE journalists collude against Sinn Fein? Anthony

Public Inquiry >>

Voltaire Network

Media Fuss over €280 Million While Completely Silent on €28 Billion Plus Interest

category national | anti-capitalism | other press author Friday December 05, 2014 19:33author by irate Report this post to the editors

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?

Regards,
Diarmuid O'Flynn.

Originally posted here at the chattering magpie:
http://thechatteringmagpie14.blogspot.ie/


A SCREEN GRAB OF MINISTER NOONAN'S PARLIAMENTERY QUESTION REPLY
TO PEARSE DOHERTY (SINN FEIN) IN EARLY 2013

© 2001-2021 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy