Michael Noonan -national hero

Munster to the rescue again!!1!!

The presence of so much gushing, fawning, mawkish & sentimental hyperbole is a sure sign that the writer is trying too hard.

Put your rod away please.

pretend it was a leak from an unknown source, rush it through the dail before anyone has a chance to study it.

We all know don't we the sleeveen basta!rds leaked it themselves?.

We all know don't we the sleeveen basta!rds leaked it themselves?.

Thought Rabbite looked shifty when Pat Kenny stated in the US the FBI would be called in.

Honohon will be remembered in the future annals of Irish history as being responsible for the single most reprehensibly financial act of mismanagement that this State ever inflicted upon it's unfortunate citizens.

His loyalty is to his cabal of fellow financial [mis] alchemists of the ECB Board, and not to his fellow countrymen.

He's a modern-day "Broy Harrier" with an econometrics degree.

IIRC, Broy Harriers happily turned against former comrades.

A slightly obscure reference at this hour of night, admittedly.

The power - á la The Rothschilds - to create new money out of thin air is clearly a powerful toxin.

I'm reminded of the famous quote [I think attributable to Lincoln, but open to correction] of mastery of the money supply being akin to control of all men.

We all know don't we the sleeveen basta!rds leaked it themselves?.

That one is a 1.00000000001

ecb/goverment same thing, it was all planned imo.... by both parties.

By refusing to bail out the banks and helping homeowners, Iceland has paved an alternative path to growth after its financial meltdown. 



Creating growth after the crisis

Back in 2008 the Icelandic banks defaulted on $85 billion, leaving the island's population buried under a burden of debt, and furious with their politicians and bankers for the country's economic collapse.

Now however, Iceland's economy looks set to outgrow both the euro area and the developed world on average, according to estimates by the Organization for Economic Co-operation and Development (OECD).

The OECD reckons Iceland's economy, which grew 2.9% last year, is set to go up 2.4% this year, compared to growth of just 0.2% in the euro area and 1.6% across the OECD area, as reported by Bloomberg.

Unorthodox approach to defaulting on debt

Yet Iceland has spurred this economic miracle without bailing out the bankers with untold billions.

Instead, Iceland did "everything the International Monetary Fund (IMF) or the global economic establishment thinks you should never do", according to Allister Heath, editor of business daily City A.M., when "it allowed banks to go bust, it defaulted on its debt, it reneged on international deals and so on, putting taxpayers first".

US commentator Cenk Uygur also highlighted the divergent Icelandic approach on this episode of The Young Turks.

Uygur described the Icelandic success story as based on nationalising the banks, indicting the bankers who caused the mess and bailing out 25% of the population by forgiving debt that exceeded 110% of property values.

"The lesson to be learned from Iceland's crisis is that if other countries think it's necessary to write down debts, they should look at how successful the 110% agreement was here," said Thorolfur Matthiasson, an economics professor at the University of Iceland in Reykjavik.

David Dayden also praised debt deleveraging for successfully bringing back the Icelandic economy, when writing on FDL.

Dayden contrasted the US reaction to its housing crisis, where the US refused to write-down debt as rewarding bad actors and causing moral hazard, and instead poured money into "back-door" bank bailouts.

He said: "Guess what? Debt write-downs do work. They generate a wealth effect among the population, and they help to end balance-sheet recessions and bring about economic growth.

"The facts reveal that austerity is counter-productive, while debt forgiveness is extremely productive."

Doubts about Iceland's example

Some commentators cast doubt on the success or otherwise of Iceland's approach.

Responding to the Bloomberg coverage, Ólafur Garðarsson described the 110% way as "an utter failure".

He said: "A quarter of all households in Iceland are in financial crisis mode, unable to make mortgage payments and in many cases not even able to buy groceries, let alone medicines and other necessities. Another quarter of households are on the brink of financial ruin."

Samúel Erlendur Lárusson also posted his concerns that even though currency-indexed loans were ruled illegal, they are "still being collected as the government refuses to take any action against the banks".

Mr Lárusson forecast that "few, if any of the indicted bankers will face anything more than minor fines".

Here on Mindful Money, Simon Ward, chief economist at Henderson, warned in his blog that Iceland's economic growth since devaluing the krona has not been significantly higher than in Balkan states that pursued austerity measures to defend euro exchange rates pegs.

At City A.M., Heath acknowledged that there were lots of downsides to Iceland's policies, with devaluation pushing up Iceland's prices by a quarter, capital controls pushing away investment and mass mortgage write-offs unfair when savers lost money.

However Heath also considered that other troubled economies could still learn from the Icelandic model. He said: "Sometimes total collapse followed by a swift rebound works better than a long-drawn out death.

"A sanitised version of what Iceland did - default, debt write-offs, shutting bust banks and devaluation - combined with dramatic supply-side reforms would undoubtedly make more sense for an economy such as Greece.".

rectum

too late for Bridget McCole harassed to the bitter end by that scumbag noonan.

OP + old git with no kids

The "Deal" is no big deal. The country pretty much owes the same amount but obviously the medication is now being delivered over a longer period. I have little doubt Enda, Noonan, Honohan et al had little to do with this. The idea that the "Brave trio" went in and dictated to the ECB, IMF, Draghi etc....is hilarious.

Wallflower, Iceland had balls for good or bad, they had balls. those wimps that masquerade as an Irish goverment spent their days getting **** up the ass so much so Kenny is in need of a new rectum, what a **** sucker, I'm sure spain, italy and greece will get a better deal, why?, because they don't feel the need to **** suck!

yeah I'm a bitter man, tell me why tolmi?

do you want me do a dance or something?

hand in glove the sun shines right out of our behinds.

my posts are not directed at any individual but a spineless goverment, what is wrong with my posts tolmi?

when you're down €500 a month on a topped up mortgage come back to me, I'll never for the life of me see one last cent of that money they took off me, yet some in the media are calling yesterday a victory?, spare me please!