Monday, 29 November 2010

the transfer-union transferring debts

This could also be signed with...

"...your best chaps of Euroland,
The Ponzis!

You need to read the IrishTimes article twice to understand how those €85bn are put together...

Under the terms of the deal the State will contribute €17.5 billion of the required funding, €12.5 billion of which will come from the National Pension Reserve Fund and €5 billion from “other domestic cash resources”.

The European Financial Stability Mechanism will contribute €22.5 billion, the IMF €22.5 billion and the €22.5 billion from the European Financial Stability Fund.

So the "Irish National Pension Fund" and "other domestic source"are in fact making good money in supporting this package:

The European Union has approved an €85 billion rescue package for Ireland which, if drawn down in its entirety today, would attract an average interest rate of 5.83 per cent.

At least, no need to worry for Irish pensions!

Carpe diem!


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