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59 people dead following nightclub fire in North Macedonia
'If I can get eggs for under 10 dollars I'm delighted': Why are egg prices surging in the US?
Quiz: Can you spot which of these 'Irish' sayings are real and which are completely made-up?
Italian prime minister Mario Monti Yves Logghe/AP/Press Association Images
Woah
IMF preparing €600bn of assistance for Italy - report
An Italian newspaper reports that the IMF would make available hundreds of billions of euro of credit for Italy in order to try and stabilise the country’s economy.
THE INTERNATIONAL MONETARY Fund (IMF) is reported to be preparing €600 billion worth of credit for Italy to help stabilise the eurozone nation.
La Stampa newspaper reports (Italian) that the IMF is preparing the credit line for a period of between a year and 18 months in order to help new prime minister Mario Monti stabilise the financial situation in the country.
The interest rate paid on such assistance would be between four and six per cent, much cheaper than the current cost of Italian borrowing which has been hovering above 7 per cent for 10-year bonds alone in recent weeks.
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The La Stampa report, which cites an IMF insider, says that the source of such a level of funding is not entirely clear as yet with possible assistance from the European Central Bank (ECB).
Although Germany would be resistant to such involvement by the ECB, as is its long-held view, it is reported that Angela Merkel’s government would be assured by the fact the loans to Italy would be “under strict supervision” by the IMF, according to the paper.
Italy has a debt burden of around €1.9 trillion but is also suffering from weak economic growth.
The uncertainty surrounding the country has unsettled markets in recent weeks leading to fears that it would require a bailout in the manner which Greece, Ireland and Portugal have all needed.
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Unfortunately not: our foreign debt to GDP ratio is off the chart, we have almost as much debt as Italy despite the fact our economy is a fraction of the size of theirs. Check it out:
Faceless man…..that includes corporate debt, for which we have much more due to the amount of international companies residing in this country. Those stats are not a reflection of our current sovereign debt
If France is going to need help next year Tim im waiting for the French to kick of at the mere mention of austerity measures. Should put an end to the Euro.
Th debt crisis is caused by politican’s buying elections in recent years across Europe with increased spending. In our own case increased spending was met with tax cuts, all funded by a property boom.
I hope this crisis leads to a true debate across Europe as to what the state should spend and should not spend on.
I’m fairly sceptical, a bailout of Italy would result in the markets expecting a bailout for Spain, which the IMF could never afford on top of an Italian bailout, they’re not going to make any fast decisions.
Don’t forget that a bailout of Spain and Belgium are on the cards as well, and France may need one by this time next year.
Piling debt on more debt is not going to resolve a debt crisis, for all the savagery of the Greek cuts, they have collapsed their economy and are in a significantly deeper hole that this time last year. The rights and wrong of it all aside, but when it is not working it is not.
No need to be scared. Money is just a store or record of value and a means of exchange. In itself money has had no intrinsic value since we came off the gold standard and demonetised silver.
If the euro goes kaput we will run around like headless chickens for a few days and then put something else in it’s place. The value recorded by the old currency will still exist and we will just put in place another means of exchange.
Would it be an idea to have that in place before the euro collapses and skip the whole headless chicken bit.
How much will your savings be worth when this happens?
They will have to use the same calculation that they use to calculate your taxes, wages amd mortgages. Your savings in an Irish bank are State guaranteed upto the equivalent of €100,000. Best spend the rest
Wolfgang Muchau said today that the Euro may have less than ten days left. He is not a guy that is a doom monger or an attention seeker. Frightening stuff.
59 people dead following nightclub fire in North Macedonia
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