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SPAIN HAS CREPT ever closer to needing international financial assistance after an auction of short-term bills saw its cost of borrowing continue to rise to levels many analysts believe are unsustainable.
The Spanish treasury this morning raised €3.04 billion – slightly above its fundraising target – through the sale, but the interest rates it paid in return for the borrowings were significantly higher than they were at the last similar auction a month ago.
Having paid 2.985 per cent for a 12-month loan last month – a level already considered too high for comfort – Spain this morning shelled out 5.074 per cent interest.
Investors demand higher rates when they believe a country is at risk of not repaying the full amount when the loan falls due – and therefore look to guarantee as high an interim return as possible.
The Spanish auction coincided with reports that the results of an audit into the health of Spain’s banks would be delayed, from late July into September – a move which may mean less immediate certainty as to the amount that Spain may have to invest in them to keep them afloat.
Greece also returned to the markets this morning in an auction of 3-month bills, paying 4.31 per cent – virtually unchanged from the 4.34 per cent it paid a month ago.
Reuters reported that the majority of Greece’s short-term bills – the only ones Greece is currently issuing – are bought up by the country’s banks, meaning the yields paid out on them do not truly reflect the level of market demand.
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Great to see a community pull together so strongly in the face of adversity.
To spend 30 million on this building is a disgusting act and a shameful waste of money. I am sure that 30 mil could have been better spent housing and feeding their unfortunate deluded followers!
Well done to those involved,community spirit at it’s best
It was a beautiful church, I’m sure the ‘new look’ will be just as impressive
The 30 million could have been better spent on the needy. The church is doing a successful job of dumbing down a significant proportion of the Irish populace. That money could save lives if it wasn’t spent on a gawdy overindulgence of brick , mortar and false idols . Do believers honestly believe that their god who suppositvely created the universe would be suitably impressed ? If you think yes then your god can’t be too smart !
A superb testament to the local community and the diocese.
Great to see such master craftsmen working on it. It has turned out amazing
The Irish once had a reputation for being one of the dumbest races in Europe. I’m not entirely convinced that anything has changed . Especially as many seem to still support the Catholic Church . How much child rape torture and enslavement , how much hypocrisy will it take to wake many people up ?
I agree
I’m going to pull you up on that reputation thing there Bishop ….. Penal Laws proved our love and dedication to education – hedge schools ….
Illuminated manuscrripts – Brehon Law – among the oldest and most sensible laws in history ….
Education was for the minority and for those who could afford it . Can you be an academic achiever and dumb ? cognitive dissonance surely proves you can be.
Dermot I’m not saying I agree that we are a stupid race but it was a perception in Europe and in America . It’s not fair to generalise but one has to wonder about some of our fellow citizens and how their actions and beliefs may reflect on the rest of us.
Your a good man Stephen keep it up
No wonder they can’t pay the victims of child abuse …and we the taxpayer allocated through the government monies to the Friends of St. Mels if I remember correctly …
Still having said that it’s great to see the Pope is going to turn the cathedral into a shelter for the homeless – like he did with that place in Germany ….
Why is it no wonder?
Because the church spent buckets on this refurb ……
30 million on a cathedral , 30 million ? Do people see anything wrong with this ? The hypocrisy of the Catholic Church will never cease ! And the gullibility of its supporters will never cease either !
Did Mel Gibson donate any money towards the restoration?
His mother was from around Longford – that’s how he got the name – or so I heard.
Correct!
It’s ‘you’re’ and it’s a cathedral.
Still wanna see it burn. They use to burn people for being catholic and burn people for not being catholic. All because of a myth that you still believe in even in this so called enlightened age
Actually i agree, no building should burn down. I just disagree with the whole religious thing and its about time we threw it out. The buildings could be used to house the homeless instead, far more useful than folk going in there to pray. History has taught us that religion is, as it has been said, the opium of the masses, lets break the habit for once and for all
Communism was responsible for the deaths of over 100 million people. Atheists such as Zedong, Pol Pot and Stalin killed exponentially more than the amount killed by the Spanish Inquisition. The fact that you equate religion with mass murders is totally unfounded. Over 86% of the country consider themselves Christian. If you don’t like that fact maybe find a more suitable place for your bigotry.
Happy Mythmas ! http://www.jesusneverexisted.com
As long as I live I will never understand how we are in such trouble in Europe – with midnight starting at 11 o’clock we’re way ahead of them to begin with !
What trouble? In case you haven’t noticed, the rest of Europe is falling apart, while we are doing ok.
And us too …..
I would list things such as homeless dying on the street etc. but sure we’re all going to heaven through Rome
I’m not religious, but I don’t recall anywhere in the Christian Bible promoting murdering anyone of any faith. Quite the opposite in fact. Those are human decisions based on human failures, mostly greed and jealousy
Well the Jesus character was a Jew not a Christian and he practised the Jewish religion. He didn’t condemn his bible which Christians refer to the Old Testament he believed in it. Now if you read the Old Testament you will find many examples where people were killed under the direction of the abrahamic “god”. The same god the character Jesus worshipped and glorified. If you also read the bible you will not find any evidence where the Jesus character said he loved you ! Not once! You will however find that he tells potential followers to hate their own families if they wish to follow him. They don’t tell you that in church.
Maybe god is a muslim? and burnt the place down?
Congratulations, stupidest comment of 2014
Depends if your an atheist or not. Personally i would have let the church burn to the ground. Ashes to ashes etc
I am an athirst. Your comment is stupid.
I have athirst …. Powerful saying indeed !
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