Ireland and Portugal given extra time to pay back bailout loans

European Voice ^ | 12.04.2013 / 23:03 CET (April 12) | Ian Wishart

[Olog-hai]

The European Union’s finance ministers today decided to give Ireland and Portugal an extra seven years to pay back loans granted to them as part of their bailouts.

The decision, taken by ministers at their meeting in Dublin, should make it easier for those countries to leave their bailout programs and return to normal bond financing markets in the coming months. …

Ireland was forced into a €67.5 billion ($88.3 billion) rescue in November 2010 and will receive its last installment in November this year. Portugal obtained a deal worth €78 billion ($102 billion) in May 2011 and will receive its last portion in May next year. …

[Olog-hai]

Wonder what Ireland and Portugal gave up in exchange for the extra time. Most likely their sovereignty, i.e. if they haven’t given up trying to hold on to it already. And the gold grab precedent, never mind the savings grab precedent, will be engaged in at some future date. “A province once again, a province once again . . .”

[SunkenCiv]

All this is a consequence of an emerging federal state trying to impose fiscal restraint and balanced budgets on its members, which is what conservativism is all about (to some people around here).

Thanks Olog-hai.

[JustTheTruth]

Everyone knows that the sovereigns will NEVER repay their unpayable debts. Instead, it IS about maintaining indefinitely the ILLUSION that they will so so. The Ponzimonium can continue if the illusion can be maintained. Keeping the big lie alive prolongs the game. Perpetual financial Viagra.