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Ireland - Hero to zero!
Comments
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amcluesent wrote: »I wonder if U2 & Bono were heavily invested in Dublin property development and the like and will be taking a haircut?
Let's hope so - there has to be a silver lining somewhere.0 -
amcluesent wrote: »End of an Éire, to be sure. Them Paddy's are p0wned.
End Of An Eire
I feel a new T Shirt coming on !0 -
There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0
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URGENT action to keep the banks afloat will be taken within 72 hours, it emerged last night.
The current crisis will force the Government to inject hundreds of millions in new capital into the banks, leaving the State with majority ownership -- effectively nationalising AIB and Bank of Ireland. The drastic measures were seen as inevitable following a plunge in shares, negative market reaction to the bailout and a deepening crisis for the euro.
High-level talks were continuing last night about pumping extra cash into the banks before the weekend.
Shares in AIB have plunged 73pc so far this year. That means investors value the entire bank, including all its branches and deposits, at just €357m. At its peak, it was valued at around €22bn. Shares in the bank closed at just 33c last night -- a long way from their peak of €23.95 in February 2007.
Bank of Ireland's share price tumbled to a record low of 25c before closing at 30c last night. That means its value was €1.59bn -- less than a tenth of its value in the boom.
News of the urgent new action over the banks came as embattled Taoiseach Brian Cowen faced the wrath of his TDs last night, and as Ireland was accused of jeopardising the very future of the euro.
http://www.independent.ie/national-news/state-to-take-control-of-banks-as-fears-deepen-new-onslaught-2433031.htmlThere is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0 -
I was very surprised by a conversation I had with a Belfast customer. He was talking on just how far prices had fallen in the city. A quick look on Rightmove certainly confirms that. As I recall, they were pretty slow to get into the bubble but when they did it went off like a rocket ship.0
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Irish Austerity Live:
http://www.bbc.co.uk/news/business-11828064
edit: Finished, main announcements:
15bn euros of cuts & tax rises over the next 4 years. Frontloaded with 6bn of cuts next year.
Tax revenues will rise from 2003 to 2006 levels.
Spending will fall from 2010 to 2007 levels.
A rise in the state pension age to 66 in 2014, 67 in 2021 and 68 in 2028.
VAT raised to 23% in 2014 (22% in 2013, 21% now).
Minimum wage cut by 12.5% to 7.75 euros per hour.
24,750 public sector job cuts.
10% cut in public sector wages and 100m Euros saved in pensions for new workers.
2.8bn Euro cut in welfare by 2014.
More announcements and detail on the welfare spending at the time of the Irish budget on December 7th."The state is the great fiction by which everybody seeks to live at the expense of everybody else." -- Frederic Bastiat, 1848.0 -
I was considering whether to post the fact that Ireland has had it's credit rating downgraded by Standard & Poor on a new thread. It didn't seem worth it. S&P are well ahead of the curve on that one /SARCASM...“The ideas of debtor and creditor as to what constitutes a good time never coincide.”
― P.G. Wodehouse, Love Among the Chickens0 -
That reality gap between what sellers want and what buyers are able and also willing to pay seems to be getting wider.
BBC News linkBBC News
24 November 2010 Last updated at 23:37
Homes fail to sell at 11,700 euro
An apartment block due to be sold at auction in Ballybofey, Donegal, on Wednesday, was withdrawn when it failed to attract a single serious bid.
Attempts to sell the 47-apartment building took place amid a protest by contractors who were owed money.
The apartments at Navenny Place, Trusk Road, were to be sold as a package with a guide price of 550,000 euro.
Their reserve price meant the dwellings would be valued at just under 11,700 euro each.
A shouted bid of 5,000 euro from the crowd was promptly dismissed by the auctioneer.
Disgrunted builders and sub-contractors staged a protest as potential buyers arrived at the unfinished site.
The one, two and three bedroom apartments had been placed in receivership and range in size from 63 square metres to 108 square metres.
The properties were marketed as "completed to at least first fix stage" and were being sold in one single lot "as is" at current stage of construction.
There are more than 2,800 so-called ghost estates in the Republic according to a survey carried out by the Irish government.0 -
It could just as easily be in Spain of course! There are a massive number of similar, half-completed projects there as well, which they can't 'give away'.There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0 -
Somthing is only worth what someone is willing to pay for it. If 5000 euro is all they can get for that block then thats all its worth.
Whats that saying The time to buy is when there is blood in the street......:jYou can have everything you wont in lfe, If you only help enough other people to get what they wont.:j0
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