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IRELAND MUST RESTRUCTURE its debts and force creditors to take a hit if the country is to climb out of recession, a leading global economist has claimed.
Economics professor Nouriel Roubini has warned that our current levels of debt are “unsustainable” and the Government policy of guaranteeing banking losses will eventually leave Ireland bankrupt. Writing for Project Syndicate, he added that loans meant to tide countries over until they can return to the money markets, such as last year’s €85billion IMF/EU bailout, are “bound to fail” in the case of the so-called PIIGS – Portugal, Ireland, Italy, Greece, and Spain.
Roubini – dubbed ‘Doctor Doom’ after correctly predicting the economic crash in the US – said Ireland must instead restructure its debts. This could either mean “rescheduling” them – ie, delaying payback and reducing interest rates – or more drastic measures, such as forcing bondholders in our banks to accept shares in lieu of repayment.
In article, co-written with economic historian Stephen Mihm, he concludes:
Europe cannot afford to continue throwing money at the problem and praying that growth and time will bring salvation… The creditors and bondholders who lent the money in the first place must carry their share of the burden—for the sake of the PIIGS, the EU, and their own bottom lines.
The New York-based economist also warned this month that the ECB could force Ireland into a ‘double-dip’ recession if it goes ahead with plans to raise base interest rates.
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Climate change. Any bad weather is a direct result of global warming / climate change
@Christopher Byrne: Was It global warming that caused the flooding over a century ago or was it just a freak storm?
@Slippy ❤️: sarcasm mate…sarcasam. I live in Perth and we’ve has the coldest winter in the 6+ years I’ve lived here but Ive no doubt it will be reported as the hottest on record
@Christopher Byrne: higher average global temperatures result in more moisture in the atmosphere which makes storm systems powerful. So yes the strength of this storm was added today b the fact that GLOBAL temperatures are rising. Weather is a global system, it doesn’t care if it’s been cold in Australia lately. Some models suggest that Europe might actually get colder over the coming decades as a result of GLOBAL average temperatures rising if it continues.
@M: Yes, climate models. Very reliable they’ve proven to be….We can’t predict weather reliably 2 weeks in advance but we’re supposed to believe in these models forecasting 30 years down the track as gospel. Despite the fact most if not all of them have failed to accurately predict the future
@Christopher Byrne:
I think you’ve been living in the colonies for too long….mate.
@Tweed Cap: wow I don’t know how to even begin talking to you when you say something as clueless as that . climate is not the same thing as weather. Are you saying that releasing huge amounts of greenhouse gases into the atmosphere will not cause global temperatures to rise? …Why not?
@Christopher Byrne: don’t stray too far from home you’ll fall off the edge of the earth
@Christopher Byrne: I love listening to people who have read some articles and now know it all. Just proves studying and practicing science is a waste of time, we just need an opion
@Christopher Byrne: isn’t winter 2 months away yet? Also weren’t there record highs recorded in summer in parts of Oz? Also, true or false, don’t parts of Oz have a monsoon season and isn’t this just an extreme version of that?
@Dave O Keeffe: No, on all counts
@Boganity: I think you’ll find you’re incorrect on all points. Australian winter is our summer months. They had record temperatures over Christmas, and there is indeed a monsoon season in parts of Australia.
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