Good Ship Ireland Sinking – MAYDAY, MAYDAY, MAYDAY

10 Year Irish Bonds hit 6% yesterday – This is a damning verdict on a spectacularly incompetent government.

It may mean that in 2014, with total government debt approaching €200 billion, interest payments will be in the region of €12 billion annually.
The health service will cost about that much at the time even with serious cuts. Public sector pay and pensions will cost about €19 billion by then.
And we are supposed to run a budget deficit of 3%! Are you having a laugh?
Where will the money come from to fund out expenditure?

WE are in meltdown. Anyone out there listening


Good ship Ireland Sinking holed by FF torpedo.