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

MAYDAY, MAYDAY, MAYDAY

Good ship Ireland Sinking holed by FF torpedo.

MAYDAY MAYDAY MAYDAY