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Ireland Finance Minister Says Sovereign Debt Sustainable...If Economy Grows

Tyler Durden's picture




 

And the award for the most prosaic and "Field Marshall Obvious" statement of the day goes to Irish finance minister Michael Noonan, who just told the Dail that Irish sovereign debt is sustainable if the economy grows. We have just one question: how does the brand new minister, who therefore gets the benefit of the doubt for a few more hours, justify that statement, with the attached chart?

 

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Thu, 03/31/2011 - 13:39 | 1122065 WALLST8MY8BALL
WALLST8MY8BALL's picture

Do you take drugs Noonan?

Thu, 03/31/2011 - 13:49 | 1122134 the mad hatter
the mad hatter's picture

The Treasury should just issue debt-free money.

Thu, 03/31/2011 - 14:00 | 1122196 traderjoe
traderjoe's picture

That is the ONLY solution that will work for the PEOPLE.

Fri, 04/01/2011 - 01:34 | 1124199 Harlequin001
Harlequin001's picture

you know,if you take that chart and flip it, and then mirror it, it actually looks quite good...

Thu, 03/31/2011 - 14:58 | 1122404 quintago
quintago's picture

Ever heard of Euroflation ? That is how one of those lines will grow....

Thu, 03/31/2011 - 15:17 | 1122489 chopper read
chopper read's picture

'every day'.  so what's the problem?

Fri, 04/01/2011 - 01:36 | 1124201 Harlequin001
Harlequin001's picture

some people can just 'make' money anywhere...

Thu, 03/31/2011 - 13:38 | 1122069 WALLST8MY8BALL
WALLST8MY8BALL's picture

Do you take drugs Noonan?

Thu, 03/31/2011 - 21:04 | 1123624 StychoKiller
StychoKiller's picture

"BE the debt, Danny!"

Thu, 03/31/2011 - 13:40 | 1122077 Byte Me
Byte Me's picture

how does the brand new minister, who therefore gets the benefit of the doubt for a few more hours, justify that statement, with the attached chart?

Because he's Irish -- and had the chart upside down as well?

Thu, 03/31/2011 - 13:42 | 1122085 carbonmutant
carbonmutant's picture

What's the half life of an Irish bondholder?

Thu, 03/31/2011 - 14:15 | 1122245 Cdad
Cdad's picture

What's the half life of an Irish bondholder?

I don't know...but if that ain't a bullish chart, I don't know what is.  Put me down long Irish supbrime paper...x2 on my margin account.  

Sweet!

Thu, 03/31/2011 - 15:30 | 1122536 redpill
redpill's picture

At this point?  Shorter than Iodine-131.

Fri, 04/01/2011 - 03:34 | 1124303 carbonmutant
carbonmutant's picture

Truly... :)

Thu, 03/31/2011 - 13:47 | 1122086 Byte Me
Byte Me's picture

Bright lad this Noonan -- Needs a transfer to Japan, could improve gov.jp, BoJ or TEPCO

 

 

 

Thu, 03/31/2011 - 13:42 | 1122091 tmosley
tmosley's picture

Much like cancer is sustainable if you just grow your whole body, including the organs, faster than the cancer.

What, now the gov is so heavy it can't even support itself?  

This won't end well.

Thu, 03/31/2011 - 13:41 | 1122093 Boilermaker
Boilermaker's picture

I could be a world famous porn star.  If I had an enormous dick.

Thu, 03/31/2011 - 13:46 | 1122119 Filthy Rotter
Filthy Rotter's picture

Sorry to hear about your small willy.  At least it seems you've come to terms with it.  Good man yerself!

:-)

Thu, 03/31/2011 - 13:52 | 1122158 Boilermaker
Boilermaker's picture

It's not small.  It's THIN damn it!  That's different!

Thu, 03/31/2011 - 14:14 | 1122248 Calmyourself
Calmyourself's picture

It ain't real long but it sure is skinny, he..

Thu, 03/31/2011 - 13:44 | 1122099 john2011neb
john2011neb's picture

He's delusional.

Thu, 03/31/2011 - 13:43 | 1122105 EscapeKey
EscapeKey's picture

It will soon grow in nominal terms.

Thu, 03/31/2011 - 13:47 | 1122122 pendragon
pendragon's picture

trichet got his magnifying glass out and found a bit of inflation in europe...

Thu, 03/31/2011 - 13:44 | 1122108 pendragon
pendragon's picture

this new govt are straight out of clown college...

Thu, 03/31/2011 - 15:28 | 1122532 NotApplicable
NotApplicable's picture

At least they can save money by traveling in one car. That alone should improve their credit ratings, no?

Thu, 03/31/2011 - 13:46 | 1122115 Horatio Beanblower
Horatio Beanblower's picture

Michael Noonan = feckin eejit.

Thu, 03/31/2011 - 13:47 | 1122132 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

how does the brand new minister, who therefore gets the benefit of the doubt for a few more hours, justify that statement, with the attached chart?

With his balls in a glass jar stored in the IMF's "gold" vault next to Barrack Obama's balls, next to Sarkozy's balls, next to Hillary Clinton's balls, and next to Karl Rove's vagina.

Thu, 03/31/2011 - 15:21 | 1122499 NotApplicable
NotApplicable's picture

All of which have been video-taped in compromising positions!

Thu, 03/31/2011 - 13:49 | 1122135 Bubbles...bubbl...
Bubbles...bubbles everywhere's picture

Can the Irish make iPads for $.30 an hour?

Thu, 03/31/2011 - 13:48 | 1122137 Lord Peter Pipsqueak
Lord Peter Pipsqueak's picture

Rough translation:"if my auntie had a pair of bollocks she'd be me uncle"

Thu, 03/31/2011 - 13:49 | 1122140 Blorf
Blorf's picture

Just give the bondholders a haircut already.  Start over, try and come up with an economy not entirely based on loaning money to people who can't afford to pay back the loans.  I suggest potato farming and brewing.

 

 

Thu, 03/31/2011 - 15:21 | 1122507 NotApplicable
NotApplicable's picture

But, but, if you do that, you'll break the ponzi!

Thu, 03/31/2011 - 13:50 | 1122147 falak pema
falak pema's picture

Can you imagine this guy negotiating with Herr chancellor Merkel and ober-stumffen half fuhrer Sarkozy? It'll be like taking the last stick of candy from the slum kid. Where's Charlie Chaplin, the Tramp?

Thu, 03/31/2011 - 13:52 | 1122153 Caviar Emptor
Caviar Emptor's picture

Noonan is no more deluded than the rest of the central banksters: by not allowing prices to come back into alignment with average incomes, through the magic of mass scale monetary expansion, they've created biflation: the real economy is in a deflationary depression, the paper economy is bloating more and more by the day.

What does that mean for Ireland: as excess liquidity sloshes through the global economy prices for natural resources and premium items will soar, hampering economic growth even further. Buying power will get crushed as will the tax base and balance of trade. More and more citizens will tap into government programs. And sovereign debt will again be in crisis mode. 

Lotsa Luck!

Thu, 03/31/2011 - 15:27 | 1122531 falak pema
falak pema's picture

This is the worst of both worlds for the small guy...

Thu, 03/31/2011 - 13:54 | 1122157 alien-IQ
alien-IQ's picture

If everyone stops paying their mortgages...the economy will grow. It's the American way. Damn these Irish are slow.

Thu, 03/31/2011 - 14:38 | 1122350 M.B. Drapier
M.B. Drapier's picture

And also on recourse mortages, and under some of the least forgiving bankruptcy legislation in the Western world.

Thu, 03/31/2011 - 13:56 | 1122167 A Man without Q...
A Man without Qualities's picture

I recommend they get the leprechauns to weave cloths of the gold that they find at the end of the rainbow...

Thu, 03/31/2011 - 13:59 | 1122183 ThirdCoastSurfer
ThirdCoastSurfer's picture

The sadly funny thing is that the last stress test was less than 9 months ago:

"http://centralbank.ie/frame_main.asp?pg=nws_article.asp%3FID%3D533&nv=nws_nav.asp"

 

Thu, 03/31/2011 - 13:58 | 1122189 falak pema
falak pema's picture

where do you find leprechauns other than in Ireland...this could be a raging disease.

Thu, 03/31/2011 - 14:02 | 1122197 Lord Peter Pipsqueak
Lord Peter Pipsqueak's picture

Noonan is no fool,but for political reasons and the fact the ECB refuses to let senior bond holders take a haircurt and at the same time prevent further house price falls he has to go along with the madness.

Like the UK,the future of the Irish economy is inextricably linked to that of its housing market.

Thu, 03/31/2011 - 15:30 | 1122538 falak pema
falak pema's picture

Plenty of Japs looking for new real estate soon...

Thu, 03/31/2011 - 14:06 | 1122219 willien1derland
willien1derland's picture

ohhh Noonan, I love when you tell that story...tell us again, this time use a Greek accent, it is much funnier with the Greek accent - Bartender - another round of Guiness for all! Poor Arthur - rolling in his grave, rest in peace 

Thu, 03/31/2011 - 14:10 | 1122227 Silverhog
Silverhog's picture

If economy grows the massive debt is sustainable. At a boy, we got a handle on this baby now.

Thu, 03/31/2011 - 14:27 | 1122296 Amish Hacker
Amish Hacker's picture

I'm not overweight, damnit. I just have to grow a couple of inches.

Thu, 03/31/2011 - 14:17 | 1122255 gridlocked
gridlocked's picture

Funny how the liberal economists all have graphs that count intagibles as if they were cash.

Yesterday the unions in my state said and I quote if there were more state employees the pension fund wouldn't be in such bad shape.

Never once do they say 'Hey maybe we all can't retire at 50 and collect a pension with a 3% cola for 35 years.'

Thu, 03/31/2011 - 15:28 | 1122528 NotApplicable
NotApplicable's picture

Hell, I'm hearing the "we need more contributing employees" from a non-union pension fund. It seems the only metric they understand is perpetual growth until death.

Isn't this the definition of cancer?

Thu, 03/31/2011 - 14:21 | 1122275 Lord Welligton
Lord Welligton's picture

The "New" Irish Government is following the path set out by the "Old" Irish Government which is the one set out by the ECB/EU.

The "New" Irish Government has renegade on the promise "We will not put one more cent into failed banks".

Sovereign default seems inevitable. It may take a year or two.

Todays "announcement" should not calm markets in any way.

Thu, 03/31/2011 - 14:32 | 1122329 irishlink
irishlink's picture

What would we all be doing ,saying or thinking now if the Governments had not supported the banks over the past 3 yrs?

Thu, 03/31/2011 - 14:32 | 1122333 Auricle of Omaha
Auricle of Omaha's picture

Plutonium wouln't be so bad if it was less radioactive

Thu, 03/31/2011 - 14:59 | 1122419 Stockmonger
Stockmonger's picture

As the Great Santelli said this morning, there sure is a lot of support for "double or nothing" spending--double the debt, hopefully GDP growth will return to normal before the increased debt load kills us.

Thu, 03/31/2011 - 15:18 | 1122494 NotApplicable
NotApplicable's picture

But look at that recovery in consumer expenditures! Why, the Irish are just a wee bit poorer this year, instead of lots poorer like the year before. /sarc

Thu, 03/31/2011 - 18:15 | 1123125 dada1
dada1's picture

It's going to take another generation to rebuild Irish finances. In the meantime, all the good guys are fucking off to OZ or the US.

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