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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WALLST8MY8BALL's picture

Do you take drugs Noonan?

the mad hatter's picture

The Treasury should just issue debt-free money.

traderjoe's picture

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

Harlequin001's picture

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

quintago's picture

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

chopper read's picture

'every day'.  so what's the problem?

Harlequin001's picture

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

WALLST8MY8BALL's picture

Do you take drugs Noonan?

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?

carbonmutant's picture

What's the half life of an Irish bondholder?

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.  


redpill's picture

At this point?  Shorter than Iodine-131.

Byte Me's picture

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




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.

Boilermaker's picture

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

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!


Boilermaker's picture

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

Calmyourself's picture

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

EscapeKey's picture

It will soon grow in nominal terms.

pendragon's picture

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

pendragon's picture

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

NotApplicable's picture

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

Horatio Beanblower's picture

Michael Noonan = feckin eejit.

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.

NotApplicable's picture

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

Bubbles...bubbles everywhere's picture

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

Lord Peter Pipsqueak's picture

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

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.



NotApplicable's picture

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

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?

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!

falak pema's picture

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

alien-IQ's picture

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

M.B. Drapier's picture

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

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...

ThirdCoastSurfer's picture

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



falak pema's picture

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

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.

falak pema's picture

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

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 

Silverhog's picture

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

Amish Hacker's picture

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

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.'

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?

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.

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?

Auricle of Omaha's picture

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