5.8% Interest

I was listening to all the outrage this morning from Germans complaining they are "bailing out" the Irish and it's so unfair..... later in the news I found out Ireland is paying 5.8% interest on these loans.

Wow.

Thats going to be a huge windfall for the Germans, i'd love to earn 5.8% guaranteed by a state government. I'm not sure Germans understand each and every person in Ireland is now paying $2.25 to Germany every day, thats every man, woman and child across all of Ireland.

Thats only the "Interest" (or the "vig" as loan sharkers would call it)

85,000,000,000 loan amount

5.8% interest rate
$4,930,000,000 annual interest
365 days
$13,506,849 daily interest
6,000,000 irish population 2010

$2.25 daily interest per person per day each and every day

- personally i think the Germans are onto a good thing. Maybe like the Chinese they've worked out you dont need to attack a country to cripple them, just loan them a barrel of money.
 
 
Cheers,
Dean