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.
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
$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.
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