Ireland's pre-Budget 2013 arithmetic:
- Budget 2013 Cuts & Tax hikes = €3.5 billion
- IL&P (bust state-owned 'bank') bonds repayments January 2013 = €2.45 billion
- Promo Note (IBRC - toxic loans dump) repayment March 2013 = €3.1 billion
- Interest on Government debt: 2011 = €3.9 billion, 2012 = €5.7 billion, 2013 = €8.1 billion, 2012-2013 increase of €2.4 billion
- Adding things up: -€3.5 billion adjustment + €5.55 billion 'banks' wastage + €2.4 billion increase in Ireland financing for "our partners' help" = net €4.45 billion will be sucked out of this economy by pure policy psychosis.
- 69% of the entire annual adjustment on fiscal side, even assuming it will be delivered in the end, will go to fund increases in Government debt servicing in 2013 compared to 2012. These funds will be largely remitted to Ireland's new 'best friends' - the Troika and Franklin Templeton funds.
Now, good luck listening to today's Budget 2013 announcements by our Minister for 'Friends' Finance.