Paying off IMF loans early is Noonan’s Trojan Horse
Michael Noonan says he’s close to getting agreement to pay off the IMF early by returning to the bond markets to borrow money at cheaper rates. Please remember that everything they do is done for an alternate agenda, one you are never told about.
They sell this to you dressed up as some kind of saving on the net interest paid between IMF loans and new government bonds. But that is all it is … a facade. What Noonan is actually doing here is something quite different and more nefarious.
He is changing the status of the debt from something we could still default on or challenge in the international courts as ILLEGAL ODIOUS DEBT. He is changing it into Secured Government Bonds to new investors who we therefore cannot default on or challenge in the courts.
This is the truth behind this deception and we are stunned that the media don’t mention it because we have been since they first mooted the idea months ago. This is Noonan copper fastening the debt on the backs of the people and the next generation for decades for the benefit European Banks and Investment Houses.
This however will not be the end, as DDI in government will still challenge the original odious debt and force a ruling for those responsible to offset the new secured bonds
Noonan near deal on IMF loans as Swedes back plan
Amanda Billner, Johan Carlstrom and Joe Brennan
Michael Noonan moved closer to reaching a deal on repaying most of the International Monetary Fund bailout loans early as Sweden looked set to become the last EU to agree.
Sweden’s parliament’s finance committee yesterday unanimously proposed to allow Ireland to refinance IMF funds without triggering similar payments on its lower-cost European loans.
Sweden is the last EU approval needed, and a vote by parliament in Stockholm is scheduled for next week, Lars Widlund, a civil servant at the committee, revealed yesterday.
“This is a positive development in that it removes the final technical hurdle to Ireland repaying its IMF borrowings,” said Philip O’Sullivan, an economist at Investec in Dublin.
Mr Noonan secured a provisional accord from European Union counterparts in September to repay most of Ireland’s €22.5bn of IMF loans early, pending consent from individual nations.
Ireland may save as much as €2.1bn by refinancing most of its IMF loans by selling bonds, according to the troika.
The IMF loans carried an effective 4.99pc interest rate at the end of March, 1.9 percentage points more than its most expensive EU funds, according to the Department of Finance.