Having been frequently and thoroughly demonized over the past few years, off-balance sheet entities are now set to save the Irish government’s debt levels from reaching comical magnitudes. The recently created National Asset Management Agency (NAMA) will be allowed to deal with the €77 billion in primarily mortgage loans taken off the balance sheets of Irish banks in solitude.
“The preliminary decision of Eurostat means that the acquisition of the assets from the financial institutions by NAMA may be treated as off-balance sheet in the budgetary arithmetic under European national accounting rules,” Lenihan said. “In other words, it will not increase the general government debt ratio and neither will our budget balance be directly affected by the NAMA initiative,” he said in a statement.
But if there is one thing the financial crisis has done, it’s demonstrated the need for accuracy from agencies responsible for critical macroeconomic and accounting issues. Based on today’s revelations, Ireland may want to hedge against anything Eurostat says.
European finance ministers said they were stunned by the an estimate placing Greece’s deficit at more than 10 percent of the country’s gross domestic product.
Estimates by Eurostat, the official data office of the European Union, put the deficit near 3.7 percent of Greece’s GDP, the EUobserver reported Tuesday.
In a meeting in Luxembourg, Greek finance minister George Papaconstantinou reported the figure would actually be between 10 percent and 12 percent
This is an excewent idear, and I will pwopose wegiswation to twansfer contwol of Fannie/Fweddie to NAMBLA in due course.
- Barney Frank, Chairman of House Financial Services Committee
Gregaels,
Move your sorry ass off the balance sheet.
NAMBLA has been trying to get greg off its balance sheet as well … so i’ve been told
I’m no accountant but, isn’t the whole off balance sheet thing kinda like pretending your $250k in credit card debt does not exist because you have the statements forwarded next door?
Sounds like they’re taking a Mulligan. Get it?
Greg is like a liability that never amortizes.
Greg is has negative goodwill value.
F(x) as the limit Greg goes to 0 = annoying.
5 why you gotta be racist?
@7
The Irish populated Boston, a town full of the most backward, bigoted, unintelligent, and misbegotten people on the planet. Racism towards the Irish is a prerequisite of the rest of humanity.
Greg do you have a CFA or MBA? Which one do you think is better?
@8:
The “curse of the Irish” is sufficient punishment, I think.
The “backward, bigoted, unintelligent and misbegotten” people you refer to are actually across the river, in Cambridge, though.
- Professor Gates
I cannot believe you DB hasnt put up the CNBC video of California AG Jerry Brown being interviewed by MCC and D.Kneale where he asks the Dennis Kneale “are you guys pimping for the financial industry? Great exchange.
-International nonsense
-Picture of “For Sale/Lease” signs
-Long, boring sentences
Greg, you’re becoming a caricature of yourself.
@ Prof Gates
With all due respect Dr. Gates, have you ever spoken to the pile of cheap booz, snot, foul odors, and lard that is a Boston sports fan?
@13:
Gates here. Some them definitely act “stupidly.” Some of them smell, as you note, and most of them talk with odd, grating accents.
What I like most about Beantown though, is its ethnic diversity. You can see it when you go to Fenway, for a Sox game.
Greg,
“You are a Conversion, purchased at once…at the bid/ask.”
“You are the theta paid on all the world’s hedges.”
“You are the short interest which makes a Reversal unprofitable.”
-Charles Cottle
@8 what race/nationality are you?
@16
Not Irish.
didnt read
The shortest lived “age of prosperity” in the history of the world. Luck of the Irish.