Treasury announces €100m stocks issue

lgalea

Jul 20th 2010, 18:54

Peter Azzopardi It is material and it is not ludicrous because in the end it is me, you and the rest of the Maltese people who will have to make good for all this debt through our taxes whether it is taken by the local banks or foreign institutions. The known debt including Enemalta and others which we have to make good for is €5,000,000,000 Azzopardi. We are on our way to the Greek situation Azzopardi especially if the stocks are taken by foreign institutions. As for the major lenders being Maltese are HSBC and BoV Maltese only banks?

Peter Azzopardi

Jul 20th 2010, 22:01

@Igalea
Local debt is not the same as foreign debt. This is not an "Greek" issue.

Nonetheless, what would rather have Maltese investors do. Invest locally with the Maltese Gov't or invest abroad?

Christopher Ripard

Jul 20th 2010, 16:02

Whilst it is true there is a huge national debt and it is true that major projects inevitably go way over budget, it must be said that there is a lot to show for it: Mater Dei, new airport, new roads, new power station, new totally digital telephone system, the Freeport, sports complexes, new Gozo ferryboats, the Waterfronts at Valletta and Birgu, new schools, PCs in schools, new promenades, parks at Ta' Qali, Qawra . . .

Gordon Farrugia

Jul 20th 2010, 16:24

Are you serious?

Mater Dei? - is this the hospital that doesn't even have sufficient beds and is constantly understaffed? In fact so inadequate that the government now wants to spend another €45million on St.Philip's!!

new airport? this was build more than a decade ago - it was hugely over budget (50 to 70 million)

new roads? which roads are you referring to? The ones re-surfaced lightly for the pope? Perhaps the ones funded by the Italian protocol or the EU? I'm sure most readers would disagree on you on this one.

new power station? haha the one that will be run on heavy oil!!? Heavy stench of corruption too there.

new totally digital telephone system - wasn't this funded by the private sector?

the Freeport - what freeport - it is privatised!

sports complexes - which sports complexes? The new ones to be funded by the private sector still in fairy tale land for which we have given away substantial chunks of public land for free?

and so on... we have a 4 billion + debt man!!!!!

David Buttigieg

Jul 20th 2010, 16:26

@Mr Ripard,


You forget that world renowned expert on recent history, Laurence Galea, would have us believe we had a higher standard of living before 1987!

lgalea

Jul 20th 2010, 16:50

Christopher Ripard Mater Dejn which cost us many times the estimated cost and it's not big enough to cater for the population while the government is seeking to buy a private hospital and build new blocks? New Airport given to a foreign company to make profit from at our expense? New roads? Are you living in Malta Christopher? New power station that had to be enough until 2050 with the closure of the Marsa power station which was not only not closed but the two of them are not enough and apart from having so many power cuts in the 21st Century the new extension is shrouded in corruption and cloak and dagger shady dealings? Te Freeport again given to yet another foreign company to make profit from at our expense? New Gozo Ferry Boats contract on the eve of the election? Sports complexes such as the one in Cottonera where the rubble was dumped in the Zabbar olive garden or the White Rocks where land worth €500 is given away to foreign property speculators? Aren't the Valletta and Burgu waterfront private projects Christopher? Continue living your daydream Christopher. Remember PL left more than LM500 in Malta's coffer. PN=€5,000,000,000 DEBT.

lgalea

Jul 20th 2010, 16:51

Profs David Buttigieg, the Maltese people are waiting for you to teach them their history.

Peter Azzopardi

Jul 20th 2010, 16:57

@Igalea
This is a free market transaction. The Government is offering these stock issues and it is up to free market investors to decide whether they fancy taking on this risk. Credit agencies seem to have given Malta thumbs up. Therefore your argument is quite ludicrous! Whether this was a blue, red or green government, it is immaterial because the free market will decide.

@C. Ripard
A number of those entities you have earmarked should not be included as having been part of the burden to Malta's debt, because today they are privately/publicly owned. In the end no matter the project, accountability must remain paramount, if money was borrowed to create the entity than once it is delivered into the public sector (as a sale) than the money received should offset against the initial government borrowing.

In the end, the Government must decide the best course of action needed at any one particular moment in time. After all it is there to Govern! Of course that does not mean it should continue to develop this culture of debt refinancing via new debt.

kevin bonici

Jul 20th 2010, 17:14

@ Christopher Ripard - Mater Dei? We pay the equivalent of a Mater Dei a year just to service our huge national debt.