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Updated, 15:55
SO – WE ALL JUST got a little bit richer. (No, really: only a little bit.)
The European Union’s surprise victory of the 2012 Nobel Prize for Peace – announced in Oslo this morning – also means a cash prize that might make a small contribution in solving the continental debt crisis.
It really only will be a small contribution though: this year, due to the general tightening of belts around the continent, the prize money for Nobel winners has been cut. Previously there was a bounty 0f 10 million Swedish kronor for every prize: this year that’s been cut to 8 million.
That, according to today’s exchange rate, is €923,368. If you want to say that in another way, that’s €0.00178 for every man, woman and child living in the 27-member European Union.
Yep: that’s 0.178 cent per person.
The smallest euro coin is a 1c piece – so even if Messrs Barroso, Van Rompuy and Schulz agreed to send the money directly to member states for distribution among the population, you wouldn’t be able to hold your winnings.
Right now, interest rates are relatively low. AIB will give you 3 per cent interest on deposits. If that rate stayed the same forever, it would take 59 years before your winnings would reach the magical one cent amount.
Of course, with inflation as it is, the chances are that the 1c coin won’t be in circulation in 2071 – in fact, with Finland and the Netherlands already effectively scrapping the 1c and 2c coin, even the 5c piece might be gone by then.
So if we were to assume that the 10 cent coin is likely to survive a currency cull, we would need our winnings to reach 10 cent before we could actually hold it. At current interest rates, it would take 137 years to increase in value by that much.
Even then, there’s no way of being sure that we’ll still have a 10 coin (or even a euro currency, eh?) by the year 2149.
So – if you really want to hold your Nobel prize? Ask for it to be distributed in Iranian rial*, the value of which is diminishing rapidly this month. If you’re okay with seeing your winnings devalue literally before your eyes, withdraw them in Tehran.
Today, €1 is worth 15,835 rial – meaning your winnings worth 28.18 rial. The smallest coin in Iranian currency is a 50 rial piece, so it’s still not enough, but if you put it in a bank in Iran you can get a short-term interest rate of 12.5 per cent.
At that rate, your fortune will have grown to 50 rial in five years’ time – enough for you to actually hold.
Don’t spend it all in one place…
* We should point out that under Irish law it is illegal to transfer funds between accounts in Ireland and Iran.
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What did Hitler do to deserve this comparison?
About 6 million Jews
He did the holocaust against Jews.
Thanks Father.. I had no idea. I hope no one misinterprets my comment as sarcastic!!!
You sir have made my day with that comment.
This ad campaign s gonna cause major ructions in Germany. Wonder what she’d look like to the Irish?
Both Hitler and Merkel share the same philosophy – European dominance and control. The only, yet significant difference between them, is the absence of the Gas Chambers and a war.
If you dont like It protest against being in the E.U. See how long we last without them because Ireland was clearly better before we joined :/
@Terence MacSwiney Field .
Gas cahmbers are old hat – and a bit blatant – Austerity gives the same results – and is put out under the guise of Democracy – far better way of doing things .
And – Oh – there is / are wars – they are currncy wars – and they cost lives too . I think Hitlers total will be surpassed easily by The Mekels , Camerons ,Obama s etc of this planet .
I’m homosexual and don’t see the Pope as a club wielding caveman. I see him as the head of an insidious, bigoted, vile, evil organisation that doesn’t think twice about seeking to destroy others in an attempt to retain their disgusting wealth and power.
Weird things happen at that house Father. Can we give it a miss this time?
Fabrice he doesn’t have an illness, you’re the one that’s ill, working for an organization that protects paedophiles and making this man feel there is something wrong with him because he was born differently to you. I wish there was a hell so you could burn in it Fabrice, pieces of shit like you are what’s wrong with this country. I hope the Catholic church dies sooner rather than later. I will rejoice when it does.
@john kissane, I’m gay and don’t think I’m evil, lol so much so I red thumbed the comment you relied too.
Fabrice, a quote comes to mind: “when one person suffers a delusion they calm it insanity, when many suffer a delusion they call it religion”.You, Sir, are deluded in many ways.
That priest page if you look on twitter is actually a parody account, just not very good at being funny
#Fr.Fabrricei Ingodola if you are not a Troll. then you need a one way ticket to the House of your Father where you should repent for your wicket ways.
@Damien Kelly
The reason we don’t allow gay marriage in Ireland is because it would undermine traditional Irish values like bigotry, intolerance, and hatred.
Top class sarcastic remark, and funny aswell.
Sorry this reply was not ment for your comment. I agree with yours, it was for Fr Fabrice Ingodola. My apoligies.
Completely unfair comparison.
Hitlers moustache was smaller….
Second Berlusconi statue is supposed to be like Vito Corleone from The Godfather I reckon
was thinking that myself
Stop the press: priest makes ignorant statement that bears absolutely no connection with reality.
He’a troll.The real priests name is Rev Cajetan Ngozika Ihewulezi ministering in St Louis USA.
Ah i take it this is fr frank from last week.
The very one Leslie.
Troll indeed. Evil toll. He can’t insult anyone since he is the actual son of Satan.
Mrss. Merkle is a saintly woman. She saves your country but still you mock her. You have no moneys and she is your only friend to lend you financially. Shame on you.
I never asked her for any money! I pay my own bills and dont gamble
Fr she never lent money to the Irish people. We didnt get a cent. It was lent to the banks to pay off German speculators who lost out when the banking crisis occured
Ah your fake account has already been outed,but hey troll away.;-)
Fr. Fabrice has to be a troll or his account is a parody account. Look at his comments – nobody is that stupid. I don’t think people like him exist even in the deepest bowels of Africa’s jungles so I am going with parody account.
Internet trolls these days are terrible. The tone of their Comments are far too obvious. I just skip over them, I don’t red thumb as that’s what they want just move on to someone with an actual argument to make. Next.
If he is a priestl then I’m a ardent supporter of our wonderful coalition people first government.
Is that a joke. Its not a funny one
Go home father, you’re drunk.
You obviously mean we saved her country.
Irish banks going bust wouldn’t have hurt us as much as it would have hurt those who lent money to them – the German Landesbanks.
Merkel’s Germany stopped guaranteeing their own banks in 2005 but they forced us to save them when it all went wrong:
http://www.economist.com/node/2251827
For every debt there is a credit and every loan an asset. Those who risked their assets with their eyes closed (Germans) are as much to blame as those who borrowed them with their eyes open (Us).
Too much altar wine!
Ireland is one of the only countries to offer full bank guarantees to the huge investees. You all saw the news where the junior bond holders were burnt while the large bond holders were saved. That means all the biggest investors in the bank were told “prior to the bailout” that they were safe while they let the smaller shareholders burn without the friendly word of warning other holders received. Hmm now if this was Iceland ppl would have to GO TO JAIL!!!!!!!!!!
Arsehole
Epic ar$e hole.
Leader of Germany who has undue influence and power in Europe, fair comparison really.
Relax, she’s just ordering five beers!
Did we have a soul before the catholic church invented it?
history will prove the mag correct!!
“Heiling” not “Hailing” surely?
Heilen
At least Hitler could dance.
So we heard what the Greek, Spanish and Germans think of her, why no Irish opinion, since we were bailed out, also?
She’s the typical Irish mammy. She picks you up when you fall over and wipes the muck off your face, and you grumble when she say’s it’s bedtime – but you go anyway because you know you’ll not get your pocket money.
Fr. Fabrice Ingodola
@FrFabriceIngodo
A Parody Of Catholic Church
For many in Greece the austerity policies which Merkel more or less presides over is the real Hitler meance and Golden Dawn the foot soldiers http://www.newstiller.com/world/647-neo-nazis-plaguing-greece
Utterly stupid. Someone actually got paid to come up with these.
Typo* calling homosexuality an illness
have your say