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Old 22-11-10, 11:43 AM   #1
Ed
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Default Irish mess

I'm on the horns of a dilemma

I'm half Irish (mother is from Co Mayo) and I want to see Ireland prosper

But when we can't afford our own public services, and everything seems to be slash and burn, how are we affording to lend Ireland 7bn? Where is the money coming from? More borrowing?

Isn't it more important that we spend the money on ourselves? Or will it simply cost us more in the long term if the Irish economy fails, would Northern Ireland collapse too? I dunno.

My rellies over in Mayo and Galway have all worked damned hard and they are embarrassed and deeply upset - as usual, it's nothing to do with normal people. Banks... again
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Old 22-11-10, 11:52 AM   #2
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Default Re: Irish mess

We've a load of fat, useless politicians you are welcome to, they won't be missed here.
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Old 22-11-10, 12:06 PM   #3
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Default Re: Irish mess

Ed, I guess we have to view it as a business decision and think purely in terms of economics, rather than politics. I suppose it makes sense for Britain to lend the money...it is, after all, a loan not a handout so will be repaid with interest - an investment.

I presume it will also protect British business, in that if the Irish economy collapses entirely, Anglo-Irish trade will be hit. As I understand it, Ireland is our biggest trade partner - so the loan helps UK plc.

Plus, there's the added element of the state owned bank such as RBS holding books of Irish debt. About 35 billion of our (UK taxpayers') money that would go up in smoke if Irish banks collapsed.

Last edited by eviltwin; 22-11-10 at 12:07 PM.
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Old 22-11-10, 12:07 PM   #4
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Default Re: Irish mess

Ireland is just the next domino to go.Spain and Portugal look like being next,but the whole edifice will collapse eventually as nearly all the western economies are technically bankrupt and no amount of bailing out can cover that up for ever.
We bailed out the banks last year and the year before.We are now bailing out smaller countries.Who will bail out the bigger countries next year and the year after that?China?Maybe some of the oil rich middle eastern countries?
Either way there will be a price tag and it wont just be a monetary one.
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Old 22-11-10, 12:10 PM   #5
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Default Re: Irish mess

Quote:
Originally Posted by Ed View Post
I'm on the horns of a dilemma

I'm half Irish (mother is from Co Mayo) and I want to see Ireland prosper

But when we can't afford our own public services, and everything seems to be slash and burn, how are we affording to lend Ireland 7bn? Where is the money coming from? More borrowing?

Isn't it more important that we spend the money on ourselves? Or will it simply cost us more in the long term if the Irish economy fails, would Northern Ireland collapse too? I dunno.

My rellies over in Mayo and Galway have all worked damned hard and they are embarrassed and deeply upset - as usual, it's nothing to do with normal people. Banks... again
Ditto, half Irish and want to see Ireland prosper.

Loaning to Ireland, one of our biggest trading partners, makes for commonsense. Britain exports 24,000,000,000 worth of goods annually, and if Ireland struggles it impacts on the UK.

as an aside, I wonder how many bankers have been sacked for incompetence?
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Old 22-11-10, 12:12 PM   #6
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Default Re: Irish mess

Its simples......the Irish Economy goes under the world financial markets would all collapse on a scale never seen before.....and I mean never. There are too many govt funds from accross the world invested in what was once a prosperous country.

As for the what will happen next. No actual country will physically go bankrupt, the international banks, IMF, European Bank etc would never allow it. They will just loan until it ceases. But will it ever all be paid back? Nope. Eventually, you will probably see the likes of the international banks righting off debt as they do in Africa....but with much larger westernised states.

Just my 4p worth. Not neccesarily right or wrong.
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Old 22-11-10, 12:34 PM   #7
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Default Re: Irish mess

On the news its said RBS had leant a lot of money to Ireland it was over 100 billion pounds, which was leant to fuel their property market, the report went onto say that 20% of properties has gone into negative equaity.

The state owns 2/3 thirds of RBS so to lose that money, would casue a few problems...The report went onto say that many people in Ireland have taken their money out of the Irish banks.

How could so many bad choices have been made? With the UK giving out a loan, it will be more than the savings made by the cuts then the UK will have get a loan togther to make this payment to prop up a failing banking system. Whats to say that more money won't be need in near the future?

Ireland is also one of our biggest trading partners.

What happens next as more countries need a loan?
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Old 22-11-10, 12:40 PM   #8
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Default Re: Irish mess

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Originally Posted by Biker Biggles View Post
.Who will bail out the bigger countries next year and the year after that?China?Maybe some of the oil rich middle eastern countries?
Either way there will be a price tag and it wont just be a monetary one.

This has already happened... Abu Dhabi bailed out Dubai... hence the name of the Burj being changed to Khalifa or whatever it's called.

Dubai World would not afford to pay the interested on it's debt.

The whole stocks and shares stuff is a load of rubbish... if someone is making money, it means someone else has lost some. They keep building up until one of the big boys messes up, then a poo hits the fan.

It's all electronic money anyway, none of it's real... just a complete farce.
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Old 22-11-10, 12:53 PM   #9
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Default Re: Irish mess

Its a big $hit pie and everyones gonna have to take a piece-can see us going back to the dark days of the late 70's/early 80's-its pretty scary if your old enough to remember how bad things were at times-how i wish i lived out in the middle of nowhere-self sufficient having little dependance on what happens elsewhere.
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Old 22-11-10, 01:02 PM   #10
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Default Re: Irish mess

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Its a big $hit pie and everyones gonna have to take a piece-can see us going back to the dark days of the late 70's/early 80's-its pretty scary if your old enough to remember how bad things were at times-how i wish i lived out in the middle of nowhere-self sufficient having little dependance on what happens elsewhere.
I think its much worse than that.Back in the 70s we had a huge industrial sector spread out all over the UK.There were big problems with British industry at the time,but compare that to now.We have closed it all down,and built "affordable housing" where there used to be industry.So who can produce the goods to power us out of the carp we are in?Oh.Back to the Chinese it is then,who will suck all the remaining money out of us and put us further in debt.We can print yet more money to buy yet more Chinese imports but unless we relearn the culture of making stuff we are dead ducks.Its probably two decades too late anyway.
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