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Can someone give me some info on this lol, all I heard was a preview on the news that the british government are giving ireland 6 billion pound or something to bail us out, then they were chatting about ireland changing back to pounds or something.
http://www.rte.ie/news/2010/1122/economy.html
We're bailing you out because you're bankrupt, but we're gunna ask for the money back once you're out of trouble - thus putting you back in trouble so we'll have to bail you out again...great one? :S
Tbh - don't mean this in a nasty way - but we should leave Ireland to let it take its course. It's not Britains problem. Ireland wanted independence, and they got it - they shouldn't come crawling back when it suits them.
'we' lol your like 14 you don't pay taxes so shut up.Quote:
Originally Posted by R0BB13G
Thank you mr english, now our government can buy us more cheese.
This is because of, again, the European Union along with this debt problem the western countries all have and which we can't seem to shake off. It was only a few years ago that here in Britain we had the BBC and the political elite constantly mentioning how Britain should adopt the Euro and that the Pound Sterling was just some little currency for some little island off the coast of Europe which served no purpose whatsoever - how wrong they have been proven yet again.
The single currency now means Ireland is trapped in an economic prison, its government and its successors now unable to change monetary policy despite the economy being in dire straits. The economy of Ireland is not the same as the German one, just as the Greek, Spanish, Portugese, and Italian economies are also different. The single best thing Ireland could do right now (along with cutting which i'll go on to below) is to re-adopt the Punt and get out of the Eurozone as soon as possible because you will be forced to leave sometime or other, its only a question of when.
The government of Ireland (like the rest of the Western world) is also continuing to overspend and we all still are, Britain included as government expenditure is going to rise again forecasted for 2014/15. This is just an emergency loan so that you can attempt to pay back the loans you have at the moment along with debt interest, this loan will also have to be repaid as will many many more. The problem is only going to get worse and worse as governments attempt to spend what they do not have. The western-styled welfare state and big government is unfundable and always has been. The irony is that in order to keep debt-ridden Ireland afloat for the moment, the likes of Britain are taking out more loans ontop of the vast sums of money they already owe to shore the likes of Ireland up (a debt chain which will collapse in some way or other). Next up is Portugal and then perhaps Spain, Greece will be back along with Italy which doubts have already been cast over.
Now do we see the damage of big government and the European Union? for gods sake lets not allow it to happen ever again.
Quote:
Originally Posted by R0BB13G
This is a bit simplistic. The world has suffered a world wide recession and everyone has been hit. Greece has been bailed out and shortly I expect Spain and Portugal to follow.
What we have to remember is that these are guarantees and loans not just cash donated. Also in 2010 the UK exported 15.9 Billion to Ireland. They are our biggest export market and our closest neighbours. It has to be see as protecting our way of life globally rather than just being isolationanist. What the UK has offered is less than than our export market. Again it is the banks that have caused this problem and this is what needs to be sorted out once and for all.
The fault for the debt crisis lays with the governments and not the banks, nearly every government in the western world was spending well above its means before the financial crisis hit - whether the banks collapsed or not, this was always going to happen if the state was not cut back. Think back to 1979 when Britain had to go begging cap in hand to the IMF, its the same old story of government spending what it does not have.Quote:
Originally Posted by Catzsy
The banks are nothing to do with this anymore, it is all about government economic incompetence and as is the case with Ireland, loss of monetary independence. To echo the video above; it now doesn't matter who the Irish people vote in come next election, the EU and the IMF are now running show.
I heard something about this on the radio briefly. Well atleast they aren't going to raise the corportation tax for now.
Evidence for this?Quote:
Originally Posted by -:Undertaker:-
It is pretty clear that the global crisis was the fault of the banks.
http://www.suite101.com/content/the-...is-2008-a88065
It was the not the government's living above their means it was ordinary citizens living above their means encouraged by banks and financial institutions. Of course goevernment's are now faced with the fallout. This is not an EU argument - it is worldwide.
The evidence is there loud and clear if you look at government debt;Quote:
Originally Posted by Catzsy
Without the banking crisis government expenditure was still at levels that were unaffordable and like the Irish government now and the British government now, it is continuing to spend at levels which means a deficit forms. The banks do not add to the yearly deficit, they add to the overall debt (see above). The reason why smaller nations such as Ireland and Greece are collapsing first is because, coupled with the monetary problems and debt problems they can no longer secure loans big enough to keep themselves afloat which is essentially what we are doing now along with the US. At some point in time *UNLESS we cut back state spending dramatically* the same will happen to the UK and the US.
It's the tipping point, where people don't lend to you anymore because they feel you cannot pay it back.
Quote:
Originally Posted by -:Undertaker:-
Dan, the British economy was fine until the global financial crisis. It's the idealogy we disagree with. State v capitalism. Nobody has pointed out that Britain was the root of the crisis. It effected everybody worldwide so has nothing to do with this argument really.
Are we personally paying, or are the EU paying it out using the money the individual countries within the EU have given? Because it should be the latter, not the former.
But you can see it was not all fine, it was all on borrowed money. I could take out a £900,000 loan tommorow and live the high life - but one day that bill will arrive with the added interest, and our government and the western world has been funded via borrowed money.Quote:
Originally Posted by Catzsy
I don't view it as idealogical, its reality - plain and simple economics.
Well we pay into the IMF and the EU as it is, so if those two are providing funds also then we are paying three times over.Quote:
Originally Posted by GommeInc
england arn't good at many things but giving money away (literally) is one of them
Agreed.Quote:
Originally Posted by Special
THANKS GUYS XOXOXOXOX
Yeah I hope this work. It's about time the IMF have stepped in. We've actually gone to the dogs. Unfortunately we have to makes things worse to make things better. I can see them making it worse and not doing anything about it for a very long time.
This is our own fault, we tossed our hat in the ring for giving ireland the money--ireland didn't ask for it.
It's unfair we as a british tax payer are doing so, but what you must remember is that during our 'boom', ireland had a giant boom too which a lot of money was invested by british based banks. This means, us giving 7 billion to ireland will guarantee what's invested by our banks.
It's unfair that this has happened. It was said during the EU and the development of the euro that this will happen. Once one falls other follows, the domino's are falling and you can only watch. greece then ireland. next up... spain?
Well it wouldn't be any better if they didn't get anything would it?
I thought we (the UK) were in debt? Since when did we have 6 billion to give out? :S
So in short, it's not our problem - the EU should be dealing with it :P It's pretty disrespectful the EU didn't immediately come in to sort out the problem, they have enough money afterall. It does support that the EU must be hiding something, with these unseen accounts which I believe you yourself have pointed out.Quote:
Originally Posted by -:Undertaker:-
u sure do make ireland proud! feisty one you are!Quote:
Originally Posted by eoin247
It was a joke refering to a recent hapening in Ireland which you obviously don't know about...Quote:
Originally Posted by StefanWolves
In regards to the loan, ah it all makes sense now.
Can't believe i forgot about this had to have a freind point it out to me.
England takes out a loan at a lower interest rate with another country as it's credit rating is currently better.
It then lends to Ireland at a higher interest rate, thus England makes a tidy profit.
The problem being that little old England doesn't actually have any money itself to be loaning out. :PQuote:
Originally Posted by eoin247
Yeah but what i said was:Quote:
Originally Posted by -:Undertaker:-
Quote:
England takes out a loan at a lower interest rate with another country as it's credit rating is currently better.
It then lends to Ireland at a higher interest rate, thus England makes a tidy profit.