You thought the British banks were bust?
- Thread starter WeLuvIbiza
- Start date
Ive seen this guys performances on tv before. Just another angry anti-anything journo. and after skimming the article, i can smell the fury of the words with the usual Tory bashing.
It wouldnt surprise me if he's replaced the letters on his keyboard with mug shots of the Coalition.
he's actually a first-class journalist who routinely stands up for the poor, public services and everyone basically getting shat on by the government.
and he totally destroyed Littlejohn in this debate 5.30min in
http://www.youtube.com/watch?v=WtwYfcw441I
What's basically happening is that Brussels is keeping Ireland in Quarantine. They do not want the Irish/European Bank contagion to spread to the rest of Europe, notably Portugal, Spain, Italy and even France until they agree a new debt management programme in 2013.
In 2013 Europe will have changed its debt policy and will introduce a new standard method to deal with countries that require bailouts. This has to be agreed with Europe's creditors first, this is why it is so important for the stability of the Euro, that the crisis is parked in Ireland, so as not to terrify the markets in other countries.
While we keep paying interest on the 120billion, (half our gross GDP) we will effectively bankrupt our nation, just so the rest of Europe can buy time with its creditors to negotiate a new deal.
By 2013 Ireland will be forced to Default as the Bank debt will drown our soverign debt thus killing the economy.
Personally I fear Europe will then throw us to the wolves, as nobody will ever lend to us again with the huge amount of debt, that we as a small nation will have to carry.
The worst financial crisis in the history of Banking is now quarantined in Ireland and If we dont surgically remove it immediately.....it will kill its host.
The only way out for us is to default today (not in 2013) and discount the senior bondholders.....but our new government lacks the balls to stand up for itself.
In 2013 Europe will have changed its debt policy and will introduce a new standard method to deal with countries that require bailouts. This has to be agreed with Europe's creditors first, this is why it is so important for the stability of the Euro, that the crisis is parked in Ireland, so as not to terrify the markets in other countries.
While we keep paying interest on the 120billion, (half our gross GDP) we will effectively bankrupt our nation, just so the rest of Europe can buy time with its creditors to negotiate a new deal.
By 2013 Ireland will be forced to Default as the Bank debt will drown our soverign debt thus killing the economy.
Personally I fear Europe will then throw us to the wolves, as nobody will ever lend to us again with the huge amount of debt, that we as a small nation will have to carry.
The worst financial crisis in the history of Banking is now quarantined in Ireland and If we dont surgically remove it immediately.....it will kill its host.
The only way out for us is to default today (not in 2013) and discount the senior bondholders.....but our new government lacks the balls to stand up for itself.
any chance of a return to the punt? I wouldn't be surprised if Germany push for certain countries to be kicked out of the Eurozone
I think the euro was a good idea between convergent economies but I always sensed it would end in tears when you had the poorer outer fringe countries wanting a piece of the action (some of whom like Greece cooked the books to qualify)
I think Spain is just about ok for now - am no expert but I've been telling my family to get their money out of the bank or shares and into the buy-to-let market
I think the euro was a good idea between convergent economies but I always sensed it would end in tears when you had the poorer outer fringe countries wanting a piece of the action (some of whom like Greece cooked the books to qualify)
I think Spain is just about ok for now - am no expert but I've been telling my family to get their money out of the bank or shares and into the buy-to-let market
Ikoda
Well-Known Member
Could Ireland not be kicked out of the EU?
http://en.wikipedia.org/wiki/Economy_of_the_European_Union
Ireland's debt is currently 68% of it's GDP, and it's deficit is 14.4% of it's GDP.
That pushes it well over... But not as bad as Italy (116%) and Greece (126%)
http://en.wikipedia.org/wiki/Economy_of_the_European_Union
Ireland's debt is currently 68% of it's GDP, and it's deficit is 14.4% of it's GDP.
That pushes it well over... But not as bad as Italy (116%) and Greece (126%)
ive always wondered how the Italian economic wheels keep turning with that level of debt!
Ikoda
Well-Known Member
Good pizza?
Morbyd
Moderator
That would be excellent advise to your family Olly. Gold would be the safest option, thats why investors have driven up its price to an all time high. Cash 4 Gold shops are thriving!
But our parents generation take comfort and security from the perceived pillars of civilization, the Banks and the Church. Very unlikely they are going to change their ways at this stage of their lives...........I know mine wont.
There was a large number of elderly people who lost their life savings in Bank Shares in this country. All they have left now is a state pension after working hard all their lives. To give you an idea, bank shares fell from a €18 to 20 cent in under 2 months.
Spanish banks are in trouble as we speak. Its just being kept quiet so as not to scare the markets. Spain indulged in a similar property investment programme as we did, so its bound to have the same core problems with liquidity. If a country the size of Spain fails, that curtains for the Euro and Europe. Ireland is small enough to be contained, at a push maybe Portugal, but not Spain.
You can be sure, like our own banks, the big deposits were quietly withdrawn before any announcement was made public, leaving the ordinary small depositor holding the can.
The punt?? more like sterling id say. We would love to be kicked out of Europe, but we have responsibilities to face up to and debts to repay to our fellow Europeans. Doubt it will happen we owe them too much money
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I am doing a bunch of research on this very topic. Some of the euro zone countries have cooked the books to qualify in the first place. If Portugal needs a bail out, which I think is likely. They did not get the cuts they wanted and their bond rating has dropped. If Portugal, Greece or Spain goes down the euro will go with them. The countries that have tourism and real estate base economies are effected much more by this crisis. If the deficits of the countries are not cut there will be some dire times ahead. The USA is in the same boat, with spending for 2 wars over the last decade. I fear Bez maybe correct and the EU may leave Ireland to fend for itself. I'm by no means an economist, there are arguments that this is natural ebb and flow of economies as well as economist saying the sky is falling.
Here is a link to what most economist consider the father of capitalism.
http://www.vision.org/visionmedia/article.aspx?id=868
http://www.vision.org/visionmedia/article.aspx?id=868
WeLuvIbiza
Active Member
Will read with interest, thx.
An interesting article on QE;
http://tycoonreport.tycoonresearch.com/articles/830734163/here-s-what-can-be-bought-for--billion