70 billion bail out
how do you all feel on this one then lads? 70 billion bail out? i think it's wrong, after all its our tax money that will be given to a failing euro state and we dont get a say. dont get me wrong as i was born in fulham to irish parents and have a very large irish family living in eire, but i have spent my whole life in england and paid taxes on everything from wages to petrol. to see our country (eng) go though a tough time, which will affect our children with education and public service cuts etc, only to see us give much needed tax payers (our) money on a lengthy loan that may never get paid back when we need it ourselves.charity starts at home right?
Charity begins at home Al so I have always thought that we need to sort ourselves out first - that said I would prefer to be offering help to a near neighbour, and from listening to the ongoing debate and from reading some of the reports it appears that Ireland are one of or biggest customers when it comes to exports so it makes sense to assist.
I think our contribution is goimg to be £7.5 billion, which ain't small potatoes! What I am ****ed of about though is that this whole sags iis likely to mask something that is going through at the moment in this country, I think the real issue we have is the decision by this government to base future pension increases on the CPI rather than the RPI - their basis for this is that pensioners dont have to cope with many of the housing costs associated with RPI - like mortages - however in real terms this decision will actually mean a cut to their annual incomes - we should be putting our young, sick and old first but increasingly seem to have lost our way - God help our kids in the future.
I'm crap at politics can't Bono help them out?
It's like a mate asking to borrow £20 at the end of the month when you've got no money yourself. They made the choice to go with the euro so in one sense it's a case of you've made your bed so lie in it and in the other, they are trading partners and if it gets even worse for them it could get even worse for us....not a very healthy situation whichever way you look at it.
They joined the Euro fully aware that they would have less control over their own fiscal policy (which is one of the reasons that the UK didn't join the Euro too).
Irrespective of my where my father or mother comes/came from, I don't think that we should be bailing anyone out; unless we are going to charge a nice rate of interest on the money that we lend to them.
Sorry my Irish cousins!
i get what your saying mick, but its kinda like this really for me, i had a window/glass business a number of years ago, which i had to close before i went bankrupt, this was due to my best trading customers not paying what they owed me. sometimes you have to cuts your loses and stay afloat yourself. i love eire and visit often, i even have a house near limerick, but our country is in a mess and i feel as its our tax money we should at the very least get a say or even a vote to allow or dis allow any bail out. bit like the misses raiding my bank account to give to her sister without asking me first.
the interest is set at 8.9% i believe raph, but means nothing if you aint got it to give back.
What I cant understand is, if in such a short period of time we were able to get our selves into such a strong position financially to be able to lend 7 or 10 bill to another country and risk losing the lot.
why have we had such drastic cuts and why if we are doing so well has the british tax paying public not received something back like a 30p or even 3p cut in petrol prices etc?! It seems the only time we hear about our money is when it runs out or the government want to spend more of it!!
ooook, after doing a little research, it seems that we currently have 90 Billion tied up in Ireland, so if the Irish economy goes bust and the banks cave then we lose the 90 billion they owe us already.
So it seems that a small 10% investment into their economy is actually to save us from loosing the whole lot in the long run.
Mind you it strikes me as a crazy initial long term investment ! and Ireland pretty much have the UK by the short and curlies because if this 10 billion wilts away and they say they need another boost you can bet that the UK will again be the ones to offer the money while we all pay more taxes!
Hold on lads, the UK Government borrows £10 billion EVERY single month - http://www.bbc.co.uk/news/business-11783261
So I dont think we should moan about the Irish accepting a £7.5 billion loan from the UK really? They need it to survive at the minute as their property and financial sectors have imploded but they have very healthy import and export figures so they will recover...
It's all a money merry-go-round, the UK borrows Billions every year to ensure it survives, what if the countries the UK borrows from all took the same attitude and said 'NO we're in a bit of bother this end too sunshine'??? it would be a meltdown..
The media hype it all up to distract from the facts that the UK are in more debt that most EU states!!! aside from Greece/Portugal etc of course!
Using Slim Bratts termanology:
It would be like saying to your mate 'I'm not lending anyone anymore money until my finances are a bit healthier, oh and you couldn't lend me £20 could you as I'm a bit skint myself and got a few debts to pay?'
Last edited by Back of the Net; 23-11-2010 at 16:15.
well the media high light it we can only go by what were told
Harbs, I take it you're joking mate?
If you live by what you're told in the media then you'll believe X-Factor and Big Brother are the bench-mark for society in the UK.....
Actually, I think you're on to something there mate hahahaha!
Seriously though, I found it funny how easily people are stirred into hatred of others by the media, a few comments on how we're lending money to other nations whilst we're all struggling oursleves and everyone jumps on the wagon, when on closer inspection the UK is actually getting huge handouts every month that are bigger and we're all ignoring it in favour of sneering at another nation for daring to accept a similar thing hahaha, the irony.....
Let's face it, the media is a powerful weapon. People are easily led by what they say.
I can't say I have a massive knowledge of politics, and most of what I do know is from what I read in the papers etc but ultimately the loan to Ireland can only be a good thing surely? Yes, our finances are in a **** state too, and yes, I'm gonna have a dent in my pocket to pay for it, but aren't the Irish one of the biggest importers of British goods etc?
must be that Nottingham air mate, or an age thing - already made that point re the imports
i dont have a problem lending a mate £20 as long as he asks before dipping my wallet.
Knew I'd read it somewhere
I never thought we'd be debating macroeconomics on PST, what an educated bunch you are! Ireland imports less than half of what the US receive from us; even less than the Netherlands in fact. Ireland comes fifth.
Our biggest "export" is financial services, as after New York, London is the biggest exchange in the world. Essentially, we are the gateway into Europe and act as the world's foreign exchange.
We are already in deficit with our balance of payments on the goods side anyway, so if Ireland were to stop buying our goods, it wouldn't make a massive difference; especially since last year they imported around 18% less than the year before anyway.
I guess the main problem (contradicting what I said in an earlier post) is that the Euro Zone as a whole imports half of our goods and services. If Ireland went to the wall, then I am sure that other countries like Greece, Portugal and Spain may follow suit. If (heavens forbid) Germany, Netherlands and France did the same, we'd be up **** street!
Therefore thinking logically, the UK government aren't helping Ireland to the sake of helping Ireland, I think that they're helping Ireland to help Europe as a whole. After all, the UK is a member of Europe with EVERYTHING apart from the Euro currency, so if a fellow EU country is in need, then we are obliged to help them.
I believe at the end of the day it will be the Germans who hold all the aces - read this and you begin to get the picture for Eurpoe in the future - increasingly us Brits will be seen as an irrelevance
http://www.guardian.co.uk/business/2...bailout-crisis
I agree Mick. The Germans had hyperinflation after the World War and their economy went to durchfall. As a result, they had to rebuild it in a more efficient and robust model. The result? One of the strongest economies in the world.
My opinion on this is that Ireland for many a year has tried to stand on its own 2 feet and never wanted to be part of the UK...... they only want to be our neighbours now because they are in a **** state of affairs... im sorry Sean buddy but who the hell come to our need when we were/still are in trouble!!! We as a country have lost alot and as a country are digging ourselves out..
Ireland have long stated they wanted to govern their own country and decided to go with Euro and now its all starting to backfire!! I for 1 dont mind helping people out but as Al stated sometime you must cut your losses and we all want to look after number 1... which is ourselves and im sick to death of my taxes going up, petrol going up, vat going up inflation going up and my wages staying the same meaning im now starting to lose out!! which means my kids are losing out!!!
Tell all the tims ye no Rangers are gonna get 4 in a row!!! Bouncy bouncy bouncy bouncy lalalalalala
Their football leagues are thriving as well... may be we should have let the Germans win the war (though they kinda did anyway).
Looking at it all to be fair Ireland did wanna try and sort it out themselves but had to admit they needed help and it looks like we need to help them to try and prevent things potentially getting even worse for ourselves.
so where is this 7.5 billion coming from? the public sector budget? the health service budget? the education budget, local council budgets? ermm no. it will be added to fuel, heating, food etc etc. how can things possibly get worse? i know lets give terror suspects millions as well. i ve always been anti euro and they as killing us with their rulings and are at fault for eire collapse, im earning the same as i got 5 years ago but have to do extra hours to get that. as jock says its our families that will suffer, budget christmas this year for neally all of us and many to come. rant over lol.
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