Can the United Kingdom help Ireland? .. While itself in distress!

robut

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Can the United Kingdom help Ireland? | Oye! Times

"The United Kingdom has reached the point of budgetary desperation. As it stands now, the United Kingdom is considered by many economists to be the most indebted nation in the world. Their national debt stands at nearly £924 billion. [ /b]Their public sector net debt (as shown in the chart below) is projected to reach 74.4 percent of GDP by 2013 - 2014. As it stood in 2009, according to the CIA World Factbook, the U.K.’s public debt as a percentage of GDP put them in 21st place in the world after such nations as Italy (115.8 percent – 6th place), Iceland (113.9 percent – 7th place), France (77.6 percent – 17thplace) and Germany (73.2 percent – 19th place)."

"In conclusion, here is a direct quote from the 2010 Budget document showing U.K. residents just how serious the situation is:

“The fiscal challenge in the UK is, on some measures, larger than in any other advanced economy. In May, the International Monetary Fund (IMF) forecast that UK public borrowing would be the highest in the G20 in 2010; it is also estimated that the UK’s structural deficit will be the highest among all OECD countries and the 27 EU Member States. The rating agency Fitch has pointed out that “the rise in public debt ratios [in the UK] since 2008 is faster than for any other ‘AAA’-rated sovereign.”

And this is a government that has pledged to assist Ireland in its time of distress? Nice sentiment but not entirely realistic."

AND WHILE YOU ARE HERE - Look at this -

Britain's Trillion Pound Horror Story - 4oD - Channel 4

"Film maker Martin Durkin explains the full extent of the financial mess we are in: an estimated £4.8 trillion of national debt and counting. It's so big that even if every home in the UK was sold it wouldn't raise enough cash to pay it off."

The point of this thread IS NOT to slag off the UK for offering help ( I am mature enough to appreciate the gesture at face value ), just to show how distressed our nearest neighbours are also. So PLEASE - hold off on the UK bashing, constructive comment appreciated .. if possible!

I can see alot of our problems mirrored in the movie above .. can you?

Robut
 


robut

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LW,

Not sure what your point is - THIS THREAD is new, just added. I do not get the relevance of your post above to the subject of THIS thread ..

Robut
 

Odyessus

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Can the United Kingdom help Ireland? | Oye! Times

"The United Kingdom has reached the point of budgetary desperation. As it stands now, the United Kingdom is considered by many economists to be the most indebted nation in the world. Their national debt stands at nearly £924 billion. [ /b]Their public sector net debt (as shown in the chart below) is projected to reach 74.4 percent of GDP by 2013 - 2014. As it stood in 2009, according to the CIA World Factbook, the U.K.’s public debt as a percentage of GDP put them in 21st place in the world after such nations as Italy (115.8 percent – 6th place), Iceland (113.9 percent – 7th place), France (77.6 percent – 17thplace) and Germany (73.2 percent – 19th place)."

"In conclusion, here is a direct quote from the 2010 Budget document showing U.K. residents just how serious the situation is:

“The fiscal challenge in the UK is, on some measures, larger than in any other advanced economy. In May, the International Monetary Fund (IMF) forecast that UK public borrowing would be the highest in the G20 in 2010; it is also estimated that the UK’s structural deficit will be the highest among all OECD countries and the 27 EU Member States. The rating agency Fitch has pointed out that “the rise in public debt ratios [in the UK] since 2008 is faster than for any other ‘AAA’-rated sovereign.”

And this is a government that has pledged to assist Ireland in its time of distress? Nice sentiment but not entirely realistic."

AND WHILE YOU ARE HERE - Look at this -

Britain's Trillion Pound Horror Story - 4oD - Channel 4

"Film maker Martin Durkin explains the full extent of the financial mess we are in: an estimated £4.8 trillion of national debt and counting. It's so big that even if every home in the UK was sold it wouldn't raise enough cash to pay it off."

The point of this thread IS NOT to slag off the UK for offering help ( I am mature enough to appreciate the gesture at face value ), just to show how distressed our nearest neighbours are also. So PLEASE - hold off on the UK bashing, constructive comment appreciated .. if possible!

I can see alot of our problems mirrored in the movie above .. can you?

Robut



They are talking about chipping in €7 billion, mainly because it is in their economic interest to do so given the trade and banking links between the countries.

Yes, they have problems themselves, but we chipped in €1 billion (proportionately twice as much) to help out Greece without any great fuss here, despite our own debt.
 
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The UK can print its way out of trouble, they control their own finances unlike us.

They have a bigger and better exports market whilst having a bigger tax base at home.

Quite frankly I would trust being aligned with UK far more than I would being aligned with the European countries.
 

Tea Party Patriot

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dent

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Whether they can or not isn't the point of the offer. A Tory PM saying it, is the point. They must be creaming themselves. Oh the ignominy of it all.
 

Aindriu

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Why not? After all, we agreed to help bail out Greece whilst in the cac ourselves :rolleyes:
 

GreenIsGood

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the brits want help out an old friend and critical trading partner.

moreover they are not stupid about finance

10 year UK gilts yield 3.5% 10 year irish bonds yield > 8%

they can borrow the market at 3.5% and lend to us at, say, 5.5% they make money while protecting their own economy.
 

davidvaughan

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"the brits want help out an old friend and critical trading partner."

There is the additional incentive of helping Ireland stick two fingers up to Europe.

It's an opportunity for Ireland to assert its sovereignty - to prove it has options despite the Commission and ECB believing thay are Ireland's only possible saviour.

How would history portray it? Here's one possibility: "In the midst of a currency crisis, the eurozone was inadequate to the task of rescuing one of its own member states. Another nation state had to step in."
 

MauriceColgan

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www.irelandtoo.com
Has nobody here seen the movie "Joe" where a foundry worker meets a business executive in a bar in New YorK?

Exec immaculately dressed a three piece suit, to dungaree clad Joe, "What do you do for a living?"
Joe replies, "I forge steel into machine parts", and adds, "What do YOU do?"

"I move paper from an in tray to an out tray".

Need to know anymore?
 


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