Should Ireland bail out of the Euro?

SKELLY

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I think we have a great opportunity to take the last parachute in the plane and bail out!

Seriously, a quick overnight ditch of the euro and get the mint printing punts again.

This current crisis is only the beginning of a much worse crisis in Spain Portugal and Italy. The domino's are falling, the lifeboats are being lowered. Bile debt on top of debt is not the answer.

We have a great chance to bail out, restructure our debts, debt forgiveness, devalue the punt and give the 2 fingers to the European project.

I wouldn't be an economic professor so the pros and cons of such a move would be good.


Discuss...
 
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RBinge

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So, what happens when the punt gets devalued to nothing by the markets? We truly won't have an arse in our trousers then.
 

forest

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Yes it should

If ever ireland leaves the euro and introduces the punt
I am talking my monsy out and placing it it in german or Slovakian banks
 

EUrJokingMeRight

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So, what happens when the punt gets devalued to nothing by the markets? We truly won't have an arse in our trousers then.
Its time to stop worrying about 'de markets' and start looking after your trousers!
 

johnfás

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So, what happens when the punt gets devalued to nothing by the markets? We truly won't have an arse in our trousers then.
Ya buy Euro listed shares the week before presumably, as that is the best way to lock in your currency.... its knowing when the week before is that is the problem ;)
 

Chadster

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the people need to rise up, out of the euro, out of the EU, declare all agreement's and contract's the previous corrupt government entered into to be null and void.

we should scrap the current political system and have an election for each ministerial position to destroy all the current political parties, from these people elected we hold another election for president, merge the taoiseach/president roll into one, to over see the elected ministers, with the people finishing second/third in the ministerial elections to act as opposition.
 

punchdrunk

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I think we have a great opportunity to take the last parachute in the plane and bail out!

Seriously, a quick overnight ditch of the euro and get the mint printing punts again.

This current crisis is only the beginning of a much worse crisis in Spain Portugal and Italy. The domino's are falling, the lifeboats are being lowered. Bile debt on top of debt is not the answer.

We have a great chance to bail out, restructure our debts, debt forgiveness, devalue the punt and give the 2 fingers to the European project.


Discuss...
If Ireland were to leave the Euro the relaunched punt would be heavily devalued driving up the national debt and inflation. Imports would increase in price. Just imagine the cost of imported oil. Who would want to hold a bumb currency? it is all very fine to talk about giving two fingers to the European project. We need their markets. Multinational investment would dry up and many multinationals would depart for mainland Europe.
 
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Its just not feasible for Ireland to get out of the euro now. We have committed ourselves to the EU in a big way in the last few years with the Lisbon Treaty etc (all our own doing). To want to get out of the euro now is like giving two fingers up to your parents for raising you.

OK if there's a general consensus on bailing out then we could consider it but we cant go on a one man crusade.

What we all wouldnt give to going back to the days where you had to change the punt into pesatas for your holidays.
 

johnfás

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Its just not feasible for Ireland to get out of the euro now. We have committed ourselves to the EU in a big way in the last few years with the Lisbon Treaty etc (all our own doing). To want to get out of the euro now is like giving two fingers up to your parents for raising you.

OK if there's a general consensus on bailing out then we could consider it but we cant go on a one man crusade.

What we all wouldnt give to going back to the days where you had to change the punt into pesatas for your holidays.
We hitched our wagon to Germany in the 80s and then devalued in the 1990s when we couldn't afford to keep the peg.

Our problem all along is that we have ignore Britain - our biggest trading partner and a jurisdiction with whom we share a land boarder - and goodness knows why except for some silly form of nationalism. We price ourselves out of kilter with Britain at our peril, whereas we barely trade with Germany.
 

vanla sighs

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If Ireland were to leave the Euro the relaunched punt would be heavily devalued driving up the national debt and inflation. Imports would increase in price. Just imagine the cost of imported oil. Who would want to hold a bumb currency? it is all very fine to talk about giving two fingers to the European project. We need their markets. Multinational investment would dry up and many multinationals would depart for mainland Europe.
But being outside the eurozone doesn't mean being outside the EU: markets don't close to us because we're not using the euro. In fact European markets are still open to us if we even left the EU: the EEA/EFTA.

If we did leave the eurozone couldn't we engage in so called quantitative easing, basically print more moula? Seems Portugal thinks they may be better outside the eurozone than inside it in current conditions?

To answer the OP's question, no, I don't think we should burden ourselves with upto 100 billion of debt and have the EU/IMF in to supposedly save the eurozone. While it may be good for others, it's not in our own best interests, in my opinion.
 
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Rex Ryan

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Do you actually trust the collective genius of the department of finance to be able to pull this off?
 

SKELLY

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oh didnt see that thread.

mod merge if ye want but maybe in light of todays events it might be worth revisting.
 

punchdrunk

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But being outside the eurozone doesn't mean being outside the EU: markets don't close to us because we're not using the euro. In fact European markets are still open to us if we even left the EU: the EEA/EFTA.

If we did leave the eurozone couldn't we engage in so called quantitative easing, basically print more moula? Seems Portugal thinks they may be better outside the eurozone than inside it in current conditions?

To answer the OP's question, no, I don't think we should burden ourselves with upto 100 billion of debt and have the EU/IMF in to supposedly save the eurozone. While it may be good for others, it's not in out own best interests, in my opinion.
If we leave the Euro our national debt will rocket with our new devalued bumb currency.
 

vanla sighs

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If we leave the Euro our national debt will rocket with our new devalued bumb currency.
I don't know, maybe you're right - maybe you're wrong. I'm just throwing out ideas. How do we know that a reintroduced punt would really devalue that much? I mean we didn't think that with a tough austerity budget and billions cut that the bond market interest rates would jump to 9%........how does anyone really know what would happen?

Just wondering (I'm crap with economics) but could we tie ourselves to the dollar? Just an idea - no idea whether that would be a good or a bad idea, or even possible. Or maybe we could enter into a Compact of Free Association with the US (that's more of a joke but could it be possible - I'm just brainstorming here) Thanks.
 

dchanko

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Max Kaiser interview for a Russian TV channel - obviously the guy is a bit mad, but does have some valid points on the Euro
[ame=http://www.youtube.com/watch?v=nQFHgcFlrlw&feature=player_embedded]YouTube - Max Keiser: Irish govt slaves to IMF terror machine![/ame]
 

bree

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This idea isn't as crazy as it sounds. I was watching a BBC business program today and this is exactly what the panel said they would do if they were us. Because we were part of the Euro zone and have been following their rules, bank debt has become soverign debt and this is going to become an even bigger problem if we persist down this route. Britain & Iceland have had more options at their disposal because they have their own currency. It is clear that signing up to treaties such as Maastricht because we are told by politicians it is in our best interest to do so has consequences down the line. We need to change our way of thinking urgently but we all know this is not going to happen, we never learn.
 

motorheed

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Big time, we should never have joined up in the first place!
 

vanla sighs

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