Take the EU money and run-before there is none left

patslatt

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With Irish bond market contagion spreading to Portugal and Spain,the government needs to take the EU rescue fund money on offer now,maybe after brief consultation with the opposition. There may not be time for a general election before Portugal and Spain take all the money available.
 


Watcher2

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Pats, think about what you are saying. Regardless of who takes it, if there is none left, then we are in a whole world of even more mess. Its like the attitude so seemingly prevelant here when people didn't seem to realise that borrowed money has to be paid back.
 

Social Conscience

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Why do you think this is the only option available? Have you €10K-€15K for every member of your family to give to the government handy cos I certainly don't?
 

meriwether

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Yes, a million times yes. Get the budget passed, get the money in, sit tight as Portugal and Spain do whatever they will do, and then restructure.

We cannot allow the Portugese and Spanish get in before us.
 

Franzoni

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No point.... with the figures coming out from foreign observers about how much we really owe the interest on more borrowings would kill us all together...

If the banks had of been straight at the start about their losses we had some chance but as soon as we tied them into our sovereign debt it was all over...

withdrawl of the guarentee and default on the bank debt or some sort of debt forgiveness on part of those loans is our only option now
 

patslatt

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No point.... with the figures coming out from foreign observers about how much we really owe the interest on more borrowings would kill us all together...

If the banks had of been straight at the start about their losses we had some chance but as soon as we tied them into our sovereign debt it was all over...

withdrawl of the guarentee and default on the bank debt or some sort of debt forgiveness on part of those loans is our only option now
After we get the money,we can recapitalise the banks and set aside funding for future government deficits. Then we can default if that ultimately proves necessary after a serious attempt to service the loans fails.
 

Squire Allworthy

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May 31, 2007
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No you may as well force the Eurozone to face this problem now.

If you take the money it will hang round your neck like a financial albatross. In the end you will run out of cash and have to print your own. May as well play this straight, there is no need for deception. What is needed now is a lot of blunt truths.
 

London Irish

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Aug 11, 2010
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Yes, a million times yes. Get the budget passed, get the money in, sit tight as Portugal and Spain do whatever they will do, and then restructure.

We cannot allow the Portugese and Spanish get in before us.
+1. I doubt there is any saving Spain. We should take the cash now and ride out the next year. And we can default at a point of our choosing.

I feel sick for suggesting this; as another poster suggested this is the kind of thing that got us into this situation in the first place, the kind of thinking I railed about for years.

But it's now a matter of national survival. We'll be pariahs, for sure - we are triggering another great Recession as the Euro starts to crumble. But that's the case anyway - we all, rightly, look like buffoons to them. At least we'll have a little extra in the tank.

But we gotta get the cash. There is a perfect storm coming.
 


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