Exactly the reason stability is needed with regards to currency. An awful lot of SMEâs either export or import from the UK. Importing is hurting right now.
[QUOTE=âThe Selfish Giant, post: 1081071, member: 80â]from reading
so now standing up for yourself is not liking it up them?[/QUOTE]
Well if you borrow money you have to expect to pay it back sometime.
[QUOTE=âtallback, post: 1080999, member: 1158â]Sure, buts thatâs the economy we have. No point risking it stupidly. Get rid of the Pfizers, Intels and Googles and see how that impacts every other worker - just look at the impact in Limerick when Dell shut up shop.
I presume youâll be lodging all your savings in Greece now as a show of solidarity with their brave stand?[/QUOTE]
Strawman, your last point. The fact remains, that whilst the AIB and BofI needed bailing out by govt, Anglo did not, and had either the then govt, who were acting in acute circumstance, or kenny et al, who were coming at cold and potentially clear eyed, had any backbone, most if the banking debt, which will eventually be down to Anglo, could have been avoided. I hold them all equally to blame for the original pickle, as Kennys only complaint in the boom was that the then govt werenât spending more.
The only trouble with bribing the MNCâs as I see it, is that sooner or later, someone will bribe them more, and you then either need to undercut that, or they will relocate. A race to the bottom, and Ireland is an expensive place to live.
Unless you are an Irish banker or developer.
That doesnt appky to banks though for some reason .capitalism has failed
Regulation failed.
I thought the problem was that the banks actually paid all their borrowings back when many suggested they shouldnât.
Itâs worth bearing in mind that the Greek crisis had no significant internal shock causing it. Their banks didnât fail like the US, Ireland, Iceland etc.
Their massive debt to GDP is purely a result of horrendously bad fiscal management. Including fraudulent economic returns over multiple years.
For example the actual cost of the 2004 Olympics is estimated at around 4 times the stated cost.
[QUOTE=âJulio Geordio, post: 1081164, member: 332â]Itâs worth bearing in mind that the Greek crisis had no significant internal shock causing it. Their banks didnât fail like the US, Ireland, Iceland etc.
Their massive debt to GDP is purely a result of horrendously bad fiscal management. Including fraudulent economic returns over multiple years.
For example the actual cost of the 2004 Olympics is estimated at around 4 times the stated cost.[/QUOTE]
They even stopped paying taxes recently in expectation of a re-negotiation.
The banks paid fuckall back, the taxpayer paid
Letting them all fail would have wiped your savings as well though.
In an ideal scenario we would have saved PTSB, BOI, AIB and EBS and let Irish Nationwide & Anglo fail.
In time weâll probably get our money back for that lot.
Itâs easy in hindsight of course.
The banks repaid their bondholders and then the gov invested into them to stop them collapsing.
Nonsense, the bondholder were,and still are, being paid with taxpayer monies
[QUOTE=âJulio Geordio, post: 1081169, member: 332â]Letting them all fail would have wiped your savings as well though.
In an ideal scenario we would have saved PTSB, BOI, AIB and EBS and let Irish Nationwide & Anglo fail.
In time weâll probably get our money back for that lot.
Itâs easy in hindsight of course.[/QUOTE]
Not that much foresight was needed to know that anglo and INBS were not of systemic importance
Agreed on the others
I said the banks repaid their debt - which is correct. The taxpayer had to invest (using borrowed money) and buy assets from them (NAMA) to allow them to repay that debt. As you and Julio point out, this made sense for BOI/AIB etc but not for Anglo.
Its just deckchair shuffling, long story short no taxpayer no party
nope, they were insolvent so couldnt pay them back
Krugman calls @tallback[/USER] and [USER=193]@balbec on their complete lack of credibility on Greece:
Youth unemployment in Greece is 60% and unemployment is ballpark 30% (after a lot of emigration). If Greece had simply defaulted and left the euro (staying in the EU) instead of taking the bailout and itâs fantasist conditions and projections, itâs arguable they would have gone through the same or maybe worse pain but come out the far side of it already, like Argentina. Instead theyâre probably worse off than when they started.
[QUOTE=âglasagusban, post: 1081236, member: 1533â]Krugman calls @tallback[/USER] and [USER=193]@balbec on their complete lack of credibility on Greece:
Youth unemployment in Greece is 60% and unemployment is ballpark 30% (after a lot of emigration). If Greece had simply defaulted and left the euro (staying in the EU) instead of taking the bailout and itâs fantasist conditions and projections, itâs arguable they would have gone through the same or maybe worse pain but come out the far side of it already, like Argentina. Instead theyâre probably worse off than when they started.[/QUOTE]
You of all people should never use the word credibility.