ralphmalph Posted November 28, 2010 Share Posted November 28, 2010 (edited) http://www.politicshome.com/uk/article/18579/osbornes_irish_deal.html As we all know Darling wrote a blank cheque for the UK taxpayer after they had lost the election to be a contributor to the Euro Stability fund, eventhough we are not part of the Euro. Well Osbourne, who clearly has the UK taxpayer at the front of his mind, has negotiated us out of the Darlings commitment in return for us fleecing Ireland with an extortionate interest rate. Well done, because we all know Portugal is next and then Spain and we will not be paying (apart from the IMF which is OK). Edited November 28, 2010 by ralphmalph Quote Link to comment Share on other sites More sharing options...
Guest_ringledman_* Posted November 28, 2010 Share Posted November 28, 2010 Osbourne is a class act. About time the UK tax payer became important again. Quote Link to comment Share on other sites More sharing options...
neil324 Posted November 28, 2010 Share Posted November 28, 2010 Is it me, or is he getting porkie? Quote Link to comment Share on other sites More sharing options...
Lepista Posted November 28, 2010 Share Posted November 28, 2010 http://www.politicshome.com/uk/article/18579/osbornes_irish_deal.html As we all know Darling wrote a blank cheque for the UK taxpayer after they had lost the election to be a contributor to the Euro Stability fund, eventhough we are not part of the Euro. Well Osbourne, who clearly has the UK taxpayer at the front of his mind, has negotiated us out of the Darlings commitment in return for us fleecing Ireland with an extortionate interest rate. Well done, because we all know Portugal is next and then Spain and we will not be paying (apart from the IMF which is OK). ...Only after 2013. Before then, we'll still be liable. So that's us buggered then. Quote Link to comment Share on other sites More sharing options...
ralphmalph Posted November 28, 2010 Author Share Posted November 28, 2010 ...Only after 2013. Before then, we'll still be liable. So that's us buggered then. Is that true? I have re read the article and it is not clear either way but does mention future mechanisms. Quote Link to comment Share on other sites More sharing options...
Peter Hun Posted November 29, 2010 Share Posted November 29, 2010 Is that true? I have re read the article and it is not clear either way but does mention future mechanisms. Yes its true http://www.bbc.co.uk/news/world-europe-11855990 Spain, Portugal, Italy and a few others will need bailing out before 2013. However, this means UK is opting out fiscal union (which is where I see all this going so the Euro is saved). That could be very significant, Quote Link to comment Share on other sites More sharing options...
sammysnake Posted November 29, 2010 Share Posted November 29, 2010 "future mechanisms" the Euro is finished. Quote Link to comment Share on other sites More sharing options...
stuckmojo Posted November 29, 2010 Share Posted November 29, 2010 "future mechanisms" the Euro is finished. absolutely Quote Link to comment Share on other sites More sharing options...
Dorkins Posted November 29, 2010 Share Posted November 29, 2010 Osbourne is a class act. About time the UK tax payer became important again. Is this the same Osborne that just promised to send £7bn of UK taxpayers' money to Ireland to bail out a bunch of failed property developers and their backers? Quote Link to comment Share on other sites More sharing options...
mikthe20 Posted November 29, 2010 Share Posted November 29, 2010 Interesting story. I presume this also means that Britain won't be able to make a claim for a bailout should we need it. Sounds good, since we will then have to let our banks fail rather than borrow to bail them out. Quote Link to comment Share on other sites More sharing options...
Peter Hun Posted November 29, 2010 Share Posted November 29, 2010 Interesting story. I presume this also means that Britain won't be able to make a claim for a bailout should we need it. Sounds good, since we will then have to let our banks fail rather than borrow to bail them out. Uk's lenders would have to bailout the UK regardless. However, UK don't need to borrow as its bonds are longest term in the world - 14years on average. Plus UK can devalue the Pound and inflate away the debt. Germany has to borrow far more than the UK this year, if the Euro fails they will need a bail out Quote Link to comment Share on other sites More sharing options...
mikthe20 Posted November 29, 2010 Share Posted November 29, 2010 Uk's lenders would have to bailout the UK regardless. However, UK don't need to borrow as its bonds are longest term in the world - 14years on average. Plus UK can devalue the Pound and inflate away the debt. Germany has to borrow far more than the UK this year, if the Euro fails they will need a bail out Fair points, especially on the long term debt, although devaluation must be comparative and so it assumes that other currenices don't devalue. I know we've managed to devalue the pound quite a bit already, so how much lower can it go comparatively? Still, it seems national bail-outs are effectively bailouts of banks (national and international) - the quicker everyone follows the Icelandic example the better - no bank bailouts, we'll take the medecine. Quote Link to comment Share on other sites More sharing options...
RichB Posted November 29, 2010 Share Posted November 29, 2010 (edited) Picture of Osborne and the French Finance minister in the paper this morning (metro I think) made me feel better about things. He looked like he'd just truly ******ed them over, and was feeling pretty good about it. Better than she was anyway. Don't think it was this one, but pretty similar Edited November 29, 2010 by RichB Quote Link to comment Share on other sites More sharing options...
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