Realistbear Report post Posted January 30, 2011 http://uk.finance.yahoo.com/news/Irish-Labour-party-wants-EU-reuters_molt-1630305964.html?x=0 Padraic Halpin, 17:05, Sunday 30 January 2011 DUBLIN ( Reuters ) - The European Union needs to seriously consider giving Ireland (Berlin: IIK.BE - news) an extra year, until 2016, to bring its budget deficit down to the EU limit of 3 percent of gross domestic product, Ireland Labour Party said on Sunday . Another year and another pile of debt will have been added. Ireland is a drowning man and the worse thing to do is add more coins in his wallett. Quote Share this post Link to post Share on other sites
benn Report post Posted January 30, 2011 A drowning man will clutch at anything. Quote Share this post Link to post Share on other sites
OnlyMe Report post Posted January 30, 2011 A drowning man will clutch at anything. More debt seems to be the most favoured item. Quote Share this post Link to post Share on other sites
Patfig Report post Posted January 30, 2011 More debt seems to be the most favoured item. more debt , the favourite flavour Quote Share this post Link to post Share on other sites
South Lorne Report post Posted January 30, 2011 Another year and another pile of debt will have been added. Ireland is a drowning man and the worse thing to do is add more coins in his wallett. ...probably looking at having a full term Parliament timeline...... Quote Share this post Link to post Share on other sites
Giordano Bruno Report post Posted January 30, 2011 http://uk.finance.yahoo.com/news/Irish-Labour-party-wants-EU-reuters_molt-1630305964.html?x=0 Padraic Halpin, 17:05, Sunday 30 January 2011 DUBLIN ( Reuters ) - The European Union needs to seriously consider giving Ireland (Berlin: IIK.BE - news) an extra year, until 2016, to bring its budget deficit down to the EU limit of 3 percent of gross domestic product, Ireland Labour Party said on Sunday . Another year and another pile of debt will have been added. Ireland is a drowning man and the worse thing to do is add more coins in his wallett. For Ireland to start paying debts the deficit would need to be brought down below zero, to become negative. Otherwise the debt will never be paid off. But the IMF would probably be happy with that, in the same way that banks prefer debtors not to pay off the debt but to keep paying the interest. That is my understanding. Quote Share this post Link to post Share on other sites
interestrateripoff Report post Posted January 30, 2011 (edited) Surely they mean an extra 10? Edited January 30, 2011 by interestrateripoff Quote Share this post Link to post Share on other sites
Democorruptcy Report post Posted January 30, 2011 Surely Ireland could afford some of this longer lasting stuff? Quote Share this post Link to post Share on other sites
onesmallstep Report post Posted January 30, 2011 For Ireland to start paying debts the deficit would need to be brought down below zero, to become negative. Otherwise the debt will never be paid off. But the IMF would probably be happy with that, in the same way that banks prefer debtors not to pay off the debt but to keep paying the interest. That is my understanding. well yes, more interest payments = more GDP = RECOVERY!! Quote Share this post Link to post Share on other sites
tomandlu Report post Posted January 30, 2011 I heard a program on R4 today that made me wonder - there seems to be a resurgence of farming, might ireland, instinctively, be seeking a food-surplus? If they default, isn't a seige mentality the required attitude? Quote Share this post Link to post Share on other sites
RufflesTheGuineaPig Report post Posted January 30, 2011 I heard a program on R4 today that made me wonder - there seems to be a resurgence of farming, might ireland, instinctively, be seeking a food-surplus? If they default, isn't a seige mentality the required attitude? Pity those tractors run on imported diesel. And the power plants that provide electricity (for the food factories and freezers) and household cookers... run on gas. I keep saying this and no-one listens... if you default, you lose ALL your imports. Fuel. Medicine. Electronics. Food. Quote Share this post Link to post Share on other sites
EvilEdna Report post Posted January 30, 2011 Apparently Greece's is going to get better terms http://www.guardian.co.uk/business/2011/jan/30/greek-debt-crisis-imf-talks Quote Share this post Link to post Share on other sites
wonderpup Report post Posted January 30, 2011 Pity those tractors run on imported diesel.And the power plants that provide electricity (for the food factories and freezers) and household cookers... run on gas. I keep saying this and no-one listens... if you default, you lose ALL your imports. Fuel. Medicine. Electronics. Food. Who would you rather trade with- a heavily indebted state on the point of civil unrest due to austerity measures being shoved down it's throat- or a debt free modern economy with an educated population and high tech industries? It's by no means clear that default would be the disaster you predict. A debt free Ireland looks a far better trading partner than an Ireland drowning in unpayable debt. Quote Share this post Link to post Share on other sites
swissy_fit Report post Posted January 30, 2011 I keep saying this and no-one listens... if you default, you lose ALL your imports. Fuel. Medicine. Electronics. Food. I was in Argentina a couple of years after their default, they didn't seem to be lacking imported goods (though they were expensive due (I think) to import tariffs) Quote Share this post Link to post Share on other sites
Realistbear Report post Posted January 31, 2011 Apparently Greece's is going to get better terms http://www.guardian.co.uk/business/2011/jan/30/greek-debt-crisis-imf-talks Greece apparently also need more time to pay. Quote Share this post Link to post Share on other sites
fluffy666 Report post Posted January 31, 2011 I was in Argentina a couple of years after their default, they didn't seem to be lacking imported goods (though they were expensive due (I think) to import tariffs) Yes, it(default) enforces balanced trade/budgets pretty quickly. But it's not the EOTW disaster that the banking classes usually assume; I suspect a slight VI on their part (In the same way as your average doorstep lender has a slight VI on the subject) Quote Share this post Link to post Share on other sites
The Spaniard Report post Posted February 1, 2011 Here's Bill Still's advice to the Irish people: Quote Share this post Link to post Share on other sites
