Guest tbatst2000 Posted April 6, 2011 Share Posted April 6, 2011 http://www.bbc.co.uk/news/business-12993318 Portugal's caretaker Prime Minister Jose Socrates has said that he has asked the European Union for financial assistance. Yet again, a deal looks likely to be done before the people get a chance to vote for a party promising something else. Quote Link to comment Share on other sites More sharing options...
Habeas Domus Posted April 6, 2011 Share Posted April 6, 2011 I always wonder why they call these extra loans a "bailout" normally a bailout means giving people free money, is maybe the truth that these loans will never be paid back in full? Quote Link to comment Share on other sites More sharing options...
General Congreve Posted April 6, 2011 Share Posted April 6, 2011 *PUNCHES AIR* Quote Link to comment Share on other sites More sharing options...
Guest tbatst2000 Posted April 6, 2011 Share Posted April 6, 2011 I always wonder why they call these extra loans a "bailout" normally a bailout means giving people free money, is maybe the truth that these loans will never be paid back in full? Actually, I think the name is appropriate. If you consider the Portuguese to be in a leaky boat, all that's happening is that someone is removing a bit of the water for them, no mention of actually fixing the hole! I know what you mean though, it would only be a true bailout if it was an actual gift of cash, although I assume the interest rate being charged will be below what they'd have to pay on the open market. Quote Link to comment Share on other sites More sharing options...
arthurwasright Posted April 7, 2011 Share Posted April 7, 2011 (edited) Ring Ring.. Hi .....Can I speak to the Chairman of the ECB? Who's speaking please? The P.M. of Portugal I'm afraid Mrs Mirthel isn't available right now....would you like to speak to Mr Cliche instead? Ok he'll do.......I'm afraid I need to borrow a rather large amount of money....as we are broke and no one else will lend to us at an affordable rate Oh dear.....well...I'm sure we can help but of course it's going to look bad on you ...but it's probably for the best ...start a new with someone else and all that ...make a fresh start .........you understand? Yes of course Ok......money will be available first thing in the morning......I'll have them credit your country account tonight Thanks Glad to help Probably won't see you again...gonna keep a low profile for a while Yep ..we understand....revolting peasants and all that...ho ho... Yes....I feel a little guilty Oh don't...it's not your fault...you'll get through this...the recovery is just around the corner...higher growth...our little mediterranean tiger....growl....hehe....chin up fella......we are doing all we can to help......rest asured......in fact tomorrow we're gonna stick interest rates up...just as a gesture of goodwil for ya.....how's that feel?...haha....baaaahhh...just joshing Sobbing noises Oh come on fella....you didn't really believe all that stuff we sold you about you being the same because we're all in the Euro together did you...?....Look at it this way...the sooner you all go broke the sooner we can get some nice Germans down there to buy up your assets nice and cheap....How's that sound?...Anyway must go now....need to have a chat with Espanyol........ Ole!! Edited April 7, 2011 by arthur Quote Link to comment Share on other sites More sharing options...
FrozenOut Posted April 7, 2011 Share Posted April 7, 2011 So the markets are likely to turn on Spain next .......I think we're all in agreement about that - but once Spain 'comes out' (in a non gay way) are we expecting them to look at the UK next? Quote Link to comment Share on other sites More sharing options...
bobthe~ Posted April 7, 2011 Share Posted April 7, 2011 So the markets are likely to turn on Spain next .......I think we're all in agreement about that - but once Spain 'comes out' (in a non gay way) are we expecting them to look at the UK next? But isn't the PIIGS problem that they can't print (as individual countries, that is)? We can, so we aren't in the same boat. Happy to be corrected on this as I am sure I am not entirely up with everything these (or any) days. Quote Link to comment Share on other sites More sharing options...
live in hope Posted April 7, 2011 Share Posted April 7, 2011 http://www.bbc.co.uk/news/business-12993318 Yet again, a deal looks likely to be done before the people get a chance to vote for a party promising something else. There is no party promising something else that can honour them. They have had a big party at someone elses expense, and everyone is getting worried. Quote Link to comment Share on other sites More sharing options...
pezo Posted April 7, 2011 Share Posted April 7, 2011 But isn't the PIIGS problem that they can't print (as individual countries, that is)? We can, so we aren't in the same boat. Happy to be corrected on this as I am sure I am not entirely up with everything these (or any) days. I’m fairly sure we can print until the other market force of inflation gets out of control (I would say it already is) at that point we would look to borrow but with inflation out of control who would want to lend to us. It’s all swings and roundabouts really, borrowing when you can’t pay it back will bite you in the ass at some point and printing will do exactly the same probably at the same point, it all depends if you want to help the debt ridden or savers. If anything we should be borrowing now and printing later but at the moment the BOE have a hammer so every problem is a nail. Quote Link to comment Share on other sites More sharing options...
200p Posted April 7, 2011 Share Posted April 7, 2011 Borrow 70billion EUR. Wouldn't that be enough to buy their own printing press to print their own currency? Or buy a nuclear warhead, and threaten the world with it? Or buy up a load of oil, cause a spike, double your money and then repay the loan? Quote Link to comment Share on other sites More sharing options...
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