Ireland

[JohnB]

When it's poor, Ireland comes and bothers us. And can you blame it?

But we went and bothered them too!

[syberberg]

When it's poor, Ireland comes and bothers us. And can you blame it?

No.

I do wonder though, how the Irish economy would have faired if they had retained the Punt tied to Sterling instead of adopting the Euro. I don't think it would've changed much at all, but would it have been worse?

[Cabrone]

Ireland is an important trading partner and if it collapses it does us no favours.

Could you expand on that? I don't understand why the UK MSM went mad about an imaginary chance of the UK contributing to a Greek bail-out, and their blanket support for becoming involved in an Irish bail-out.

Its mainly because we trade a lot more with Ireland.

If Greece goes bust the UK stands to lose much less - as long as the Eurozone stays intact.

You could also add in the fact that a lot of Irish ppl live and vote in the UK and a lot of UK citizens live in the republic.

Ireland was the UK's 5th largest export market and 8th largest importer:
http://www.guardian.co.uk/news/datablog ... ts-imports

it was also the No 1 export market for food products:
http://www.fdf.org.uk/exports/ukexports ... rkets.aspx

An Irish implosion will affect the UK badly.

[contadino]

Ireland is an important trading partner and if it collapses it does us no favours.

Could you expand on that? I don't understand why the UK MSM went mad about an imaginary chance of the UK contributing to a Greek bail-out, and their blanket support for becoming involved in an Irish bail-out.

Its mainly because we trade a lot more with Ireland.

If Greece goes bust the UK stands to lose much less - as long as the Eurozone stays intact.

You could also add in the fact that a lot of Irish ppl live and vote in the UK and a lot of UK citizens live in the republic.

Ireland was the UK's 5th largest export market and 8th largest importer:
http://www.guardian.co.uk/news/datablog ... ts-imports

it was also the No 1 export market for food products:
http://www.fdf.org.uk/exports/ukexports ... rkets.aspx

An Irish implosion will affect the UK badly.

OK. I didn't know it was/is an export market. Thanks.

BTW, the 2nd largest holder of Greek bonds is the UK. Only the Greeks and the French stand to lose more if Greece implodes.

[Cabrone]

Could you expand on that? I don't understand why the UK MSM went mad about an imaginary chance of the UK contributing to a Greek bail-out, and their blanket support for becoming involved in an Irish bail-out.

Its mainly because we trade a lot more with Ireland.

If Greece goes bust the UK stands to lose much less - as long as the Eurozone stays intact.

You could also add in the fact that a lot of Irish ppl live and vote in the UK and a lot of UK citizens live in the republic.

Ireland was the UK's 5th largest export market and 8th largest importer:
http://www.guardian.co.uk/news/datablog ... ts-imports

it was also the No 1 export market for food products:
http://www.fdf.org.uk/exports/ukexports ... rkets.aspx

An Irish implosion will affect the UK badly.

OK. I didn't know it was/is an export market. Thanks.

BTW, the 2nd largest holder of Greek bonds is the UK. Only the Greeks and the French stand to lose more if Greece implodes.

Really? Oh that's just bloody great.

An Irish bust was bad enough but now you're telling us the UK could get screwed by a Greek bust too?

Crash helmets on everyone.

[adam2]

Starting to look more worrying
http://www.bbc.co.uk/news/business-11762500

Is a call "to resist alarmism" the same as a call "not to panic" ? in which case it must be time to panic.
I dont find the statement that Ireland "is funded until next year" to be very reassuring, since they dont state to which part of the new year the refer, a cynic might suspect that what they mean is "we have money to last about 6 weeks"

[Vortex]

So should we get our savings out of the banks before Ireland and the Euro pop?

Will the pound be safe?

(No, I don't want to buy gold - but thanks for asking).

[emordnilap]

It would be ironic if Ireland were, ermm, nationalised by the EU.

Starting to look more worrying
http://www.bbc.co.uk/news/business-11762500

Is a call "to resist alarmism" the same as a call "not to panic" ? in which case it must be time to panic.
I dont find the statement that Ireland "is funded until next year" to be very reassuring, since they dont state to which part of the new year the refer

The article states, "late 2011".

There is a problem with liquidity in banks.

Fair play to him, he's realised the banks have no money.

On the ground, I know of several businesses who report increased business of late, when traditionally things would be quieter in the month of November. Odd.

There again, there seems to be two economies - that of ordinary people trying to live their lives, eating, shopping, driving, whatever and that of bankers and gamblers, asking for and getting billions and pouring it into the black hole that is their bonus.

Thus for many people, who cannot grasp the stratospheric figures, life goes on almost as normal, albeit awaiting the budget with trepidation.

[Potemkin Villager]

Starting to look more worrying
http://www.bbc.co.uk/news/business-11762500

I dont find the statement that Ireland "is funded until next year" to be very reassuring, since they dont state to which part of the new year the refer, a cynic might suspect that what they mean is "we have money to last about 6 weeks"

Lenihan has just said it again on RTE TV news, it is another way of saying
that the state is vitually bankrupt and about to run out of readies. BIFFO (Cowen) also has not got it that every time he opens his mouth it makes things worse.

[Mean Mr Mustard]

Good summary, with extra added humour.

http://www.bbc.co.uk/blogs/newsnight/pa ... _that.html


"If it were an episode of Father Ted, you could almost hear Ted Crilly saying to Dougal: "but that money was only resting in my account..."



From the comments -

I think Mrs. Doyle must have left Craggy Island circa 2001 to become the head of an Irish bank. I can just imagine her policy towards property speculation, liar loans and CDOs.

"Aw go on, you'll have some. Go on go on go on go on go on go on go on go on ...".

[Potemkin Villager]

Good summary, with extra added humour.

http://www.bbc.co.uk/blogs/newsnight/pa ... _that.html


"If it were an episode of Father Ted, you could almost hear Ted Crilly saying to Dougal: "but that money was only resting in my account..."

From the comments -

I think Mrs. Doyle must have left Craggy Island circa 2001 to become the head of an Irish bank. I can just imagine her policy towards property speculation, liar loans and CDOs.

"Aw go on, you'll have some. Go on go on go on go on go on go on go on go on ...".

Oh you are mean Mr Mustard, I am beginning to wonder about the cluster of PSers in the flat lands of East Anglia......

WHiskey wiskey risky I say.

[Mean Mr Mustard]

Oh you are mean Mr Mustard, I am beginning to wonder about the cluster of PSers in the flat lands of East Anglia......

WHiskey wiskey risky I say.

Well, you may have a point. My village was originally a coastal / marshland Roman settlement, and it also accounts for why the A1 road alongside is where it is (originally a Roman road to York) We are perched on a small hill, so that's OK. But the nearby fen swamp dwellers will have a problem when those electric pumps stop, or sea levels rise.

[2 As and a B]

So should we get our savings out of the banks before Ireland and the Euro pop?

Will the pound be safe?

(No, I don't want to buy gold - but thanks for asking).

Britain's likely liability for bailing out Ireland, £7bn. Likely bankers' bonuses this year, £7bn. Do the maths.

[Cabrone]

Starting to look more worrying
http://www.bbc.co.uk/news/business-11762500

I dont find the statement that Ireland "is funded until next year" to be very reassuring, since they dont state to which part of the new year the refer, a cynic might suspect that what they mean is "we have money to last about 6 weeks"

Lenihan has just said it again on RTE TV news, it is another way of saying
that the state is vitually bankrupt and about to run out of readies. BIFFO (Cowen) also has not got it that every time he opens his mouth it makes things worse.

Father Jack on Cowen.....
http://www.youtube.com/watch?v=9R89oERKCaU&NR=1



Seriously, what are they playing at? They are broke.

Either swallow it now or procrastinate and make it much worse.

[Tawney]

So should we get our savings out of the banks before Ireland and the Euro pop?

Will the pound be safe?

(No, I don't want to buy gold - but thanks for asking).

Britain's likely liability for bailing out Ireland, £7bn.

Add to that a possible imminent write down of £4bn by RBS. The government can't privatise RBS yet, the nationalisation of the debts hasn't finished. Plus there may be many more write-downs in Ireland alone:

British and German banks, which hold a combined 288 billion dollars worth of Irish debt, are looking on with increasing unease as Ireland's debt crisis worsens. EU finance ministers are in Brussels on Tuesday to discuss the plight with many saying a bailout is unavoidable ... British banks have total holdings of Irish debt worth $150 billion ... And there is growing concern that the increased focus on Ireland will lead to a crisis in other countries as well, primarily in Portugal and Spain.

http://www.spiegel.de/international/bus ... 08,00.html