Ireland is insolvent according to Scottish Secretary

[janice_s]

I don't think this will will be good for international relations. Doing down your neighbour's economy to that extent. Bit pot and kettle if you ask me. Anyway, who is this guy Murphy anyway?

Murphy In Arc Of Insolvency Attack On SNP (from The Herald )

"Scottish secretary Jim Murphy today attacked the SNP over the economic woes facing the smaller of independent states previously hailed as the "arc of prosperity" by Alex Salmond. Mr Murphy said Iceland, Ireland and Norway have now been branded the "arc of insolvency" after recent problems."

[Pauli]

He is not the Cabinet Secretary. That is not a party political position. He is the Secretary of State at the Scottish Office, which, since devolution, is a redundant position. He is, therefore, irrelevant.

[Aindriu]

Insolvency means being unable to service your debts. I wasn't aware we were in that position.

[Munion]

I know it's slightly unrelated but when Lenihan rings up the UK Chancellor does he get to say "Hello, Darling. How was your day?" ala Blackadder Series 4?

I think the English Viceroy in Scotland needs to look up the definition of insolvency.

Insolvency = the inability to pay debts. Biggest debt is your wage bill. Any teachers, Gardaí or nurses not get paid this month?

[garlandgreen]

There is a lot of jealousy going around at the moment. We we're first to the pot. Now there's whining and excuses as to why they didn't think of it

[jdckelly]

Really we're in recession so suddenly we're insolvent? Thats quite a leap

[KingKane]

I don't think this will will be good for international relations. Doing down your neighbour's economy to that extent. Bit pot and kettle if you ask me. Anyway, who is this guy Murphy anyway?

Murphy In Arc Of Insolvency Attack On SNP (from The Herald )

"Scottish secretary Jim Murphy today attacked the SNP over the economic woes facing the smaller of independent states previously hailed as the "arc of prosperity" by Alex Salmond. Mr Murphy said Iceland, Ireland and Norway have now been branded the "arc of insolvency" after recent problems."

Norway? How is Norway even close to that list?

[Duth Ealla]

He is not the Cabinet Secretary. That is not a party political position. He is the Secretary of State at the Scottish Office, which, since devolution, is a redundant position. He is, therefore, irrelevant.

He is all too relevant. As the Scottish Secretary's current position is effectively to act as a watch on the Scottish Govt. and to oppose devolution. His is a role that having been diminished over many years has come back in a big way. His words are not necessarily GB policy though. His fight is in Scotland and the defeat of the SNP. In that context Ireland Iceland and Norway will be shat upon at every turn. When Alex Salmond changes the narrative away from the Arc of Prosperity argument then the attacks will diminish. Unlikely that the Westminister crowd will come out with this stuff.


BTW Pauli what does your signature mean?

[sandar]

Ireland would be insolvent if every bank in which the Irish government has garaunteed the deposits was to go bankrupt, but thats bnot very likely, so the country is not bankrupt, because there are potential liablituies rather than actual ones

[kerrynorth]

Insolvency means being unable to service your debts. I wasn't aware we were in that position.

Being insovent means having a greater level of liabilities than assets. Nothing to do with servicing debts other than that one invariably follows the other.

In all probability he is correct re Ireland as our banking system which we guaranteed is most likely insolvent and the State could not meet the guarantee if our bluff was ever called. But he is off the wall re Norway. They have a massive pension reserve fund where all their oil royalties go, it hundreds of billions, plus they still have billions of barrells of oil to pump.