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About LinkBacksIf the country is eventually declared bankrupt, what happens?
Specifically if you have a house with an outstanding mortgage,
and/or
you have a considerable amount of savings.
If the country is eventually declared bankrupt, what happens?
Specifically if you have a house with an outstanding mortgage,
and/or
you have a considerable amount of savings.
Three words; IMF
As for the savings, private property won't be touched.
Every one sees what you appear to be, few really know what you are, and those few dare not oppose themselves to the opinion of the many, who have the majesty of the state to defend them.
- [SIZE=2]Niccolò Machiavelli[/SIZE]
Don't think anything happens at consumer level. You still owe your mortgage. The bankrupting of a country will result in us being "rescued" at a high level whereby the IMF (or ECB) will provide us with funds to run our public services. They are likely to attach a high price though - they will set taxation policy, they will force review of the public sector etc.Originally Posted by Skin
Street riots so?
Huge cutbacks with little or no consideration of the social cost.
Probably resulting in riots or worse
"We believe in constitutional action in normal times; we believe in revolutionary action in exceptional times."
James Connolly,
There'll be no rioting in this country. We not a nation of rioters.
Every one sees what you appear to be, few really know what you are, and those few dare not oppose themselves to the opinion of the many, who have the majesty of the state to defend them.
- [SIZE=2]Niccolò Machiavelli[/SIZE]
No street riots - just finally get decisions made (albeit hard ones) that aren't influenced by the usual suspects here. Mightn't be a bad idea at all actually.
Me after the announcement of the emergency budget;
Can we not just bring the IMF in now? I'll even make tea.
Every one sees what you appear to be, few really know what you are, and those few dare not oppose themselves to the opinion of the many, who have the majesty of the state to defend them.
- [SIZE=2]Niccolò Machiavelli[/SIZE]
Obviously, as why would anyone riot when you have full employment and a booming economy, mortgages handy to get, and what car would you like to drive?
Two holidays a year, at least, and plenty of wining and dining.
Now if all that is going to be taken away, then the people who never really had it in the first place, the people who just about kept their head above water are going to be pretty pissed.
If the answer is to slash the public service, then so be it and you could be right- but if the answer is to slash the public service in order to restore the status quo of political cronyism, bankers bonuses, property speculation etc...then I for one would feel wholly justified in causing some damage.
If we go down, we all go down together.
Give me an example of when, since the foundation of the state have we rioted?
Every one sees what you appear to be, few really know what you are, and those few dare not oppose themselves to the opinion of the many, who have the majesty of the state to defend them.
- [SIZE=2]Niccolò Machiavelli[/SIZE]
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