LinkBack URL
About LinkBacksIt sinks a further 500 million each week so how is it going to break even not to mind pay down.
It sinks a further 500 million each week so how is it going to break even not to mind pay down.
I dont say it will reduce the debt, but it will have to service the interest on uit, or go to the IMF
Can't be done.
My solution would be to firstly face reality. Then default on all the debt. 55 billion albatross gone. Withdraw from the euro. Restore the punt, balance the budget because borrowing is no longer an option. The punt would rise against the other currencies because it's value would be held while the other inflate.
where would it gets its value from? If we default the balance of our payments will be in chaos, the fundamentals of the economy regading import?exosrts are all wrong
Where does any currency get it's values from. It comes from legal tender laws which forces it's acceptance. Money is just a medium of exchange and no currency has intrinsic value nowadays. So it value just depends on how many is needed to buy say a ton of steel.
Ireland would be able to import goods of the value of exported goods.
Reality will require a bit of adjustment
Reneging on debt that we have built up mainly through our own irresponsibility would be the most scurrilous thing this State could do.Originally Posted by youngdan
First outcome: no-one lends to us for the foreseeable future, or only does so short-term at a huge premium.
Second, by internationally advertising our "stroke" culture, our ability to do business as a country would be in tatters. Ministers could not be taken at their word. Foreign investors would perceive us as some kind of Atlantic Albania. Our own entrepreneurs would face hurdles in the wider business world. Our name would be dirt.
Finally, I think there would be ramifications for our membership of the EU.
I this a seriuos post
What?[COLOR="PaleTurquoise"].............[/COLOR]
The enemy of my enemy is the enemy of my enemy. There are lies, damn lies and Fine Gael confusions. "I don't understand." Alan "it's only 79 punts" Shatter
I am referring to McDave being oblivious to the fact that default can not be avoided.
"Fact"? You're pretty sure of yourself! Care to put a ballpark date on it?
Reply With Quote