Ireland and the GFC

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Nov 21st 2010, 4:40 pm

#16

Amazulu

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Re: Ireland and the GFC

Quote:

Originally Posted by MartinLuther

It's happening. Not saying it'll be like the 3rd one but Germany's going to end up with a lot of extra power after this is all over.

At least the beer will be better and the trains will run on time.

Nov 21st 2010, 4:43 pm

#17

Seneca21

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Re: Ireland and the GFC

Quote:

Originally Posted by Amazulu

At least the beer will be better and the trains will run on time.

And we can all wear leather shorts and learn the tuba WITHOUT BEING JUDGED.

Nov 21st 2010, 4:49 pm

#18

asprilla

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Re: Ireland and the GFC

Quote:

Originally Posted by Seneca21

Just look at the figures. Look at the debt. Ireland's external debt is a staggering 1000% of GDP. UK is only three places behind at 416%. Greece is "only" 167% and look at what happend there. The UK has larger public debt at 68% of GDP, while Ireland's is 57%.

I see no reason to conclude that it is impossible for a nasty thing to happen to the UK at the present time. It really should have gone under by now.

hmm. Perhaps you are right and the UK is not capable of repaying its debt and will become bankrupt.

But if it were that simple, then why does the UK have a triple A credit rating ?

Perhaps the answer is - it isn't that simple.

Nov 21st 2010, 4:53 pm

#19

Seneca21

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Re: Ireland and the GFC

Quote:

Originally Posted by asprilla

It certainly is not simple. We have to look at the way credit ratings are given out who gives them out, what is at stake if it is changed. Downgrading a nation like Britain would have very serious consequences. It probably should have been downgraded, but that is another matter. The Tories promised to start slashing so it was not downgraded. As Renth (I think) pointed out, the exact amount saved by the British Government in the cuts is now being transferred to bail out Irish banks. British taxpayer to the rescue again.

Nov 21st 2010, 4:55 pm

#20

renth

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Re: Ireland and the GFC

Quote:

Originally Posted by asprilla

But if it were that simple, then why does the UK have a triple A credit rating ?

Most of the dodgy CDOs that sparked the GFC were AAA rated. The ratings agencies are notoriously corrupt and will rate stuff whatever you pay them to rate it as.

Nov 21st 2010, 4:57 pm

#21

asprilla

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Re: Ireland and the GFC

well I certainly hope that you two aren't right !

Nov 21st 2010, 5:02 pm

#22

Amazulu

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Re: Ireland and the GFC

Quote:

Originally Posted by asprilla

Perhaps the answer is - it isn't that simple.

That's it. It's not that simple. UK is not in the same league as PIGS.

They also have nuclear weapons, so collecting that debt might not be so easy if the UK does not want to play ball!

Nov 21st 2010, 5:13 pm

#23

CelticRover

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Re: Ireland and the GFC

Quote:

Originally Posted by renth

Most of the dodgy CDOs that sparked the GFC were AAA rated. The ratings agencies are notoriously corrupt and will rate stuff whatever you pay them to rate it as.

http://www.huffingtonpost.com/diane-..._b_192396.html

Nov 21st 2010, 5:17 pm

#24

renth

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Re: Ireland and the GFC

Quote:

Originally Posted by CelticRover

http://www.huffingtonpost.com/diane-..._b_192396.html

Good link.

"Enron was rated Triple A just weeks before it went bust, so why didn't we learn from that and do something?... "

Nov 21st 2010, 5:30 pm

#25

MartinLuther

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Re: Ireland and the GFC

Quote:

Originally Posted by Amazulu

At least the beer will be better and the trains will run on time.

That's true about the trains. I think we should leave the beer to the Brits and Belgians.

Nov 21st 2010, 5:32 pm

#26

MartinLuther

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Re: Ireland and the GFC

Quote:

Originally Posted by asprilla

They, like the Swiss, have vaults full of other people's gold that they can use at a moment's notice.

Nov 21st 2010, 5:33 pm

#27

Amazulu

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Re: Ireland and the GFC

Quote:

Originally Posted by MartinLuther

That's true about the trains. I think we should leave the beer to the Brits and Belgians.

Belgians definitely. British beer is rank.

Nov 21st 2010, 5:35 pm

#28

asprilla

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Re: Ireland and the GFC

Quote:

Originally Posted by MartinLuther

They, like the Swiss, have vaults full of other people's gold that they can use at a moment's notice.

But they'll never dare touch freebo's gold, because it is audited on a daily basis.

ho ho....

Sorry freebo, couldn't resist that little dig.

Nov 21st 2010, 5:48 pm

#29

iamthecreaturefromuranus

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Re: Ireland and the GFC

Quote:

Originally Posted by Seneca21

I agree with this. There is a lot of unhappiness in Germany about the level of support they have been expected to give other nations. I think this unhappiness will turn into new stricter fiscal policies.

...and the Turks in Germany being shown the exit door?