Monday, November 15, 2010

Not in our interests?

Ireland is in deep shit trouble over it's economic overspending, almost 32% of its GDP is going on servicing and paying its debts. In short unless the IMF or the EU steps in they're going down the Swannee. Problem is, if the EU steps in, despite the fact we aren't in the Eurozone, we will probably get stiffed with part of the bill as they do like to share the pain whilst reaping the bureaucratic benefits.

BRITISH taxpayers could face a bill of up to £10billion to bail out the Irish economy, it emerged last night.
Ireland was yesterday locked in negotiations over a £70billion EU rescue deal - with the UK required to underwrite some 10 per cent of possible losses, which could amount to £7billion.

The Royal Bank of Scotland, which has billions of pounds of exposure to Irish loans, is also underwritten by British taxpayers, adding a possible £3billion burden on the public purse.

As concern mounted over Ireland's debts, the government in Dublin is understood to have held preliminary discussions with the EU about an aid package.

Irish ministers have stressed they could manage their finances, but governments across Europe have expressed concern that a bail-out may be required as earlier as this week.
£10 billion, on top of the other payments we make to the EU! Apparently it's not in our interests if the Irish economy goes tits up down, however it's my opinion that handing over £10 billion isn't going to do our economy a lot of good either. What happens after Ireland though? Spain and Portugal maxed out their cheap credit tied to the German economy too, I doubt they can pay back their debts and when they can't, guess where they'll come knocking too.
It's time we got out of that money sucking black hole aka the EU, time the Tories got off their arses backsides and got rid of Cast Iron Cameron and put a real EUsceptic in charge, before the next country after Ireland, Spain and Portugal is the UK!

3 annotations:

Goodnight Vienna said...

Yes, Ireland is in big trouble but only because it's a full member of the EU. EU sources have been leaking against Ireland for weeks and the markets have panicked.

Ireland is in a 'you lose-we win' situation now. There's no stability in the ECB - it's about using the economy to bring about the political. The msm is inept at reporting the true facts.

James Higham said...

Easy to say time the Tories got off their arses - many want to but are being forced to sit and do nothing while the EU takes over.

Captain Ranty said...

I think we gatecrashed a party in hell.

My prediction: we'll be the last to leave. We'll have to clean up the puke. We'll have to clear up and explain the damage to the owners.

It's a mess. The sooner we run away screaming, the better.