Thursday, 12 May 2011

Irish want their debt rescheduled just like the Greeks

Reuters reports the above today, "Ireland wants to reschedule debt issued under its EU/IMF rescue package and will not accept less favourable treatment than other bailed out countries in changing the deal, its public expenditure minister said on Thursday.". It is as I opined the Irish want the same terms as the Portuguese and the Greeks and meanwhile the Spanish who are next in the queue watch on. Their turn will come soon enough! Meanwhile Ireland is under pressure from some euro zone members, chiefly France to raise its 12.5 percent corporate tax Celtic Tiger rate in return for a one percentage point cut off the average 5.8 percent rate of its loans.

As I opined two days ago wee George in the Daily Mail has coughed to, "that Britain could face a £3.2billion bill to bail Greece out of its latest financial crisis". It had to happen, one story for London but harsh reality in the capital of the evil empire.

The truth is as Reuters reports, "From the markets' point of view, the situation is unsustainable. The debts of Greece, Ireland and Portugal just keep rising as a proportion of GDP, and there is little prospect of them financing themselves in the markets for years to come.

As a result, the euro zone will have to keep providing them with emergency loans to tide them over -- effectively lending them more money to try to overcome their bad debts -- or the debts will have to be restructured, with potentially deep repercussions for Europe's banking system and wider economy."

So it will just go on and on until Merkel pulls the plug.

The same applies to UKIP. UKIP is bust. Wheeler keeps it going and when he has had enough its bye bye Farage.

1 comment:

bradys bearss said...

The debts of Greece, Ireland and Portugal just accumulate ascent as a admeasurement of GDP, and there is little anticipation of them costs themselves in the markets for years to come.

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