# National Debt of Ireland v UK



## Smythe (27 Jan 2013)

Below is a quote from the comments shown on the following u.tv webpage.
http://www.u.tv/News/Robinson-in-east-Belfast-flag-talks/e4cd2f53-4e0a-4d1a-a00b-daa8f2b2e162



> *ROI which has a  national debt 1.5x that of the UK* but with only a fraction of the  population. They will be in poverty for at least a couple of lifetimes  as they try to pay it off.


The part which I have emboldened - is that correct?


----------



## SeamusCoffey (27 Jan 2013)

Erm, no.  Latest Eurostat figures are for[broken link removed].  General Government Debt.

Ireland: €180 billion
UK: £1,318 billion

Sterling has fallen significantly against the euro in the past month from €1.25 to €1.17.  Taking a rate of €1.20, the UK's debt is €1,580 million - nearly nine times larger than Ireland's.

Using the more common Debt/GDP measure Ireland is at 111.5% compared to 86.0%.  This year the UK is forecast by the EC to run a deficit of 7.5% of GDP.  The forecast for Ireland is 7.2%.  Not a lot of difference there.


----------



## Slim (28 Jan 2013)

Per capita, Ireland's debt is approx 1.5 times that of UK.

180 / 4.5(RoI pop) versus 1580 / 60 (UK pop approx) = 1.5 times


----------



## Chris (28 Jan 2013)

I cannot say for sure what they are referring to as the link you posted does not seem to be to the article you are referring to.
I imagine what they are talking about is one of two things:
1) As slim points out, it is per capita debt
2) It is total external debt:
Ireland: $2.352 trillion
UK: $1.16 trillion

Although the latter would be more like twice the total debt, which in my opinion is the more alarming number.


----------



## Smythe (28 Jan 2013)

Cheers guys for the info.



Chris said:


> I cannot say for sure what they are referring to as the link you posted does not seem to be to the article you are referring to.


What I had quoted was in the _comments_ at the bottom of the article which I linked to. The comment which I have quoted appears to have been removed today though.


----------



## Slim (28 Jan 2013)

Chris said:


> :
> Ireland: $2.352 trillion
> UK: $1.16 trillion
> 
> .


 
Are you serious? €2.35 TRILLION? How is that calculated?


----------



## Chris (7 Feb 2013)

Slim said:


> Are you serious? €2.35 TRILLION? How is that calculated?



government debt + personal debt + corporate debt

I think Constantin Gurdiev wrote about the breakdown in the past so might be worth checking out his blog.


----------



## Duke of Marmalade (7 Feb 2013)

Chris said:


> government debt + personal debt + corporate debt
> 
> I think Constantin Gurdiev wrote about the breakdown in the past so might be worth checking out his blog.


IFSC.  Totally and utterly irrelevant as a measure of net indebtedness of the Irish economy.  This will be backed by assets but even so, who cares, it is almost all down to multinationals.  Not that that would stop Comrade Gurdy pedalling his "we are doomed" mantra


----------



## Chris (14 Feb 2013)

Duke of Marmalade said:


> IFSC.  Totally and utterly irrelevant as a measure of net indebtedness of the Irish economy.  This will be backed by assets but even so, who cares, it is almost all down to multinationals.  Not that that would stop Comrade Gurdy pedalling his "we are doomed" mantra



Yes a large part of that is IFSC debt, according to finfacts it was €800 bn in 2010: http://www.finfacts.ie/irishfinancenews/article_1019228.shtml

That still leaves €1.5 trillion and the value of the asset backing is the problem.


----------

