I don't understand why Ireland doesn't do an Iceland and put two fingers up to their creditors?
Sure it would be 5 years of pain but it beats the slow 20 years it will take to recover form the current situation.
iceland have gone from a 5.5% interest rate to 3%-3.3% but not playing to the uk/netherlands side over the past 2 years.
The uk/netherlands know that they will at best get back part of the money owed by the icelanding banks.
Ireland should do the same. The euro experiment is all in germany's favour. If ireland, portugal, greece and spain pulled out it would cripple germany's exporting machine as the new euro would soar in value.
Time to become unpopular in brussells and call germany's bluff.
I think you are living under the false assumption that politicians know even the most basic principles of economics.The logic of these folk baffle me at times.
They have crucified a small country by lending them money at a high interest rate, plus making them repay the risks that their own banks took.
Then they hold you to ransom over the corporation tax and will not give you anything at all unless you give it up, which will in turn lessen your chance to attract jobs, and hence recover, and hence be able to pay back your debts.
So they are insisting we do something which will maybe guarantee our default or help us to bring down the Euro.
I don't get it.
I think you are being a bit too optimistic there. This level of debt will not be paid off within a generation.... a deal that will take 20-30 years to pay off.
The logic of these folk baffle me at times.
Think we might be already there...Time to become unpopular in Brussells ...
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