Calis Beach and Fethiye Turkey Discussion Forum
General Topics => All things that have nothing to do with Turkey => Topic started by: stoop on April 08, 2011, 09:52:05 AM
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Thanks Mr Darling. A great parting gesture.
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go on Stoop... you know you want to say more ;)
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Disgusting!
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Its not a loan or a gift, the uk are standing as guarantee for the 6ml along with other EU country's so that Portugal can loan the money from the IMF at 12.6%, not like the 600ml+ Cameroon gave to Pakistan of our money, because he opened his gob whilst on a trip India and upset them with his comment on terrorism stemming from within that country, if he wants to say sorry why not use his own money not mine and yours, a fickle man if ever there was one, will go down in history as U turn Dave.
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quote:
Originally posted by BM06
not like the 600ml+ Cameroon gave to Pakistan of our money, because he opened his gob whilst on a trip India and upset them with his comment on terrorism stemming from within that country,
He was right in what he said though.
Pete
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You may well be right Pete, thats your opinion, but what you do not do is say it, and then grovel and use you countrys money to pay for your lack of tact and diplomacy, the man in my opinion is a complete numpty, typical eton type, just has no clue of the real world we are now living in, cluless.
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quote:
Originally posted by BM06
so that Portugal can loan the money from the IMF at 12.6%
Blimey, they would be bankrupt within 24 hours if the were asked to pay this rate! Did you shift the decimal one place to the right?
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Why blame Alistair Darling?
He like many other finance ministers that were left with this big problem. The financial system was in melt down and action had to be taken to support these financial institutions. If anyone wants to place blame start with the banks, the big accounting firms and the rating agents. These are the sharks that were having a feeding frenzy.
The Irish bailout has put the country back about 30 years and a whole generation will have to pay for it. Just spare a thought for your average Greek, Portugese or Irish person they have been lumbered with a massive debt and they probably got very little benefit from the boom.
In 1974, I had to get on the boat and leave Ireland and my way of life and come to England. It was the UK that gave me my chances in life and I will never never forget that. It is the main reason why I will always stick up and support the UK. The only exception being when they play sport against Ireland.After years of econiomic growth and prosperity immigration stopped. Now it is back and a 1000 young people leave Ireland every week. These are the well educated and instead of helping Ireland they are bringing benefit to countries like Australia and germany.
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Bm- it's six billion not six hundred million!!
Also why should we support countries in the euro when we stayed out because we knew it would go t@ts up?
Darling didn't have to agree and could have opted out.
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quote:
Originally posted by stoop
Bm- it's six billion not six hundred million!!
Also why should we support countries in the euro when we stayed out because we knew it would go t@ts up?
Darling didn't have to agree and could have opted out.
:oThis is getting beyond a joke as i find myself agreeing with Stoop for the third time in 7 years ;)Darling and Brown had no right to sign up as we are not in the Euro zone.
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Hey up - well have to stop agreeing like this ;-)
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Another thing- remember when the euro came in and how much everything went up? Well it's come back to bite them on the bum now.
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Stoop I'm still not clear on what it is that Darling signed up to that has got you all in a lather ... he certainly didn't sign up for euro membership, so what is it exactly has he done?
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He signed the UK up to the new EU stability mechanism aimed at bailing out the countries like Portugal. And he did it having just lost the election. MUPPET :(
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Usedbustickets, Stoop has forgotten to mention one little point. The vote on this issue was one of those requiring a majority vote only the UK had no veto. So whether Darling voted in favour or against it was going to go through and anyway.
Ed Balls also told the BBC that Georgie Osbourne had agreed to the deal. Ossie has probably forgotten; he's good at that - he has completely no recollection of the worldwide crisis of finacial capitalism and thinks George Brown caused all the difficulty.
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The UK government signed the Lisbon treaty in 2008. The basis of the treaty was to ensure stability and development in the EU and not just the Eurozone. This was before what has happened recently in the financial markets.
A major financial centre like London cannot bury its head in the sand. The city is the biggest earner for the UK. The days of manufacturing are long gone. The billions that flow into the city every day could easily disappear to Frankfurt or New York. The city has to be seen as an important player and has to take some of the responsibility for managing the financial markets.So the UK to avoid ratifying this treaty could have been the end of the City of London.
Today, financial market are global markets and are interdependent on each other. If portugal, Ireland or Greece went under where do you think the major losses would be incurred. It would not be in those countries it would be in the financial centres like
London.
I am no lover of the Labour party but Brown and Darling did come out ith a lot of credibility for their involvement in returning stability to the world markets.
The Euro is a flawed currency and was from the start and the first major recession proved it. The rules that were set before a country could join the Euro were never applied. On day 1 Germany, the biggest country, failed the three tests.
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http://www.globalresearch.ca/index.php?context=viewArticle&code=STE20110408&articleId=24230 Colwyn I tried to find the article regarding the interest rate, I am sure it was on sky news? but can not find a link, but as you say it does seem a bit high!
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BM06, Portugal was only paying 5.11% (6 months) and 5.9% (one year) on the commercial markets before it applied for the bail-out. They will be hoping that the 80billion reduces the (financial) cost considerably - in human terms they will take one hell of a whack of course.
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The interest rate on any ECB or IMF loans have not been set.
The way any country raises finance is by issuing bonds. These bonds are bought by other governments and financial institutions. To sell these bonds the government has to pay a rate of interest to encourage investors. The higher the risk the higher the rate. So investors are now looking for over 8% to invest in Portugal. The IMF rate will be somewhere near to Ireland at about 5.5%.
Reading BM06 global search article just highlights the cost in human terms. It is like being on an out of control roundabout. We have seen nothing yet because if Spain goes Europe will not be able to bail it out and we could have a worldwide depression.
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Quick everyone book holidays in Spain!
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Thank you all for making clear on what has caused Stoop to be in a lather. My recollection of signing of that particular agreement was that it was not driven by Darling and Brown altruism towards eurozone countries, but had more to do with the fact that all EU countries were under threat from financial collapse. And if we didn't stand together, we were all at risk of going under, either one at a time or all together.
And the 6bl guarantee - not cash - to Portugal is a small price to pay to prevent a further financial slide for all. Although let's not kid ourselves the price being paid by Portugal, Ireland and Greece is far higher in economic, political and social terms than the UK is paying, even with the ideological crusade of Dave and George, with the support of the Lib-Dumbos. :)
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quote:
Ossie has probably forgotten; he's good at that - he has completely no recollection of the worldwide crisis of finacial capitalism and thinks George Brown caused all the difficulty
Colwyn.. I'm of an age that I remember George Brown, as I suspect are you. ;) However, as much as I couldn't stand the pompous drunkard old sod, I find it hard to pin this latest collapse of capitalism on him, as he'd been dead for for over twenty years when this latest crisis hit us. Shome mistake here Gordon:D
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Oops.
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And let's not forget that the primary beneficiaries of these guarantees will be Germany, France and the UK. The exposure of the banks in these countries to a default in the PIGS would bring on another crash. A good lesson in the fact that we are all inextricably linked together. So turning the other way is not really an option.