EU comes to Greece's rescue

[sasguru]

I think the fact that most of the world's merchant fleet had been destroyed in the war might have had something to do with that...

No, the status of the merchant fleet had nothing to do with the respective countries potential for output.

HTH

[Churchill]

No, the status of the merchant fleet had nothing to do with the respective countries potential for output.

HTH

What it does have an impact on is a countries actual output.

HTH.

[doodab]

That's 2003-4.

2006-7 GERS figures, with North Sea Oil included, are £49.885 billion income, £49.884 expenditure. A modest surplus but a surplus nonetheless.

Yes it said 03/04 in my original post as well. The numbers I gave also exclude oil revenue, which makes sense seeing as it's a natural resource that belongs to everyone in the UK. I suspect with outthat in the 06/07 figures they would still run a defiicit.

Anyway, london & the south east doesn't run a deficit, the rest of the UK does, with the possible exception of scotland if you count the oil money.

The point is, this is not so different to the eurozone with herman doing all the work while the rest of them drink ouzo / vino / guiness and strike. It's perfectly sustainable as long as the germans give them enough money to keep buying BMWs and washing machines.

And just like Greece, I doubt anyone would lend the Scottish money at the rates the UK as a whole gets.

[sasguru]

What it does have an impact on is a countries actual output.

HTH.

FFS Stop being dense.
We could compare share of trade in 1939 to eliminate the merchant fleet bollux variable if you like

[DodgyAgent]

FFS Stop being dense.
:

You should try and manage your expectations better

[Churchill]

FFS Stop being dense.
We could compare share of trade in 1939 to eliminate the merchant fleet bollux variable if you like

Please can someone point me in the direction of the clueless w**ker" smiley?

The drop in trade wasn't just because of India's independance.

[sasguru]

You should try and manage your expectations better

True this is CUK after all.

[AtW]

Yes it said 03/04 in my original post as well. The numbers I gave also exclude oil revenue, which makes sense seeing as it's a natural resource that belongs to everyone in the UK.

[Tarquin Farquhar]

Anyway, london & the south east doesn't run a deficit, the rest of the UK does, with the possible exception of scotland if you count the oil money.

London and the South East doesn't run a deficit because the rest of the country does its business there. Not because the business is generated by London, but because it's the capital. As in my example, Scotch Whisky sales are London revenue? On paper, yes.

[Tarquin Farquhar]

The numbers I gave also exclude oil revenue, which makes sense seeing as it's a natural resource that belongs to everyone in the UK.

OK then, I take back my assertion that the SE would have no resources. Obviously, it has everybody else's resources.