Will there be a Grexit?

[NotAllThere]

Something the socialists just do not get, they simply do not understand and I don't know why


'Annual income twenty pounds, annual expenditure nineteen [pounds] nineteen [shillings] and six [pence], result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery'

Mr Micawber, David Copperfield

Mr Micawber didn't understand the power of leverage.

[BrilloPad]

Mr Micawber didn't understand the power of leverage.

And he did not have interest payments of £40 per year.

[EternalOptimist]

Mr Micawber didn't understand the power of leverage.

and so the reckless creditors will not get paid back. and the greeks will have to go back to living within their means

[pjclarke]

Exactly.
my point exactly


and who got us into that level of debt ? and who is fighting hard to get that level of debt even worse ?

keep on shooting yourself in the foot like that pj. you aint going to be able to get in the back garden to water your magic money tree

So you think the UK, US, Japan and Singapore are socialist

Every country slid into debt during the financial crisis, regardless of hue, before that, well Brown did a pretty good job of paying off the credit cards maxed out by Clarke and Lamont and producing a budget surplus 4 times that managed by the 'capitalists'.

[minestrone]

So you think the UK, US, Japan and Singapore are socialist

Every country slid into debt during the financial crisis, regardless of hue, before that, well Brown did a pretty good job of paying off the credit cards maxed out by Clarke and Lamont and producing a budget surplus 4 times that managed by the 'capitalists'.

Brown committed to the Tory's financial plan for the first 4 years.

Clearly you have fook all knowledge of the data you are producing and the subject if you did not know that was the reason for the surplus over that period.

[pjclarke]

Brown committed to the Tory's financial plan for the first 4 years.

Clearly you have fook all knowledge of the data you are producing and the subject if you did not know that was the reason for the surplus over that period.

Thank you for your opinion. And the Tories committed to Labour's spending plans next time round. The question asked was who was responsible for the debt. The answer is that all governments are at the whim of transnational forces, ask George Soros. However, during the Blair Brown years, of the G8 only Canada had less public debt.....

PS I thought it was 2 years, not 4?

[SimonMac]

So you think the UK, US, Japan and Singapore are socialist

Every country slid into debt during the financial crisis, regardless of hue, before that, well Brown did a pretty good job of paying off the credit cards maxed out by Clarke and Lamont and producing a budget surplus 4 times that managed by the 'capitalists'.

So since 1997 Labour have run an average deficit of £31.28bn and the Tories have had an average of £122.9bn, the tories have also never been in surplus.

[pjclarke]

So since 1997 Labour have run an average deficit of £31.28bn and the Tories have had an average of £122.9bn, the tories have also never been in surplus.

That looks about right, as a percentage of GDP public spending was 40% under Thatcher, 38% under Major, 41% under ConLib and 37% under Blair/Brown. Bit of a moot point tho' the global finanial meltdown is the real villain. As Rachel Lomax, deputy Gov at the BofE pointed out

We have a public sector debt problem not because Gordon Brown went on a public spending spree but as a consequence of a private credit explosion, much of which was not even in this country

If people want to refight the election, could we start a new thread so I can ignore it?

[BrilloPad]

That looks about right, as a percentage of GDP public spending was 40% under Thatcher, 38% under Major, 41% under ConLib and 37% under Blair/Brown.

Does that include interest payments?

[OwlHoot]

Angela Merkel's desktop