Reply to: I thought we were in massive debt?

[sasguru]

What's the problem with giving £7 billion to Ireland? All we have to do is run the printing presses overtime next Sunday. All it costs is James (the guy who runs the presses) and his mate's Sunday overtime - total real cost about £500 for the day.

[SupremeSpod]

Well it's nice to see a government thinking caerphilly about how to help people in need.

They're just crackers!

[cailin maith]

Well it's nice to see a government thinking caerphilly about how to help people in need.

Nutter!!

[Mich the Tester]

Well it's nice to see a government thinking caerphilly about how to help people in need.

[cailin maith]

O Christmas brie, O Christmas brie!
Thou brie most fair and dairylea!
Oh Christmas brie, O Christmas brie!
Thou brie most fair and dairylea!
The sight of thee at Christmastide
Spreads hope and gladness far and wide
Oh Christmas brie, O Christmas brie
Thou brie most fair and lovely!

[Mich the Tester]

Christmas in Ireland, no wise men only the baby cheeses!

O Christmas brie, O Christmas brie!
Thou brie most fair and dairylea!
Oh Christmas brie, O Christmas brie!
Thou brie most fair and dairylea!
The sight of thee at Christmastide
Spreads hope and gladness far and wide
Oh Christmas brie, O Christmas brie
Thou brie most fair and lovely!

[AtW]

It should be, it has never defaulted.

This means fook all in modern times.

[SupremeSpod]

Yum cheese

Never heard of this free Cheese though! Gutted, we're not even going home for Christmas -

The Baby Cheeses

Christmas in Ireland, no wise men only the baby cheeses!

[cailin maith]

Yum cheese

Never heard of this free Cheese though! Gutted, we're not even going home for Christmas -

The Baby Cheeses

[SupremeSpod]

Cheese again;

Government to let them eat cheese - The Irish Times - Fri, Nov 05, 2010

I see the economic crisis has done nothing for the Irish sense of humour; this is almost CUK'ish in its desperation;

I wonder how long it will be before someone draws the inevitable parallels with Trevelyan...

[Mich the Tester]

Cheese again;

Government to let them eat cheese - The Irish Times - Fri, Nov 05, 2010

I see the economic crisis has done nothing for the Irish sense of humour; this is almost CUK'ish in its desperation;

Fine Gael’s agriculture spokesman Andrew Doyle reacted with scepticism to the plan.

“Fianna Fáil and the Greens gouda be kidding,” he said. “People on the breadline would rather the Government’s unfeta’d attention was on solving the economic crisis they caused and providing jobs rather than on this ridiculous announcement."

[Ignis Fatuus]

"Cost of National Debt: The cost of National debt is the interest the government has to pay on the bonds and gilts it sells. In the first six months of 2010, the debt interest payments were £21.6bn, suggesting an annual cost of around £43bn (3% of GDP)"

Source: UK National Debt — Economics Blog

So £7 bln is around 2 months worth of UKs interest debt payments. If Ireland falls and its bond holders register losses then it would reduce demand for Govt debt apart from safe heavens (UK isn't one of them - USA might still qualify), so you'd sell less gilts at higher interest rate and also will have to print money to buy unsold gilts from Govt.

Now what EU should do is tell Ireland in certain terms to stop being a legit offshore and increase tax rates for things like corp tax (12% I think) - something like 15-18% would be closer to fair deal and UK should reduce their own to the same level that should be common across all Europe (plus minuse few percentage points).

It should be, it has never defaulted. No organisation in the world has gone without default for longer.

[Mich the Tester]

We should also get in on their 'Free Cheese' thing.

Mmmmm.. cheese

More info please. Is it really good cheese?

[alreadypacked]

WTF do you want Dublin for? It's got some good pubs, two decent universities and one or two nice buildings, but an awful lot of sink estates too.

I say give them 7 billion on the condition they take that bloody NI off our hands.

twenthy five

[AtW]

Please explain the logic behind that statement

"Cost of National Debt: The cost of National debt is the interest the government has to pay on the bonds and gilts it sells. In the first six months of 2010, the debt interest payments were £21.6bn, suggesting an annual cost of around £43bn (3% of GDP)"

Source: UK National Debt — Economics Blog

So £7 bln is around 2 months worth of UKs interest debt payments. If Ireland falls and its bond holders register losses then it would reduce demand for Govt debt apart from safe heavens (UK isn't one of them - USA might still qualify), so you'd sell less gilts at higher interest rate and also will have to print money to buy unsold gilts from Govt.

Now what EU should do is tell Ireland in certain terms to stop being a legit offshore and increase tax rates for things like corp tax (12% I think) - something like 15-18% would be closer to fair deal and UK should reduce their own to the same level that should be common across all Europe (plus minuse few percentage points).