First Iceland, now Ireland?
Discussion
Dargie said:
An accountant friend of mine told me earlier in the year that the PIIGS would drag the Euro zone down and not to panic too much, the PIIGS being, Portugal, Italy, Ireland, Greece and Spain. Ireland looks like it'll be first.
Spain was downgraded in Janhttp://uk.reuters.com/article/marketsNewsUS/idUKLJ...
robm3 said:
speedy_thrills said:
HappyGoLucky said:
JRM said:
Potatos? Oh no that's wrong...
You're right, it's wrong.... It's potatoEs!I think Dell and Roche used to operate out of the Shannon free zone or whatever it is/was called.
Mostly service industries TBH.
Dell was outside of this area but operated under significant corporate tax relief, Micheal Dell was another yank who thought he was Irish and used to come over for the jollies in his little corporate jet. They treated him like a god in Limerick which is fair enough seeing his plant supported 20% of the region's economy (direct/indirect).
The West of Dublin is going to suffer the most, large track housing developments that peaked at €400K per house and were built on incomes from local IT manufacturing (3com, Lucent, IBM, Apple, Symantec, Claris etc..) that flourished under the generous taxation but has now deserted it for Eastern Europe.
I spent three years in that country and the only really good thing I can say about it is it makes England look a good prospect.
Edited by robm3 on Tuesday 31st March 04:02
Edited by robm3 on Tuesday 31st March 04:03
Eric Mc said:
robm3 said:
speedy_thrills said:
HappyGoLucky said:
JRM said:
Potatos? Oh no that's wrong...
You're right, it's wrong.... It's potatoEs!I think Dell and Roche used to operate out of the Shannon free zone or whatever it is/was called.
Mostly service industries TBH.
Dell was outside of this area but operated under significant corporate tax relief, Micheal Dell was another yank who thought he was Irish and used to come over for the jollies in his little corporate jet. They treated him like a god in Limerick which is fair enough seeing his plant supported 20% of the region's economy (direct/indirect).
The West of Dublin is going to suffer the most, large track housing developments that peaked at €400K per house and were built on incomes from local IT manufacturing (3com, Lucent, IBM, Apple, Symantec, Claris etc..) that flourished under the generous taxation but has now deserted it for Eastern Europe.
I spent three years in that country and the only really good thing I can say about it is it makes England look a good prospect.
Edited by robm3 on Tuesday 31st March 04:02
Edited by robm3 on Tuesday 31st March 04:03
gerbo said:
Being Irish, I find reading this thread pretty depressing. It really shows how badly we are viewed abroad.
Being (originally) Irish, I don't particularly find the thread depressing. The circumstances the country finds itself in could almost have been predictable and inevitable.However, if I was British (which I now am
, I certainly wouldn't be gloating as the UK is not in the best of shape either. However, I do think that smaller countries will be less capable of withstanding the cold wind of economic gloom compared to larger countries like the UK.Eric Mc said:
gerbo said:
Being Irish, I find reading this thread pretty depressing. It really shows how badly we are viewed abroad.
Being (originally) Irish, I don't particularly find the thread depressing. The circumstances the country finds itself in could almost have been predictable and inevitable.However, if I was British (which I now am
, I certainly wouldn't be gloating as the UK is not in the best of shape either. However, I do think that smaller countries will be less capable of withstanding the cold wind of economic gloom compared to larger countries like the UK.Vr6er said:
I was in Enniskillen the other week and the 2 large supermarket car parks were chocked full of cars with ROI plates every day!!
Some of Irelands problems, started with the adoption of the EURO. Food prices shot up by circa 25% overnight (as they did in other European countries such as Holland in January 2001)forza whites said:
Vr6er said:
I was in Enniskillen the other week and the 2 large supermarket car parks were chocked full of cars with ROI plates every day!!
Some of Irelands problems, started with the adoption of the EURO. Food prices shot up by circa 25% overnight (as they did in other European countries such as Holland in January 2001)IMO if we still had our old currency we would now be in an even worse situation, we would be a small country with a worthless currency, alienated from the rest of Europe. As things stand the money we have is worth something and we are part of an organisation that can help us if things get really bad (the EU).
Things could be worse and are for many, we simply don't have it as good as we have had it but our boom could never last. We can play the blame game if we like, yes our government squandered a lot during the good times, but what really matters is that we have a new reality and we need to adapt quickly to it, we need strong leadership and massive reform and it will take years to recover, but we can get there if we go about it the right way.
I love Ireland and if I go back a couple of generations it's in the blood and my friends have lived there for the past 7 or 8 years.
However I always view the Irish government like a few chaps down the pub having a random stab at a few pub games, with the European central government being the Landlord.
However, as you rightly say, i'm no-one to joke since GB PLC is run by laughing stock government.
Every time I hear Gordon Brown speak it's like he's dipped into the book of random quotes which have absolutely no relation to the government's actions.
However I always view the Irish government like a few chaps down the pub having a random stab at a few pub games, with the European central government being the Landlord.
However, as you rightly say, i'm no-one to joke since GB PLC is run by laughing stock government.
Every time I hear Gordon Brown speak it's like he's dipped into the book of random quotes which have absolutely no relation to the government's actions.
Fittster said:
Ireland has had its sovereign credit rating cut to ’AA+’ from the previous top ranked ’AAA’ by Standard and Poor’s as the global slump continues to ravage the country’s finances.
The former ‘Celtic Tiger’ economy is the second eurozone country after Spain in January to lose its top ranking since the onslaught of the crisis.
S&P said Ireland’s rating outlook was “Negative,” meaning it could be lowered again.“The downgrade reflects our view that the deterioration of Ireland’s public finances will likely require a number of years of sustained effort to repair, on a scale greater than factored into the government’s current plans,” S&P said.
http://business.timesonline.co.uk/tol/business/eco...
It's getting closer.
Standard and Poors. Aren't they the bunch of scammers who were triple A rating the banks when they failed?The former ‘Celtic Tiger’ economy is the second eurozone country after Spain in January to lose its top ranking since the onslaught of the crisis.
S&P said Ireland’s rating outlook was “Negative,” meaning it could be lowered again.“The downgrade reflects our view that the deterioration of Ireland’s public finances will likely require a number of years of sustained effort to repair, on a scale greater than factored into the government’s current plans,” S&P said.
http://business.timesonline.co.uk/tol/business/eco...
It's getting closer.
I haven't lived In Ireland for 7 years now, but I can confirm the level of corruption in the country is bad. I saw some stats years ago that placed it third in the world for it, behind Colombia and Italy. Point in case, you have a two years learners permit and you can drive on your own during this period. My ex's licence had expired but she didn't realise. Dad gets on the phone to a friend at the council, that same day she went and collected a 100% bonafide full licence. It's crazy.
I last lived in Limerick and it was getting silly with hosue prices even then. They seemed to ignore the fact that the country still had huge sections of unemployment. Half the people you spoke to were getting new builds done, it had to burst.
I spent a lot of time working around Shannon, the security there isn't so much a joke, more a farce. Shannon was the first new town in Eire and a lot of disgruntled republicans from the north moved down, the CIRA was formed in the area, and plenty of that drug money was/is used to fund them. The gang warfare in Limerick was bad when I was there, three retaliation murders in a couple of months. The Ryans and Keanes were always at each other for control of the drugs.
I don't miss lving in Ireland, but I do miss the friends I had there.
I last lived in Limerick and it was getting silly with hosue prices even then. They seemed to ignore the fact that the country still had huge sections of unemployment. Half the people you spoke to were getting new builds done, it had to burst.
I spent a lot of time working around Shannon, the security there isn't so much a joke, more a farce. Shannon was the first new town in Eire and a lot of disgruntled republicans from the north moved down, the CIRA was formed in the area, and plenty of that drug money was/is used to fund them. The gang warfare in Limerick was bad when I was there, three retaliation murders in a couple of months. The Ryans and Keanes were always at each other for control of the drugs.
I don't miss lving in Ireland, but I do miss the friends I had there.
Uncle Fester said:
I don’t wish to worry anyone, but...
The IMF has to get its money from somewhere. It has some, and then it has legally binding agreements with governments that they will come up with some money if the IMF asks them for it. This is known as ‘Special Drawing Rights’ (SDR).
The UK government is obligated to come up with 2,549 Million SDR. The value of the SDR is based upon a basket of currencies and is set against the $US.
Today the exchange rate is 1.46050 as the rate is fixed for a period.
So, one country, perhaps Ireland goes down. If it’s not Ireland then it will be someone else. The IMF calls up the UK government and requires for the 2,549 Million SDR.
Oh dear.
So, to come up with that we do what, print more money?
Now, Gordon’s cunning plan is to print just enough ‘Quantitative easing’ money to stabilise the economy. Print too much and the £ goes haywire, rampant inflation, worthless £ and all that.
So, before long the IMF is quite likely to give Gordon the perfect opportunity to stick the final nail in the coffin lid of the UK economy.
Hmmmm so what if the IMF told us to pay this now ! would our £ be worthless and should we shift savings into a fixed assest such as bricks mortarThe IMF has to get its money from somewhere. It has some, and then it has legally binding agreements with governments that they will come up with some money if the IMF asks them for it. This is known as ‘Special Drawing Rights’ (SDR).
The UK government is obligated to come up with 2,549 Million SDR. The value of the SDR is based upon a basket of currencies and is set against the $US.
Today the exchange rate is 1.46050 as the rate is fixed for a period.
So, one country, perhaps Ireland goes down. If it’s not Ireland then it will be someone else. The IMF calls up the UK government and requires for the 2,549 Million SDR.
Oh dear.
So, to come up with that we do what, print more money?
Now, Gordon’s cunning plan is to print just enough ‘Quantitative easing’ money to stabilise the economy. Print too much and the £ goes haywire, rampant inflation, worthless £ and all that.
So, before long the IMF is quite likely to give Gordon the perfect opportunity to stick the final nail in the coffin lid of the UK economy.
Paul Dishman said:
My cousin was saying that Dundalk (in the Republic) was deserted with all the shopkeepers complaining, and Newry (in the North) was packed out with shoppers from the South.
All because of the weak pound. It used to be the other way round.
We shouldn't gloat, this is a very serious problem. The Euro is going to be a gigantic problem for the less successful European countries, if it is not devalued. Ireland and the UK are still closely bonded together through family ties and Britain being their biggest export market. They should be investigating how to withdraw from the Euro so they can have a currency valuation, that better reflects their now diminished economy. What will probably happen, is that Sterling will weaken further against the Euro and Ireland will find itself even further in the sAll because of the weak pound. It used to be the other way round.
t. The UK of course has got its own mire to get through. Edited by ianash on Tuesday 31st March 17:25
That article also hinted that there might be further credit rate lowerings by S&P in the near future....
Really then the Euro should be being pulled down by the PIIGS or it will be soon.
What is the rule with the Euro if a country breaches its Euro rule i.e. the 3% Bud Deficit? Knowing that Ireland are c7-9% & climbing?? When will they get kicked out? Can they? Surely Germany, France, Belgium etc are getting pretty tired of it and having to prop up a failing country which frankly doesnt really produce anything??
Sorry Ireland love the country (been there countless times) love the people but what is your economy?? And also sadly recently the New IRA coming out thats got to be nearing the final nail in the coffin if that builds then your finished.
Really then the Euro should be being pulled down by the PIIGS or it will be soon.
What is the rule with the Euro if a country breaches its Euro rule i.e. the 3% Bud Deficit? Knowing that Ireland are c7-9% & climbing?? When will they get kicked out? Can they? Surely Germany, France, Belgium etc are getting pretty tired of it and having to prop up a failing country which frankly doesnt really produce anything??
Sorry Ireland love the country (been there countless times) love the people but what is your economy?? And also sadly recently the New IRA coming out thats got to be nearing the final nail in the coffin if that builds then your finished.
The Eurozone will have to bail out Ireland.
They won't be getting that treaty past a referendum any time this century if they don't.....
We will just see hardball statements from the Euro-club, followed by unlimited bailouts.
They may even see it as a bargain for treaty co-operation in the corridors of Brussels.
They won't be getting that treaty past a referendum any time this century if they don't.....
We will just see hardball statements from the Euro-club, followed by unlimited bailouts.
They may even see it as a bargain for treaty co-operation in the corridors of Brussels.
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