Iceland v Ireland.

[Fittster]

Lots of threads about on the fate of Ireland, pinning the problems on the EU.

Iceland didn't use Euro and still managed to get in a horrible mess. Their response doesn't seem to be as kind to the commercial banks as that or Ireland.

Now days things in Iceland don't appear to be that bad:

http://en.wikipedia.org/wiki/2008%E2%80%932010_Ice...

Edited by Fittster on Monday 22 November 17:24

[KaraK]

Fittster said:

Lots of threads about on the fate of Ireland, pinning the problems on the EU.

Iceland didn't use Euro and still managed to get in a horrible mess. Their response doesn't seem to be as kind to the commercial banks as that or Ireland.

Now days things in Iceland don't appear to be that bad:

http://en.wikipedia.org/wiki/2008%E2%80%932010_Ice...

Edited by Fittster on Monday 22 November 17:24

I'm not an expert but wasn't the Icelandic approach to basically tell third parties to "get fked"? I seem to recally that hit portions of the UK fairly hard. Not sure we want Ireland to do the same.

Edited by KaraK on Monday 22 November 17:35

[Eric Mc]

KaraK said:

Fittster said:

Lots of threads about on the fate of Ireland, pinning the problems on the EU.

Iceland didn't use Euro and still managed to get in a horrible mess. Their response doesn't seem to be as kind to the commercial banks as that or Ireland.

Now days things in Iceland don't appear to be that bad:

http://en.wikipedia.org/wiki/2008%E2%80%932010_Ice...

Edited by Fittster on Monday 22 November 17:24

I'm not an expert but wasn't the Icelandic approach to basically tell third parties to "get fked"? I seem to recally that hit portions of the UK fairly hard. Not sure we want Ireland to do the same.

Edited by KaraK on Monday 22 November 17:35

Britain would feel Ireland's pain far more acutely than it felt Iceland's (West Ham fans excepted - of course).

Edited by Eric Mc on Monday 22 November 17:37

[Pesty]

Did iceland ever pay us those billions it owed us?

[Fittster]

Eric Mc said:

KaraK said:

Fittster said:

Lots of threads about on the fate of Ireland, pinning the problems on the EU.

Iceland didn't use Euro and still managed to get in a horrible mess. Their response doesn't seem to be as kind to the commercial banks as that or Ireland.

Now days things in Iceland don't appear to be that bad:

http://en.wikipedia.org/wiki/2008%E2%80%932010_Ice...

Edited by Fittster on Monday 22 November 17:24

I'm not an expert but wasn't the Icelandic approach to basically tell third parties to "get fked"? I seem to recally that hit portions of the UK fairly hard. Not sure we want Ireland to do the same.

Edited by KaraK on Monday 22 November 17:35

Britain would feel Ireland's pain far more acutely than it felt Iceland's (West Ham fans excepted - of course).

Edited by Eric Mc on Monday 22 November 17:37

Why should the representatives of the Irish people care about other people's pain? Their job is to look after the best interests of the Irish citizens.

Ask yourself what the French would do if they were in the situation the Irish currently face.

[rypt]

Fittster said:

Ask yourself what the French would do if they were in the situation the Irish currently face.

Hope that the Germans don't invade again?

[ringram]

Pesty said:

Did iceland ever pay us those billions it owed us?

They dont owe anything if the company that owed is bankrupt. Sensible states should not nationalise private sector debts!

[Eric Mc]

Fittster said:

Eric Mc said:

KaraK said:

Fittster said:

Lots of threads about on the fate of Ireland, pinning the problems on the EU.

Iceland didn't use Euro and still managed to get in a horrible mess. Their response doesn't seem to be as kind to the commercial banks as that or Ireland.

Now days things in Iceland don't appear to be that bad:

http://en.wikipedia.org/wiki/2008%E2%80%932010_Ice...

Edited by Fittster on Monday 22 November 17:24

I'm not an expert but wasn't the Icelandic approach to basically tell third parties to "get fked"? I seem to recally that hit portions of the UK fairly hard. Not sure we want Ireland to do the same.

Edited by KaraK on Monday 22 November 17:35

Britain would feel Ireland's pain far more acutely than it felt Iceland's (West Ham fans excepted - of course).

Edited by Eric Mc on Monday 22 November 17:37

Why should the representatives of the Irish people care about other people's pain? Their job is to look after the best interests of the Irish citizens.

Ask yourself what the French would do if they were in the situation the Irish currently face.

It's the otrher way around. British interests stand to lose a lot if Ireland fails.
If Ireland did tell the rest of the world to "f-off", it's status as a sovereign, viable state would be ruined for generations.
Back in the 1930s and 40s, DeValera told the world to "f-off" - and condemned Ireland to a half century of depression.

Ireland is not Iceland.

Edited by Eric Mc on Monday 22 November 18:10

[Pesty]

ringram said:

Pesty said:

Did iceland ever pay us those billions it owed us?

They dont owe anything if the company that owed is bankrupt. Sensible states should not nationalise private sector debts!

I seem to recal the government were having a vote on repaying us billions. Can't remember the outcome.

never mind

http://news.bbc.co.uk/1/hi/8553979.stm

Voters in Iceland have overwhelmingly rejected proposals to pay the UK and the Netherlands in the wake of collapse of the Icesave bank.

With a third of results counted, 93% of voters said "No" in a referendum.

The British and Dutch governments want reimbursement for the 3.8bn euros (£3.4bn; $5.2bn) they paid out in compensation to customers in 2008.

Speaking to the BBC, Chancellor Alistair Darling said the UK would get its money back, if not for many years.


"It's not a matter of whether the sum should be paid. There is no question we will get the money back but what I am prepared to do is to talk to Iceland about the terms and conditions of the repayment," he told the BBC's Politics Show.

Asked about how long it would take for the UK to be repaid, Mr Darling said it would take "many, many years

Edited by Pesty on Monday 22 November 18:12

[Fittster]

Eric Mc said:

It's the otrher way around. British interests stand to lose a lot if Ireland fails.
If Ireland did tell the rest of the world to "f-off", it's status as a sovereign, viable state would be ruined for generations.
Back in the 1930s and 40s, DeValera told the world to "f-off" - and condemned Ireland to a half century of depression.

Ireland is not Iceland.

As I posted in another thread:

"Can you explain the case of Mexico? In October they sold 100 year bonds, even with a history of 2 currency crisis and one default in the last 30 years."

So the idea that a default leads to a future of untold misery doesn't seem that likely.

[Eric Mc]

Fittster said:

Eric Mc said:

It's the otrher way around. British interests stand to lose a lot if Ireland fails.
If Ireland did tell the rest of the world to "f-off", it's status as a sovereign, viable state would be ruined for generations.
Back in the 1930s and 40s, DeValera told the world to "f-off" - and condemned Ireland to a half century of depression.

Ireland is not Iceland.

As I posted in another thread:

"Can you explain the case of Mexico? In October they sold 100 year bonds, even with a history of 2 currency crisis and one default in the last 30 years."

So the idea that a default leads to a future of untold misery doesn't seem that likely.

Ireland isn't Mexico either.

[Fittster]

Eric Mc said:

Fittster said:

Eric Mc said:

It's the otrher way around. British interests stand to lose a lot if Ireland fails.
If Ireland did tell the rest of the world to "f-off", it's status as a sovereign, viable state would be ruined for generations.
Back in the 1930s and 40s, DeValera told the world to "f-off" - and condemned Ireland to a half century of depression.

Ireland is not Iceland.

As I posted in another thread:

"Can you explain the case of Mexico? In October they sold 100 year bonds, even with a history of 2 currency crisis and one default in the last 30 years."

So the idea that a default leads to a future of untold misery doesn't seem that likely.

Ireland isn't Mexico either.

It needs to start following Iceland's and Mexico's examples.

[Eric Mc]

What, catching fish and drug smuggling?

[Fittster]

Eric Mc said:

What, catching fish and drug smuggling?

They are back to normal, rather than being crushed by debt they can't hope to repay.

[Eric Mc]

Fittster said:

Eric Mc said:

What, catching fish and drug smuggling?

They are back to normal, rather than being crushed by debt they can't hope to repay.

Normal for them perhaps.

[Fittster]

Eric Mc said:

Fittster said:

Eric Mc said:

What, catching fish and drug smuggling?

They are back to normal, rather than being crushed by debt they can't hope to repay.

Normal for them perhaps.

Banking and property speculation are normal for Ireland?

[Crazy Torque]

Fittster said:

I'm not an expert but wasn't the Icelandic approach to basically tell third parties to "get fked"? I seem to recally that hit portions of the UK fairly hard. Not sure we want Ireland to do the same.

[footnote]

Most casinos have warnings on leaflets that people shouldn't gamble more than they are willing to lose. Anyone who thought they wern't gambling has no-one to blame but themselves - and their own stupidity.

[Eric Mc]

Fittster said:

Eric Mc said:

Fittster said:

Eric Mc said:

What, catching fish and drug smuggling?

They are back to normal, rather than being crushed by debt they can't hope to repay.

Normal for them perhaps.

Banking and property speculation are normal for Ireland?

Yes actually - been going on there for decades (if not centuries). How do you think people like Charlie Haughey got to be a multi-millionaire? It wasn't because he qualified as a Chartered Accountant.

It just got out of hand over the past 10 to 15 years and too many got involved. The Irish are even more enamoured by the idea of owning "a piece of land" than the Brits. They were ripe for a property based bubble and the banks (not only Irish ones) were happy to oblige.

Edited by Eric Mc on Monday 22 November 19:26

[FarleyRusk]

ringram said:

Pesty said:

Did iceland ever pay us those billions it owed us?

They dont owe anything if the company that owed is bankrupt. Sensible states should not nationalise private sector debts!

Yes they do! Foreign savers were covered up to 16 grand by the Icelandic Government's deposit guaranty scheme.

[zakelwe]

The big difference between Iceland and Ireland is the currency of course, so it is a completely different scenario.

Andy