Where are we borrowing it from ?

International money markets

Isnt that why we got in this pickle in the first place?? As i say i dont understand all this finance, so will leave it there

it would be up to an individual nation to offer a 'personal' loan.  I doubt that Germany or France would be forthcoming with much money independently, however; should the UK be in the position of needing a loan, then as they have done before (1976 I think), they can be bailed out by the IMF of which a substantial number of European countries pay into.

It will be added to our national debt and place a further burden on the UK tax payer.  While this money will be paid back eventually, the UK will be accruing interest on its national debt. 

The whole claimed purpose of the austerity measures is to enable the UK to reduce its structural deficit and then debt.  While it's unavoidable and has to be done, just like the bank bailouts several years ago, it is placing a further immediate burden on the country. And for what?  To pay for an irresponsible massive credit and property binge by the Irish property speculators and banks.  Irish property prices rose over 500% between 1992 and 2008. 

What takes the p!$$ is that Osborne toured Ireland in 2006 just before boom turned to bust and made this utterly clueless statement: Ireland stands as a shining example of the art of the possible in long-term economic policymaking.  To compound this, only a year ago, Ireland were the poster boys for the new age of austerity and held up as the model for the UK to follow.

So what would you rather?

In fact it would be irresponsible not to take this measure.  Really, the same people who post and write guff about this would be up in arms in a few years time if we had not done this, Ireland had gone belly up and it had screwed us royally and cost a heck of a lot more to our sceptred isle.

" God....how could we not have bailed them out??!!!!!!!!!!!  Look what it's cost us now!!!  It's outrageous!! "


Don't take this unpopular step to appease people who can't take the 5 minutes required to understand the situation and weigh up the options?  No ta.

So it's up to each country as to whether they bail out a fellow EU country in trouble?  I assumed it would be automatic that every member state would have to help a neighbour.



It shows the the European Union is a joke, no one likes anyone else in this Union. lol

You're not really understanding this, are you? 

No vids you're not 

The UK is not part of the Eurozone so can't ask for a loan from the Eurozone however, the UK can ask for a loan from the IMF of which nearly all of the Eurozone countries are a member of and so make contributions to, and that money is then loaned out.

In addition to that, any Eurozone country that wishes to can make a personal loan independent of what the IMF does but on their own heads be it.  

Hope that makes sense

We all are trying to make sense of this

normally for me the first mention of facts and figures and I zone out   

it is difficult to get our heads around mainly because the UK thought as they were outside of the Eurozone this would be nothing to do with them but we're seeing now how entwined our economies are with Europe and how if one country falls it will affect many others.

Ireland is just part of the tip of an iceberg - there are problems with Spain, Portugal and Italy and Gawd help us if and when they get into trouble.

You haven't been paying attention to my posts Antiope.  I've already said it has to be done but I don't have to like it and I don't have to like the situation where we find ourselves, yet again, having to bail out the outcome of short sighted greed and arrogance. 

I don't have to like that our coalition government has spun the global recession and its consequences as Labour's recession and hasn't had the honesty to be straight up with the people of this country who are making sacrifices on its behalf and will now need to make yet more sacrifices.

I don't have to like that we have this jumped up Bullingdon/Eton clown as a chancellor who has made wrong call after wrong call.

Antiope, you should also bear in mind that many Irish citizens are enraged at what their government's done, enraged at their banks' greed and the burden of debt that's been loaded onto them.  For the last two years they've been told their austerity measures were the harsh but necessary medicine required to get Ireland back on its feet.  The coalition is telling the UK exactly the same.

very true - there will be more civil unrest following the budget and general election over there 

Good luck to them, the current levels of unemployment in Ireland are now shocking.

Well of course.  That doesn't relate to residents of the UK being put out though.  Put out by a situation that could in theory make us a profit since we'll be borrowing at 1.5% interest and lending at around 5%.

Apologies if I misread anything you said.  I agree at the absurdity of our present government saying it's all Labour's fault.  Especially since David Cameron agreed with pretty much all the economic policies of the previous incumbents in power.

I understand that it's totally unfair that we have to bail out Ireland.

Yes that makes sense.



It doesn't change the fact that we cant afford the money we are giving away.

Holy smoke, we're all doomed!

I think most of us would agree with that but we have to remember our economy has billions tied up with the Irish economy so if they go bump we'll feel the effects big time 

It's called self interest if you'd prefer to see it that way - if mutual support is beyond your ken.



We are borrowing it.  We are not giving anything away.  Can you not read? 

I'd reiterate that we may even make a profit on this - ie our main trading partner stays solvent and able to buy our goods and not only that it costs us nowt! - but I'm guessing that'll woosht past your ears an' all. 


This is lolloworthy.

It could take years for us to get anything back from this, only time will tell.

the point to remember is it's a loan not a Christmas pressie so of course Ireland have to pay it back and I'm guessing at a rate of interest that will benefit the UK 

Everyone should drink 10 pints of Guinness a day-- that would help the Irish economy.

It's fine.  You're talking crap though.  Nothing to do with opinions, you're just factually wrong.  If pointing that out seems rude to you then you need to grow a thicker skin.  And read a newspaper or watch a programme with sensible analysis.

No nation is an island, sunshine.  Particularly apt to us when the nation concerned has such a pivotal position in relation to our self interest.

The trouble is we cant afford the money right now, whether the Irish pay us back one day or not....we need that money now.


But it looks like we have no choice, it's going to be a long tough few years for us here in Britain.

@ editing

Yes we all trade with eachother and yes every country is connected in one way or another,  BUT we are living in difficult times and this is TOTALLY the wrong time to be shelling out this money when we badly need it.



BUT make no mistake about it sunshine,  no one will be helping us out should we ever need it, every country in the EU would look out for number1 and thats how it should be.

 Cancel Christmas!!

the alternative is Irish banks go bump and take half of ours with them as UK banks have invested billions of money in Irish banks.  If there is no money to spend in Ireland, there will be fewer exports to them and that will have the knock on effect of jobs over here.  Remember that Ireland is the biggest export market in the EU for the UK.  If that gets wiped out what UK companies export to Ireland will have to find an alternative market.  As this recession is global that is going to be difficult.

So in the long run it's cheaper to loan them the money now than lose billions and billions if they collapse.

And that is just another example of how little you understand.  Despite people other than myself setting you right.

(un)Righteous indignation - particularly of the short-sighted kind - is a beautiful thing. 

Now stop editing, you little minx. 

Im guessing you are a supporter of the European Union?  I can tell by your high mindedness.

One sentence - nails it.  Good luck with it getting through. 

Vids the Irish Economy and the British economy are so reliant on each other as both are each others major exporter and importer particularly at the border.

I'm high-minded because I'm a self-absorbed ego-maniac.  Euro politics have little effect on that. 

I take your point and no doubt you are totally correct, but my problem is the long term-ness of it all.



There are cut backs everywhere in this country in order to get this country back on it's feet and now we lose (for now) all that money.

Well at least we can agree on that...and you see, I can read you naughty monkey.

OK OK OK, i admit defeat....it's great news today.

Wrong!

So Santa is coming after all?