Osbourne says no to currency union.

http://www.bbc.co.uk/blogs/legacy/thereporters/robertpeston/2010/11/what_the_uk_is_contributing_to.html

A 6? loan no less. Ffs I can get better rates than that! 😆 I see Denmark and Sweden getting in on the action too!

So scotland is prepared to base its economy on hand outs from the UK? I imagine Scots are going to be rushing to vote yes based on that.

fasternotfatter – Member
So scotland is prepared to base its economy on hand outs from the UK? I imagine Scots are going to be rushing to vote yes based on that.

I’d expect Scotland to be run without the need for a bailout. You know like most sensible economies.

Getting bailouts isn’t the default nature of the way things should be run.

Bury your head in the sand over the arc of prosperity then.

You know the Irish bailout was just a straight up loan?

That’s what the link says, so there’s a clue there.

They aren’t altruistic in their nature.

I’m not sure why you think they might be. Even “our friend and ally” the US, provided loans to Britain in WW2.

Ffs I can get better rates than that! 😆

You think the Irish are stupid and incapable as an independent country to make sensible decisions ?

fasternotfatter – Member
Bury your head in the sand over the arc of prosperity then.

happy to..

The ICM poll also says that 89% of undecideds thought that Alex Salmond won the debate.

Ffs I can get better rates than that!
You think the Irish are stupid and incapable as an independent country to make sensible decisions ?

no, where did I say that. I’m sure after messing up their economy, a high interest rate was sensible for them, as it was sensible for the UK to make a few quid from their troubles.

.

Explain to me why we should take a share of your countries liabilities when you wont give my country our share of our assets?

@wan but you are getting your share of the assets, roads, hospitals etc which the debt paid for.

If Scotland tries to walk away from the debt we in the UK should have a referendum on whether the Scots should be permitted indepence. It’s not automatic, it has to be granted by Parliament. We are going round in circles, surely no one actually believes the currency is an asset.

Scotland’s only option if there is no currency union is a temporary use of the pound or a new Scottish pound both until it takes the euro. As I’ve posted numerous times Scotland will not be permitted to join the EU without a commitment to take the euro.

So expect the rUK to capitalise on iScotlands financial troubles rather than bail them out for free. Are nats still not acepting that a currency union will not happen? Threats of no debts are not going to force one either.

Ireland borrowing at 6% was a massive favour from the EU, the market rate for a loan at the time would have been much higher. Those above who say they could borrow mortgage etc for less are correct, you are borrowing in GBP against an asset. Ireland was borrowing in euro against a massively debt laden economy. Irish property is at 30-50% of peak values. UK prooperty is at or above peak values for example.

This is relevant as an independent Scotland would have to look at Iceland, Greece and Ireland as examples of smaller countries who over extended themselves and ensure they didn’t fall into the same trap.

They aren’t altruistic in their nature.
I’m not sure why you think they might be. Even “our friend and ally” the US, provided loans to Britain in WW2.

I don’t think it is in the slightest. I’m not the one insisting a straight loan was a bailout.

I think ernie is arguing more for the case of bailing out Scotland outwith the bounds of a central bank, i.e. making some money off the interest rather than making QE decisions that affect your own currency’s strength.

no, where did I say that.

This makes it sound like you thought the Irish were stupid :

Ffs I can get better rates than that! 😆

Which is why I asked the question.

I’m not the one insisting a straight loan was a bailout.

The bailout was in the form of a loan. Why is that hard for you to understand ?

Nothing, I understand perfectly fine if a country gets in trouble there will never be a shortage cash on offer.

wanmankylung – Member
Explain to me why we should take a share of your countries liabilities when you wont give my country our share of our assets?

Good job no one has proposed that then….

(The DO has done a good job at deceiving folk over assets hasn’t he?)

A bailout is free a loan is paid back? Or am I wrong?

Yes, but the word got used very loosely during the crisis. Acting as LoLR is not bailing out banks. It is providing expensive funding in periods of extreme liquidity shortage.

What do you think the bailouts that Greece has be getting are if they’re not loans ?

ernie_lynch – Member
What do you think the bailouts that Greece has be getting are if they’re not loans ?

why are you try to make it out that I don’t understand a bailout is a loan. It was me that brought up the point.

Get to your point and stop asking silly questions.

You seem to forgetting what you’ve posted. Firstly you forgot that you were laughing at the Irish and now you’ve apparently forgotten that you posted this :

I’m not the one insisting a straight loan was a bailout.

And it wasn’t me btw, it was the link. Here it is again :

http://www.bbc.co.uk/news/uk-politics-11807769

ernie_lynch – Member
You seem to forgetting what you’ve posted. Firstly you forgot that you were laughing at the Irish and now you apparently forgotten that you posted this :

I’m not the one insisting a straight loan was a bailout.haha you’re still a twisting bawbag Ernie…(that wasn’t the first thing I posted on bailouts) 😆 point is the question running through this thread for god knows how long that Scotland won’t have a lender of a last resort is nonsense, there will be plenty of charlatans lining up to chuck money at Scotland. If indeed they are daft enough to run an economy like Ireland(or the UK for that matter).

There’s no twisting on my part, although there appears to be on your part.

Were the Germans lining up to chuck money at Greece also “charlatans” ?

there will be plenty of charlatans lining up to chuck money at Scotland.

True!

Argentina found the same

http://www.theguardian.com/business/live/2014/jul/31/argentina-defaults-after-last-ditch-talks-fail-business-live

I don’t think there’s been many lining up to chuck money at Argentina 🙂

Youse are desperate to trap people into these utterly ridiculous financial arguments aren’t youse? 😆

the question running through this thread for god knows how long that Scotland won’t have a lender of a last resort is nonsense, there will be plenty of charlatans lining up to chuck money at Scotland

You’ve misunderstood what a lender of last resort is. It’s someone who will lend you money when charlatans the capital markets won’t lend you money.

Explain to me why we should take a share of your countries liabilities when you wont give my country our share of our assets?

Because the liabilities (debt) have already paid for Scotland’s roads, schools, hospitals, pensions, North Sea oil industry investment etc (assets), plus the fact that every person in Scotland receives £1,200 more in public spending than the rest of the UK’s population. Shall the UK repossess these assets if an independent Scotland fails to keep up payments, much like would happen with any other loan?

Apparently the Welsh Govt will “fight against sharing the pound”.
So, not just the English then. What was plan B again?

Scotland ahead of the rest of the UK even without the oil, say Credit Suisse.

A “bailout” can be in the form of a loan or an equity injection. Ireland, Greece, and Portugal where bailed out with loans, loans which would not have been available at commercial terms or at the size required in the market.

Scotland ahead of the rest of the UK even without the oil, say Credit Suisse.

I stopped reading after this :

A report by Credit Suisse has concluded that on key areas of life expectancy, education, and income a newly independent Scotland would be ranked higher than the rest of the United Kingdom.

Any article which claims that “a newly independent Scotland” would have higher life expectancy than the rest of the United Kingdom has no credibility imo.

Article is badly phrased, I think they mean on an aggregate of all those factors.

While the little Englander Tories are frothing at the mouth insisting that Scotland will fail…

22 days to go.

Article says the HDI score is such that small countries tend to score better.

Just a few more weeks to go, thankfully.

BTW I love AS’s we’ll seek a “mandate from the Scottish people for a currency union”, as usual he’s got that back to front he needs to get agreement from the UK, a currency union will have nothing to do with what the Scots hope for its what the UK is prepared to grant.

While the little Englanders are frothing at the mouth insisting that Scotland will fail…

Fail in what way ?

jambalaya – Member
..BTW I love AS’s we’ll seek a “mandate from the Scottish people for a currency union”,..

I love it too. One of the benefits of living in a democracy instead of an oligarchy, we get asked our opinion instead of told it.

I literally LOL at the suggestion that the UK is not a democracy but in fact an oligarchy. There’s something wonderfully entertaining about people who make hysterical comments 😀

While the little Englander Tories are frothing at the mouth insisting that Scotland will fail

Oi. This is NOT an anti-English vote. It should be about voting for something. Do not drag it down to an attack on the English (and don’t forget the Welsh and Northern Irish).

As an Englander (in the same vein as a Scotlander!) I want Scotland to remain part of the UK. If Scotland chooses to go independent, I will support that action. However it does not mean that I support that move or think that it makes sense. If Scotland does decide to leave the UK, do not expect the UK to lie down and give into the demands of Scotland. The UK will negotiate hard, especially since we know what Scotland (or rather the SNP) wants and has a hard date to conclude discussions.

And believe us there will not be a CU. Do not think that we will simply go “Ok you can have CU.” No politician in England, Wales or NI is going to stand up in the next General Election and say that they want to spend tax payers money on keeping a foreign power under pinned so that it can compete with the UK.