Euro crisis: PIIGS and stuff

[Omskakas]

Today our politicians agreed to give 740 million € for Ireland. Most of the Finns dislike the idea like it was with Greece. Our ministers argued that world will end if we don't give the money and stop the spreading of the crisis. They will say the same thing with Portugal, Spain, Italy, Belgium etc. untill we too are in need of saving. But no one will be left to save us.

This video may sum up what people are thinking in Europe about all this:

[anacostiakat]

This sounds oddly like the economic version of the dominoe theory.

Welcome to my world.

[El Presidente]

The European economy needs to turn around before any of the majors go to a federal Election.

I can't think of any Government proposing bailouts (or accepting them + austerity measures) surviving the ballot box in their own country.

What happens then?

[Ryan]

Today our politicians agreed to give 740 million € for Ireland. Most of the Finns dislike the idea like it was with Greece. Our ministers argued that world will end if we don't give the money and stop the spreading of the crisis. They will say the same thing with Portugal, Spain, Italy, Belgium etc. untill we too are in need of saving. But no one will be left to save us.

This video may sum up what people are thinking in Europe about all this:

Yeah, hands up. Ireland blew it. We were given lots of cheap money and we blew it. On shite.

There's an argument that Ireland was pressured into the EU/IMF bailout to try to prevent contagian and there's probably something behind that rumour.

Nigel Farage puts out some entertaining stuff in that speech and probably has a valid point or two, there is something to be said for the idea that the euro was more of a political idea than ecomonic, but it's worth remembering that the aim of the party he leads, the UK Independence Party (UKIP), is withdrawal from the EU, and that's not a recent phenomenon.

There are people in Europe with similar thinking but I'd hope not most. The ECB needs to grow a set and stop allowing the markets dictate, I know easier said than done.

Most of the money in the Irish guarantee is not to pay for public services, unlike the IMF's loan to Nigel's government in 1976.

It is to guarantee that banks' bond-holders will be paid off.

Angela Merkel even hinting that bondholders might take a hit sends the euro tumbling, it not just Irish banks.

The whole thing's a mess and a concerted plan of action is required, policy makers are still two steps behind the market.

[SethG]

Today our politicians agreed to give 740 million € for Ireland. Most of the Finns dislike the idea like it was with Greece. Our ministers argued that world will end if we don't give the money and stop the spreading of the crisis. They will say the same thing with Portugal, Spain, Italy, Belgium etc. untill we too are in need of saving. But no one will be left to save us.

This video may sum up what people are thinking in Europe about all this:

That guy is amazing, too bad we can't get politicians like that in America!

[mazolaman]

Today our politicians agreed to give 740 million € for Ireland. Most of the Finns dislike the idea like it was with Greece. Our ministers argued that world will end if we don't give the money and stop the spreading of the crisis. They will say the same thing with Portugal, Spain, Italy, Belgium etc. untill we too are in need of saving. But no one will be left to save us.

This video may sum up what people are thinking in Europe about all this:

We're about as happy with this.

Our recent cuts will save us 700 million quid,which is how much we have just loaned to Ireland.

The speaker,Nigel Farage ,is a good orator.His party,however, are bastions of greed,hoping to maintain the riches to the rich.No good for any society will ever come from him.

It's an odd one isn't it.When Ireland was booming,some Irish I spoke to were almost gloating,but most were fearfull of the sudden spending boom,having been brought up as "canny"people.

The other horrible thing is that one year ago,Ireland began stringent cuts to save it's economy,which is what we are doing now.......I hope ours work better!We have both bean on a drunken spending spree.

[Omskakas]

The other horrible thing is that one year ago,Ireland began stringent cuts to save it's economy,which is what we are doing now.......I hope ours work better!We have both bean on a drunken spending spree.

Finland is still spending like a mad man. We have general elections in april 2011 and before that no-one dares to make any significant budget cuts. Our national debt is something like 14 000 € per capita and growing. The worst thing is that our financial minister (Jyrki Katainen) that has been orchestrating all this spending and lending is going to be (according to the latest polls) our next prime minister.

We're doomed, I say! DOOOMED!