IMF says Ireland must cut wages - IT

I didn’t bring it up as an issue for discussion.

It was as an aside in a post that dealt with your mischaracterisation of PtG’s argument, still with us?

Now get back on topic.

The only way exiting the euro would affect people would be to rob anyone with savings of the worth of them - to rifle the pockets of savers like Max Keiser says of low interest rates in the US. We’d print punts like they were going out of fashion with consequent massive inflation wiping out savers. I’m sure the govt. would love to do it.

I think in Argentina they also stole all the assets in people’s pension funds.

Or rather they didn’t “steal” them. It was just a compusary purchace with pesos. In the national interest don’t ya know.

Leaving the Euro is not a problem at the moment because we dont have to renegotiate for any reason yet…

Mkts are happy that we are getting our house in order ATM…

However failure to repay our huge debt burden or failure to implement savings as planned

then it becomes a problem…

This IMHO is the big Gorrilla for Ireland and is one we will be tested on in the future, when the Credit Crisis erupts again…

That is my Thesis for me…I original thought leaving the euro was a done Deal but have being told otherwise…

This kind of thing does not happen over night…

Wait for the signs, there will be plenty of them…

At the moment they are there for Ireland but being dealt with and NOT swept under the carpet…

unfortunately default is the only realistic option at this stage. public and private debt is simply too great to service let alone repay. you can try and put it off for a few years by bleeding the economy white but its only a matter of time

Not sure it would work for a 10am Meeting in London :wink: