Italy's economy next to fall over?

[WeX]

But the mugs (= UK taxpayers, and other countries') have to pay-up. No EU funds are sufficiently large to cover Italy/Spain's debts.

Glad to be in EU? They are; we're not!

 

all tax payers who contribute to the imf have paid as part of their agreement. the uk has not paid to the likes of greece through the euro bailout as we are not part of that.

 

if italy goes, the euro is dead, their economy is so massive the euro could not survive.

[Mecky]

Read a while back that the UK economic growth rate is 20th in the 22 European countries, only Greece and Portugal are lower. That says to me Italy is better off in terms of growth than the UK.

[Jeffrey Shaw]

'Rate of growth' is irrelevant, compared to feckless nations' debts exceeding GDP.

[L00b]

But the mugs (= UK taxpayers, and other countries') have to pay-up. No EU funds are sufficiently large to cover Italy/Spain's debts. Glad to be in EU? They are; we're not!

all tax payers who contribute to the imf have paid as part of their agreement. the uk has not paid to the likes of greece through the euro bailout as we are not part of that.

Time for me to post this little pearl (pursuant to which, as EU taxpayers, we'll probably end up paying for Greece to some extent, even though we're not in the € club)

 

The next big question is not whether Italy, Spain and/or others are going to fold like Greece, but who is trying to kill the €?

 

The US trying to protect their tanking $?

 

China trying to protect the solvency of their largest partner market (the US) and/or eager for still more EU commercial landgrab?

[andyofborg]

But the mugs (= UK taxpayers, and other countries') have to pay-up. No EU funds are sufficiently large to cover Italy/Spain's debts.

Glad to be in EU? They are; we're not!

 

whether or not we are in the eu is pretty much irrelevant.

 

our banks lent the money and if they fail then the tax payer will have to either rescue them or live with the consequences of the collapse of the banking system.

 

the eu is a major trading partner and anything which collapses their economy is obviously not good for us either.

 

most of the bailout money has essentially been funnelled to the banks, one of the side effects of the way this has been done has been to tank the economies of greece, ireleand, portugal and probably italy now.

 

the aim of all of this has been to try and avoid another crisis which will take the banking system down,

 

my point was that as the aim is to support the banks, then a better solution would be to support them directly and so allow the economies of greece etc some sort of chance to grow. there may also need to be a new "marshall plan" to give these ecomomies a jump start.

 

unless and until the issue of excessive public and private debt is addressed we are going to lurch from crisis to crisis until at some point everything collapses.

 

if the banks are allowed to fail now and are nationalised or liquidated as necessary then we can start again, with a cleanish slate from a position of relative strength.

 

there may be a bit of pain, but it will be short and sharp rather than the extended pain we are likely to suffer if we continue on our current course

[TeaFan]

Would you care to explain?

 

Crap though he was, the idea that gets bandied around that Brown was somehow responsible for Britain's economic woes looks ridiculous when you consider the problems in Greece, Ireland, Portugal, Iceland, Spain, the USA and now Italy. Clearly there is something very wrong at the heart of the global financial system.

[Jeffrey Shaw]

Further to my post #1, here we go: http://www.bbc.co.uk/news/business-14385636