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Contagion hits Portugal as Ireland dithers on rescue

ReverendHellh0und

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Contagion hits Portugal as Ireland dithers on rescue


Contagion hits Portugal as Ireland dithers on rescue - Telegraph



"The situation in the markets has been very negative due to the lack of a final decision by Ireland. It is up to Ireland to take that decision, and I hope it does," he said.
The outburst reflected suspicion at the European Central Bank that Dublin is holding the eurozone to ransom, allowing the crisis to fester until it extracts a pledge from EU officials that it will not suffer a loss of economic sovereignty or be forced to give up its 12.5pc corporate tax rate under any deal



Eireann go Brach!



There is talk of a right wing swing in Eire, One that will look something like our Tea Party. This is Good for Ireland, it will be a hard road, but the right road.
 

PeteEU

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Eireann go Brach!

There is talk of a right wing swing in Eire, One that will look something like our Tea Party. This is Good for Ireland, it will be a hard road, but the right road.

So the US right wing is talking about it.. does not mean it will even remotely happen.
 

Demon of Light

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Portugal's budget deficit and public debt are higher than those reported by the government, which is trying to regain investor confidence amid a debt crisis, the leader the main opposition party said on Saturday.

Pedro Passos Coelho told a meeting of his Social Democratic Party items like state-run companies' debts were not included in the overall public debt, which the government puts at 82 percent of gross domestic product this year.

He said that the "true" total public debt stood as high as 112 percent of GDP, while the budget deficit should be at 9.5 percent of GDP, far above the minority Socialist government's target of 7.3 percent for the end of the year.

Source: Reuters

I wonder how long it will be before the eurocrats realize they are just replacing a sudden collapse with a slow-motion collapse.
 

PeteEU

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Source: Reuters

I wonder how long it will be before the eurocrats realize they are just replacing a sudden collapse with a slow-motion collapse.

So now the anti-Euro crowd is changing the way you count national debt? Hope they apply the same changes to say the US economy... doubt it though.
 

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So now the anti-Euro crowd is changing the way you count national debt? Hope they apply the same changes to say the US economy... doubt it though.

Your economy sucks over there, and you know it. Stop the charade.
 

Grant

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So the US right wing is talking about it.. does not mean it will even remotely happen.

Well, let's hope not!!!

Fiscal responsibility and balanced budgets are just too much of a hardship for people.
 

PeteEU

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Well, let's hope not!!!

Fiscal responsibility and balanced budgets are just too much of a hardship for people.

Not really. Most European economies pre crisis were near balance or in surplus,.... something the US has not seen for decades. Heck Spain had surplus on its finances the last decade plus, even with 10% unemployment.

And fiscal responsibility has never been a right wing thing, especially the Yankee version.
 

Grant

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Not really. Most European economies pre crisis were near balance or in surplus,.... something the US has not seen for decades. Heck Spain had surplus on its finances the last decade plus, even with 10% unemployment.

And fiscal responsibility has never been a right wing thing, especially the Yankee version.

Se the heading Peu? It says "Contagion hits Portugal as Ireland dithers on rescue"

It has nothing to do do with the "Yankees".

So everything is fine with the PIIGS, huh? That's good news.
 

Grant

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"We saw it with Greece and the unhelpful way of solving the Greek problem and we saw it again with Ireland and some very unhelpful comments out of Germany," she said. "We really need to get to a modus operandi."

Lots of "unhelpful" happenings going on over there. I can see why the Germans are making a few unhelpful comments, seeing as how they'll be paying for a lot of it.

Although it will cost 500 Billion Euroes in Spains case I understand that a billion is less over there than it is in the US. That's good news.

Overall though, the gain is Spain is plainly on the wane.
 

The Prof

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the gain in Spain is plainly on the wane.

damn, i wish i said that

LOL!

meanwhile, closer to home, today:

FT.com / US / Economy & Fed - Pessimistic Fed to slash growth forecasts

this, after 600B of qe by bernanke, which announcement 2 days before the bonehead's embarkation to korea killed all g20 cooperation on chinese currency (smooth move, team)

this, after 862B of stimu...

we're not allowed to say the suddenly obscene s-word any more, at least obama never uses it

Just don't call it a 'stimulus' - Alexander Burns - POLITICO.com

this, after 2 years of hamp, home affordability mortgage modification---half of whose recipients have ALREADY redefaulted

Half of U.S. Home Loan Modifications Default Again (Update1) - Bloomberg

this, after punting on the most central, fundamental, basic question, the foundation of every president's relationship with his or her american people, the united states income tax

which is set to explode on every american, on average earners by some $4000 or so per year

it's inexcusable

40 days and counting...
 

PeteEU

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No, thanks to people like you.

OH? So who was it that pushed through the deregulation that made it possible? Who was in power for 10 years but did nothing? Oh yea.. people like YOU.
 

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So you believe the words of a speculator who will make a ton of money on the misery of others? How very right wing of you..

You do know that Spain has less debt than the US and UK? You do know that Spain has a less deficit than the UK and US right? Only problem Spain has is high unemployment, but it is not the first time.
 

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So you believe the words of a speculator who will make a ton of money on the misery of others? How very right wing of you..

You do know that Spain has less debt than the US and UK? You do know that Spain has a less deficit than the UK and US right? Only problem Spain has is high unemployment, but it is not the first time.

You do know that you're going down?
 

American

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OH? So who was it that pushed through the deregulation that made it possible? Who was in power for 10 years but did nothing? Oh yea.. people like YOU.

That's not what did it, it was a law modification during the 1990's. But you wouldn't know anything about that.
 

PeteEU

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That's not what did it, it was a law modification during the 1990's. But you wouldn't know anything about that.

LOL yea be in denial. It was one of the triggers that made it possible.
 

Grant

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The major difference between the Unites States and Europe is that the American people are willing to tackle the problem of government spending head on, as the Tea Party demonstrates, while there is only inertia in Europe.The Europeans feel powerless because the power has been largely shifted from their hands to Brussels. The American people still have the power to turn things around, and it is expected that they will.

Of course if they continue along the same route with BHO they're as screwed as the Europeans. The Europeans need to get their countries back, just as Americans must do with their State Rights. People must be close to their governments.
 

Lord Tammerlain

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The major difference between the Unites States and Europe is that the American people are willing to tackle the problem of government spending head on, as the Tea Party demonstrates, while there is only inertia in Europe.The Europeans feel powerless because the power has been largely shifted from their hands to Brussels. The American people still have the power to turn things around, and it is expected that they will.

Of course if they continue along the same route with BHO they're as screwed as the Europeans. The Europeans need to get their countries back, just as Americans must do with their State Rights. People must be close to their governments.

Really?

What cuts have been pushed through in the US


Greece has seen massive cut, France is seeing cuts, the UK, Ireland is engaged in massive cuts so large as to drive the Irish to leave again, the Baltics have made dramatic cuts. Next up will be Spain, Portugal and Italy. Germany and the others will alot of money have made adjustments long before this and have reasonable economies.

So far other then promising cuts, I have yet to see any actual promises on what the US or the tea party will cut. SS I doubt it, medicare certainly not, the military that is sancrosanct. The three biggest spending programs in the US are nearly untouchable to any real cuts. So the cuts wont come untill things are truely dire. The tea party wont cut the military, and no party can touch SS or medicare without having the demographic that votes (the old) turn on them
 
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