howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
interesting snippet there.
unforeseeable events sounds a bit vague, but in the case of portugal the problem has been there for some time and the government refused to acknowledge that they needed a bail out.
I thought we had no money , yet we can afford a war and can bail Portugal out .
Guest 653- Registered: 13 Mar 2008
- Posts: 10,540
We can't afford a war and we're not going to bail out Portugal.
Roger
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
we are at war and we are part bailing out portugal, probably spain next.
Guest 653- Registered: 13 Mar 2008
- Posts: 10,540
I said we can't afford one Howard, not that we don't have one. I also reiterate we will not have to bail out Portugal - there is just the smallest, miniscule chance and that is only if Portugal renege on the agreement.
I agree though that it is looking very bad for Spain.
Roger
Guest 696- Registered: 31 Mar 2010
- Posts: 8,115
I already know the plate of spaghetti that will be flung at us on TV news:
"40% of our exports are to the EU, if one EU country collapses out of the euro-zone, the whole EU will collapse, and we cannot export anything anymore to the EU, hence we MUST pay up"!
Well, if one monkey falls from a tree, then I suppose the other eleven will follow!
Guest 653- Registered: 13 Mar 2008
- Posts: 10,540
One size (theEuro) can't fit all; poor and rich countries and large and small ones, all very different, having different ways to make money (manufacturing or tourism for example) and all subject to different economic climates, but all having the same constraints - it won't work and it can't work and we surely are seeing this ?
From Greece, Ireland and Portugal and soon to be others; the strong countries like Germany won't be too happy stumping up billions, when those billions could make their own country even stronger.
Roger
Brian Dixon
- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
portugal is a small econamy compared to germany.some figures where prodused in a news feature,it went somthing like this potugal had a figure of 0.6 groth uk had a figere of 0.4,germany had a figure of 2.2 growth.i cant remeber spains but it was some thing like the uks.
So the Euro zone have put interest rates up making it tougher for Portugal to pay back any loan , Spain will be next , if we carnt afford to bail them out or go to war , why is the goverment continueing with theese policies ?
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
the main problem with portugal is that manufacturing and consequently exports have fallen.
i used to visit there a lot in the early nineties and small factories were everywhere, usually making clothing and footwear.
they suceeded because wages were very low, gradually wages rose and import tariffs from the far east fell leading to the closure of factories and hevy imports ensuing.
spain have not dissimilar problems but their credit rating is a lot higher and may not need a bail out.