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What happens if the budget fails/we dont take the bailout?

  • 23-11-2010 9:17pm
    #1
    demolitionman
    Closed Accounts Posts: 168 ✭✭


    what happens if the budget fails?
    and what happens if we dont take the bail out?
    if fg/labour got into power, is there any alternatives to the bailout?
    what other options is there for us?


Comments

  • #2
    FoxT
    Closed Accounts Posts: 4,204 ✭✭✭FoxT


    AFAIK the bailout is the only game in town.

    See this thread for a post I made on how much it would cost to let a bank fail.

    http://www.boards.ie/vbulletin/showthread.php?p=69059998#post69059998

    The alternative would be to sell the banks off. This is very definitely on the cards for the future, but for now I assume they are unsaleable - you would have to give a buyer money to take them off our hands.

    In fact, you would have to give a buyer more money than we are currently borrowing in order to do it. Why? because all of our banks have the potential to be vast money sinks - would be a very high risk purchase.


  • #3
    ardmacha
    Registered Users, Registered Users 2 Posts: 7,476 ✭✭✭ardmacha


    If the bailout involves a 7% rate of interest, as mooted, then we should refuse it, nationalise the ATMs, close the banks and call the Chinese ambassador.


  • #4
    lmaopml
    Registered Users, Registered Users 2 Posts: 3,080 ✭✭✭lmaopml


    Thanks FoxT, very interesting.

    There's an economist on primetime ( can't remember his name ) talking about 'structured' defaulting...

    ..but the implications of this I am very interested in hearing too, he didn't really get to elaborate.

    I'm dying to hear the interest rate on the bailout and equally the details on the four year plan now so we might be able to move some of those banks.

    Another question; sorry...

    What happens to mortgage holders if/when a bank is sold?


  • #5
    Mister men
    Closed Accounts Posts: 2,487 ✭✭✭Mister men


    We are screwed. We can't take the bailout (the interest would destroy us), and we can't refuse it. I think we need to look at the possibilty of default and take what's coming to us.


  • #6
    jmayo
    Registered Users, Registered Users 2 Posts: 13,188 ✭✭✭✭jmayo


    ardmacha wrote: »
    If the bailout involves a 7% rate of interest, as mooted, then we should refuse it, nationalise the ATMs, close the banks and call the Chinese ambassador.

    If they are offering anything like that, then we tell them we will all go down together.
    Lets see how long the euro and Sterling last if they are bailing out their banks for hundreds of billions ?

    This is why someone like Michael O'Leary should be involved in the negotiations.
    We need to play real hard ball and not roll over and consign us to penury for the next 50 years.

    I am not allowed discuss …



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  • #7
    Boskowski
    Closed Accounts Posts: 5,361 ✭✭✭Boskowski


    FoxT wrote: »
    AFAIK the bailout is the only game in town.

    See this thread for a post I made on how much it would cost to let a bank fail.

    http://www.boards.ie/vbulletin/showthread.php?p=69059998#post69059998

    Lot of assumptions and guesses in there.


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