Why is Sweden offering Ireland Money?

finnegan2010

I know its in the interest for the uk to give us money as they have vested interests here and were a good trading partner, but whats in it for Sweden??? Of all the countries why are Sweden so Keen to cough up????

Sweden, meanwhile, has also said it was willing to offer up to €1.1bn in a bilateral loan of its own, with a prospective interest rate of 3%.
The country’s finance minister Anders Borg told radio in his own country that a loan between 5 and 10 billion Swedish crowns was being considered, though such a loan would need to win the support of parliament.

t0mm13b

finnegan2010 wrote: »

I know its in the interest for the uk to give us money as they have vested interests here and were a good trading partner, but whats in it for Sweden??? Of all the countries why are Sweden so Keen to cough up????

Sweden, meanwhile, has also said it was willing to offer up to €1.1bn in a bilateral loan of its own, with a prospective interest rate of 3%.
The country’s finance minister Anders Borg told radio in his own country that a loan between 5 and 10 billion Swedish crowns was being considered, though such a loan would need to win the support of parliament.

IKEA :rolleyes:

Seriously - have no idea.... but would they, being a part of Inter Alpha Group, in which PIIGS, belgium and Sweden, Germany, France, and UK are listed?!

Bob_Latchford

Its something to do with being in the EU but not in the Eurozone. UK & Denmark have also done it. Think they are the 3 countries who still have their own currency.

Would guess there was some deal done that Eurozone countries would pay some and non eurozone countries would offer some % of something aswell.

Not sure If they offered the same deal to Greece though which is bit odd, maybe its agreement in place since Greece had trouble

afatbollix

Because they will make 33 000 000 or 33 million in interest/profit??

Bob_Latchford

afatbollix wrote: »

Because they will make 33 000 000 or 33 million in interest/profit??

Just looked up what they can borrow at, seems its 2.94%
http://markets.ft.com/ft/markets/bonds.asp

So 3% is very generous imo and what I would expect of someone trying to help and not make money.

Lets hope the IMF/EU deal is 0.06 above German rates

shannonpowerlab

One thing I know is that IDA has been running a big promotion to have business here in Sweden inviting Swedish investors on weekend sessions.:D

Looks like some of the government junkets seem to have done something...:D:D

Nolanger

shannonpowerlab wrote: »

Looks like some of the government junkets seem to have done something...:D:D

So why did the Swedish embassy pull out of Ireland?

Sungodbr

Bob_Latchford wrote: »

Its something to do with being in the EU but not in the Eurozone. UK & Denmark have also done it. Think they are the 3 countries who still have their own currency.

Would guess there was some deal done that Eurozone countries would pay some and non eurozone countries would offer some % of something aswell.

Not sure If they offered the same deal to Greece though which is bit odd, maybe its agreement in place since Greece had trouble

It is definitely something like this as the last british government under brown committed cameron to this loan thats why we are gettin it, so obviously the other two that are on the outside of the € must have made a pledge as well

mal1

Agree with the above, it's a bilateral loan since they are not in the Euro. Denmark has offered a loan as well.

Ray Burkes Pension

Irish Banks owe Swedish banks 4.3bn euro.

In reality they are just funding their own banks through Ireland. And Ireland will pay them back too!

wicorthered

Guilt over the vikings?

inabina

it was covered in newstalk breakfast show yesterday at 7.50. A former Swedish minister explained that they are doing it because of the vikings but also because "it is in Swedens interest". Sweden had their own banking crisis too so they have been through it


http://media.newstalk.ie/listenback/49/thursday/1/popup

sunshinediver

Ray Burkes Pension wrote: »

Irish Banks owe Swedish banks 4.3bn euro.

In reality they are just funding their own banks through Ireland. And Ireland will pay them back too!

Love the username, You're also Spot on

The countries offering loans to Ireland are not helping us but rather helping themselves. They will all lose money if we default, especially the UK.

stackerman

sunshinediver wrote: »

Love the username, You're also Spot on

The countries offering loans to Ireland are not helping us but rather helping themselves. They will all lose money if we default, especially the UK.

Glad someone else sees this.

I'm sick and tired of hearing smug UK commentators on thier high horse, going on about how generous they are being, after we have been so waistfull :mad:

They are only LENDING the money because their Banks have lent so much to the Irish one, and would be in even bigger trouble if the debt isnt paid.

Remember RBS ? They were the ones who came into the market, and were going to shake up the system. Well they sure did, 110% morgages etc
That is where our troubles started :mad:

We made a mess of it all, but the UK/European banks along with our own, are the ones to blame.

shannonpowerlab

Nolanger wrote: »

So why did the Swedish embassy pull out of Ireland?

That I do not know...:D Maybe there wasn't much need for it?

Sungodbr

keving wrote: »

Glad someone else sees this.

I'm sick and tired of hearing smug UK commentators on thier high horse, going on about how generous they are being, after we have been so waistfull :mad:

They are only LENDING the money because their Banks have lent so much to the Irish one, and would be in even bigger trouble if the debt isnt paid.

Remember RBS ? They were the ones who came into the market, and were going to shake up the system. Well they sure did, 110% morgages etc
That is where our troubles started :mad:

We made a mess of it all, but the UK/European banks along with our own, are the ones to blame.

ye but FF have bankrupted the country and we do need cash, we wont be selling bonds anytime soon so we got take what we can get and not forget to say thank you sir three bags full!

kaiser sauze

Nolanger wrote: »

So why did the Swedish embassy pull out of Ireland?

Are you sure this is not just a cost-cutting exercise?

I wasn't aware that Sweden had broken diplomatic ties with us? Strange that they would offer us a loan in those circumstances.

inabina

Nolanger wrote: »

So why did the Swedish embassy pull out of Ireland?

Apparently many Swedish embassies are being closed at the moment across the EU, I think they're too costly in relation to the benefits of actually having them there, so it's actually nothing to do with the relationship between Sweden and Ireland...

Festus

keving wrote: »

Remember RBS ? They were the ones who came into the market, and were going to shake up the system. Well they sure did, 110% morgages etc
That is where our troubles started :mad:

Oh, I wouldn't blame them for that. There were no 110% mortages before the market was already a massive bubble. When 110% mortgages arrived they were used to sustain the bubble and increase it so someone elsewhere could make a massive profit by short selling on the collapse. 110% mortgages were more like the prick.

Unfortunatley RBS got involved with the irish market where it wasn't so much a property bubble as an abcess and when they helped lance it toxic pus ran out.

Scofflaw

Sweden have a history of economic firefighting - offering loans in crises - and their reasoning in this case is that they and the rest of the Nordic nations depend on the European economy. There doesn't seem to be any more than that, and there doesn't particularly need to be - you help your neighbours out, because you depend on your neighbours.

cordially,
Scofflaw

ArtSmart

plus they want our wimim.


oh, no, wait...I got that wrong....

ArtSmart

Nolanger wrote: »

So why did the Swedish embassy pull out of Ireland?

to avoid a paternity suit?