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what would happen if..

  • 28-11-2010 2:51pm
    #1
    metrovelvet
    Closed Accounts Posts: 9,376 ✭✭✭


    Ireland defaulted and refused to pay back the debt?


Comments

  • #2
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,549 Mod ✭✭✭✭johnnyskeleton


    Then we wouldn't pay back the loans we owe (although we would still owe them).

    Some people or institutions might lend to us, but on fairly unfavourable terms, until we started to repay the defaulted payments.


  • #3
    nesf
    Registered Users, Registered Users 2 Posts: 27,644 ✭✭✭✭nesf


    It's pretty much an unknown. Could bring down a lot of other European countries like Portugal and Spain, possibly even Italy. Even taking a bailout we're close to doing that.

    It could potentially bring down the Euro system which would be extremely serious and honestly a very big unknown. There's never been a collapse of a currency system on this scale before so no one knows what exactly could happen.


    Now a structured default on banking debts by European countries in difficulties would be quite a different matter and something that could happen I think. Sovereign debt on the other hand can't really be defaulted on without bringing serious pressure to the Euro system.


  • #4
    sceptre
    Registered Users, Registered Users 2 Posts: 19,608 ✭✭✭✭sceptre


    This thread's already discussing the question.


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