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The old punt: what would it be worth?

  • 21-01-2011 1:10pm
    #1
    Crasp
    Registered Users, Registered Users 2 Posts: 624 ✭✭✭


    I don't know anything about anything.



    But if we still had the ol' punt, (£) what would it likely be worth in our current predicament?


    Was it worth much back in the day?


Comments

  • #2
    kippy
    Registered Users, Registered Users 2 Posts: 18,984 ✭✭✭✭kippy


    Crasp wrote: »
    I don't know anything about anything.



    But if we still had the ol' punt, (£) what would it likely be worth in our current predicament?


    Was it worth much back in the day?
    It would be worth €1.27
    The same as it was worth at changeover.


  • #3
    ei.sdraob
    Closed Accounts Posts: 9,376 ✭✭✭ei.sdraob


    kippy wrote: »
    It would be worth €1.27
    The same as it was worth at changeover.

    I think he means if it wasnt fixed what theoretically it be worth now?

    the answer is sweet-****-all:

    1. central bank after making up 51 or so billion which is a third of our gdp out of nothing backed by questionable assets, if this was done with the punt and not euro...

    2. our banks got 130 billion or so from ecb alone


    so assuming that without the euro our currency would have went Icelandic then it look something like this > maybe worse since the euro is being dragged down by troubled PIIGS


  • #4
    Crasp
    Registered Users, Registered Users 2 Posts: 624 ✭✭✭Crasp


    ei.sdraob wrote: »
    I think he means if it wasnt fixed what theoretically it be worth now?

    the answer is sweet-****-all:

    1. central bank after making up 51 or so billion which is a third of our gdp out of nothing backed by questionable assets, if this was done with the punt and not euro...

    2. our banks got 130 billion or so from ecb alone


    so assuming that without the euro our currency would have went Icelandic then it look something like this > maybe worse since the euro is being dragged down by troubled PIIGS




    yeah that's what I meant, thanks :)


  • #5
    Monty Burnz
    Closed Accounts Posts: 12,455 ✭✭✭✭Monty Burnz


    ei.sdraob wrote: »
    I think he means if it wasnt fixed what theoretically it be worth now?

    the answer is sweet-****-all:
    On the other hand, if we had the punt the banks wouldn't have been able to crash us into the mountainside.


  • #6
    ei.sdraob
    Closed Accounts Posts: 9,376 ✭✭✭ei.sdraob


    Monty Burnz wrote: »
    On the other hand, if we had the punt the banks wouldn't have been able to crash us into the mountainside.

    Just like Icelandic banks didn't crash into a mountainside ... .. hmm yes :rolleyes:

    The world was flooded (still is its just gone east) with cheap money slushing about we still would have made a mess of it except worse.


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


    back in the day it was worth 20/


  • #8
    later12
    Closed Accounts Posts: 11,299 ✭✭✭✭later12


    The value of the punt would immediately plummet if we took it on.

    Pegging it to the Euro would be futile, although there is some obscure sort of reasoning to pegging it with the £stg. I think it was Mervyn King who flew a kite on that a few months ago, anyone remember? Perhaps it was April 1st.

    Anyway, ultimately the issue is that if Ireland returned to the IR£, not only would it default (or default by default), it would also be disastrous for our trade in exports. If we stay in the euro and partially default on some debentures (which we will), then at least we still have the euro as a parachute.

    Another option would be a PIGS currency, or a splinter euro, which I still think remains a possibility.


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