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The following article was published in our article directory on December 29, 2010.
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Europe Most Worried About Ireland Will Default

Article Category: Business

Author Name: xia zihui

Europe is most worried about is stuck in sovereign debt crises in Ireland, eventually will Repudiation?

Big Brother Germany and other euro zone countries have already said that for countries such as Ireland, the debt crisis, they will not sit without help, will pull out his hand to a brother. Indeed, the large amount of relief funds already in place. But Germany and other countries only emergency relief is not caring for the sick, Ireland is still not good. Some people even believe that sooner or later, to breach Ireland. Government of Ireland in 2010 the deficit will reach the year 32% of the gross domestic product. 200 euros per person per year is also assumed to also 200 years. In so doing, I'm afraid sooner or later to deadbeat Ireland - the jargon is "default." Also is the default state debts, the state can not be bankrupt, because creditors can not go to auction a property of the state. U.S. dollars disguised by default, the whole world what to do.

Wise Old Man said some of the West, and since sooner or later are to be liquidated long as short-term pain pain, why not do today to debt restructuring? Some people have counted out the account, saying that if the preferred creditor to bear the loss of 18 billion euros, Ireland has 15 billion euros to less debt. You can also save money on economic development, is it best of both worlds thing? Debt, and the Irish nature is willing. Only Ireland and other countries consider the flesh to make secondary creditors, priority creditors, but not called flesh. Irish fear of their own after default, then think through the issuance of bonds in international markets, financing costs will be substantially increased. Investors are bound to wild speculations, this benefit will be greatly increased. Argentina's default of the year because fund-raising in the international market is difficult, but Argentina also survive. 1998 and 2002, Russia and Argentina have been Repudiation, the offender had some, but not all survived it?

Of course, the Irish dare to breach of contract, had to consider the international implications. International Monetary Fund, a report out of the title is "advanced economies today, the default is not necessary, desirable, and are less likely." Eurozone Greece, Ireland, Spain and Portugal, the sovereign debt owed, up to about 2 trillion euros, while the creditors are mostly German, French and British banks. Germany and other countries maintain their own bank for consideration, naturally want to see Ireland and other countries breach of contract. By the International Monetary Fund, dominated by the United States and European countries, but also the bankers from the European countries as the number one, is of the International Monetary Fund to take orders from the European powers.

So saving lives, Correctional Services, after the former Mi do? German Chancellor Angela Merkel is the meaning. But the market does not agree, so Angela Merkel had to retreat. Ireland's share of muddy water which is really bad times. Unless it is for political reasons, or in other ways you can exchange for economic benefits, otherwise, no one wants to help at this time about Ireland.

The global financial crisis highlights the two major problems: First, default or not default? The second is whether the nationalization? Breach of contract by the U.S. dollar in disguise, but adamantly refused to nationalization. U.S. government can give money to Wall Street, but the firm do not want to take over or control of Wall Street banks, and even senior officials do not want to limit the high Wall Street salaries and bonuses. However, the practice of European countries is slightly different. Britain took over the troubled bank and limit pay bank officials. Ireland is also following this path. Irish government will invest 6.8 billion U.S. dollars, into the Irish League of problem banks. Irish government is limiting the income of bank executives. AIB Bank executives had planned to release 4000000000000000 euros in prize money, but was rejected by the government; AIB Bank accepted the Government's assistance payment of 3.5 billion euros (4.7 billion combined), natural to be convergence.

Looking around the world, took the money of taxpayers money paid as usual, only the Wall Street banks can. Taxpayer money to rescue banks, but they do not restrict bank executive pay, and only the U.S. government can work it out. If you choose the wisdom of sovereign default is inconclusive, then the government took over troubled banks, may be a right choice.

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