What will happen if Ireland is Kicked out of Europe

hinault

TheCandystripes wrote: »

Yes but the elites for some reason want to isolate Ireland from Europe. I'd love to get to bottom of that.

What elites, ?

TheCandystripes

Irish elites

thebman

TheCandystripes wrote: »

Irish elites

Not really they only point to the US because they think its the Irish persons dream as it was when everyone was emigrating there.

They don't give a fook and will lick anyones arse to stay in power.

onedoubleo

If we were to be kicked out of the eurozone its fairly obvious what would happen.

1. Crisis - Everyone "running" the country will spend 6 months arguing with each other over whose fault it is in the first place. X did this but Y didnt do that etc.
2. New Currency - Punt would come back probably tied to the euro(maybe pound) within some ridiculous ratio that would mean its basically the euro in disguise.
3. Our debt would rise because even though it would be tied to the euro the risk associated with them would increase 10 fold.
4. 5 Years or so and we will have artificially inflated some sector making our economy seem good and be allowed back in the euro.

What should happen is that we get a new currency and tie it to some form of gold like standard i.e Energy exporting. Focus on generating whatever we tie it to then hope than in 5-10 years after doing whatever needs to be done hope that we have a strong currency that wouldnt need the support of the euro(dreaming is nice )

Boskowski

bobbiw wrote: »

The issue is that Ireland is in the most catastropic state of all the European countries even behind greece and it going to need massive bailouts to keep it afloat in the coming years.

That's a very strange assumption I don't agree with at all.

What would you describe as a 'bailout'? A charity package in the form of a present? Or massive loans?

The former is not going to happen ever. We just have to get our act together and assume responsibility for our reckless finances and our inability to actually steer the country with some sort of competence and vision.

The latter is already happening on a large scale otherwise we wouldn't be able to still pay our public servants and our welfare receivers. The ECB already provides the means for a relatively soft landing allowing us to stretch the coming back to reality over several years. But it won't be for free and it still means we will have to get our act together.

Nobody will bail us out. If we don't sort ourselves out the ECB will do it for us and it won't be pleasant. But there'll be no more presents.

View

strathspey wrote: »

You'de better believe there is. Each country's Euro bank notes have a designated serial number, specifically so that in the eventuality that a country did leave the Euro, that country's bank notes could be quickly taken out of circulation. Ireland's bank notes are designated with a 'T' and Germany's are designated with a 'X'. It is even rumoured that some German citizens are refusing to accept bank notes from any of the PIIGS countries, as they are affectionatly called.

To clarify my comment - the member states have signed up to use the Euro. There is no legal mechanism in the EU Treaties that allow a member state to voluntarily cease using the Euro much less to have a member state kicked out of the Eurozone. That's right, none. And nobody is going to rush to re-write them over this.

thebman

strathspey wrote: »

You'de better believe there is. Each country's Euro bank notes have a designated serial number, specifically so that in the eventuality that a country did leave the Euro, that country's bank notes could be quickly taken out of circulation. Ireland's bank notes are designated with a 'T' and Germany's are designated with a 'X'. It is even rumoured that some German citizens are refusing to accept bank notes from any of the PIIGS countries, as they are affectionatly called.

I don't think thats the reason thats there.

Probably to make it so they can detect fraud easier and because (if what another poster said was correct) each central bank in each country makes the euros for that country and so they would have to have designated serial numbers or we'd end up with duplication at some point of the serial numbers.

Dannyboy83

strathspey wrote: »

You'de better believe there is. Each country's Euro bank notes have a designated serial number, specifically so that in the eventuality that a country did leave the Euro, that country's bank notes could be quickly taken out of circulation. Ireland's bank notes are designated with a 'T' and Germany's are designated with a 'X'. It is even rumoured that some German citizens are refusing to accept bank notes from any of the PIIGS countries, as they are affectionatly called.

I never knew that before, thanks.

Here is the table (burn the greek ones!:D):
http://en.wikipedia.org/wiki/Euro_banknotes#Serial_number
http://en.wikipedia.org/wiki/Euro_banknotes#Printing_works


Code|In English|In Official Languages|Checksum
Z|Belgium |België/Belgique/Belgien| 9
Y|Greece |Ελλάδα [Ellada] |1
X| Germany |Deutschland |2
(W)| (Denmark)| Danmark |(3)
V |Spain |España |4
U| France |France |5
T| Ireland |Éire/Ireland |6
S| Italy |Italia |7
(R)| (Luxembourg) |Luxembourg/Luxemburg/Lëtzebuerg |(8)
(Q)| Not used
P| Netherlands |Nederland |1
(O)| Not used
N| Austria |Österreich |3
M| Portugal |Portugal 4
L| Finland |Suomi/Finland |5
(K)| (Sweden) |Sverige |(6)
(J)| (United Kingdom) |United Kingdom |(7)
(I)| Not used
H| Slovenia |Slovenija| 9
G| Cyprus |Κύπρος [Kypros]/Kıbrıs| 1
F| Malta |Malta| 2
E| Slovakia |Slovensko| 3

Count Dooku

seclachi wrote: »

They`ll never do it, all it will cause is a run on the banks and for them to collapse, making it even worse.

Banks will collapse without nationalization anyway

SkepticOne

realcam wrote: »

What would you describe as a 'bailout'? A charity package in the form of a present? Or massive loans?

Most likely a number of countries in the Euro-zone would come together and tailor a rescue package in the form of a loan with austerity conditions attached. This is something the ECB can't do. It would happen with Greece first. There would have to be some sort of treaty to enable it.

Scofflaw

thebman wrote: »

I don't think thats the reason thats there.

Probably to make it so they can detect fraud easier and because (if what another poster said was correct) each central bank in each country makes the euros for that country and so they would have to have designated serial numbers or we'd end up with duplication at some point of the serial numbers.

It's probably the easiest way of ensuring non-duplication.

Here is the table (burn the greek ones!):

A Greek euro is a euro - even if Greece left, the note is still a euro note.

cordially,
Scofflaw

billy the squid

bobbiw wrote: »

It was noted today in the independent that there has been calls for Ireland and Greece to be removed from the euro zone because of the worse economic situation they find themselves in.

What will happen if Ireland is kicked out, bear in mind that I would say there would be about a 99% chance that would have happened if Lisbon wasnt agreed to.

So does Ireland go back to the stone age with no european support and would it go back to punts?

Before lisbon there were no rules on countries leaving the EU, so your belief that we would have been kicked out had we voted no is misguided.

murphaph

If anyone wants to trade their Greek and Irish notes 2:1 for my German ones I'll happily oblige

recedite

billy the squid wrote: »

Before lisbon there were no rules on countries leaving the EU, so your belief that we would have been kicked out had we voted no is misguided.

The other countries could have gone ahead with some kind of two speed EU arrangement.
Like in the movies when all the soldiers are lined up on parade and the sergeant major calls out for a "volunteer" to step forward. Everyone else steps back one pace

Call it the New Schengen EU or whatever.
We are left in the old EU with maybe the UK for company.

seclachi

Dannyboy83 wrote: »

I never knew that before, thanks.

Here is the table (burn the greek ones!:D):
http://en.wikipedia.org/wiki/Euro_banknotes#Serial_number
http://en.wikipedia.org/wiki/Euro_banknotes#Printing_works


Code|In English|In Official Languages|Checksum
Z|Belgium |België/Belgique/Belgien| 9
Y|Greece |Ελλάδα [Ellada] |1
X| Germany |Deutschland |2
(W)| (Denmark)| Danmark |(3)
V |Spain |España |4
U| France |France |5
T| Ireland |Éire/Ireland |6
S| Italy |Italia |7
(R)| (Luxembourg) |Luxembourg/Luxemburg/Lëtzebuerg |(8)
(Q)| Not used
P| Netherlands |Nederland |1
(O)| Not used
N| Austria |Österreich |3
M| Portugal |Portugal 4
L| Finland |Suomi/Finland |5
(K)| (Sweden) |Sverige |(6)
(J)| (United Kingdom) |United Kingdom |(7)
(I)| Not used
H| Slovenia |Slovenija| 9
G| Cyprus |Κύπρος [Kypros]/Kıbrıs| 1
F| Malta |Malta| 2
E| Slovakia |Slovensko| 3

Interesting, thanks !

I dont think it can be used as a mechanism for annulling a country's euros though, how many people will check the serial number on a note the accept in a shop ?

Dannyboy83

Of course not, I was just joking.
As Scofflaw said, a Euro is a Euro.

AFAIK, in the UK, they have to accept Scottish Notes in England, same difference.

T-Square

brianthebard wrote: »

#


There would be a 100% chance that such a thing would have been impossible if Lisbon hadn't been passed.

Quite possibly the most poorly formed sentence posted today.

Lemming

Dannyboy83 wrote: »

Of course not, I was just joking.
As Scofflaw said, a Euro is a Euro.

AFAIK, in the UK, they have to accept Scottish Notes in England, same difference.

I have actually encountered people looking twice at a sterling note when it doesn't say "Bank of England" in England; this would include Bank of Scotland and Bank of Ireland sterling notes. You then have to explain to them that yes it's still sterling and could read "Bank of Tatooine" and still be sterling.

Relatives (Scottish) have had similar experiences on occasion when in England, so it's not a one-off that I experienced.

slimjimmc

Lemming wrote: »

I have actually encountered people looking twice at a sterling note when it doesn't say "Bank of England" in England; this would include Bank of Scotland and Bank of Ireland sterling notes. You then have to explain to them that yes it's still sterling and could read "Bank of Tatooine" and still be sterling.

Relatives (Scottish) have had similar experiences on occasion when in England, so it's not a one-off that I experienced.

I don't think the Bank of Tatooine is included, but yeah, there are a lot of banks allowed to print Sterling, it's no wonder people get suspicious when they see an unfamiliar note.
http://en.wikipedia.org/wiki/Banknotes_of_the_pound_sterling

SeanW

With a sig like mine, I was always going to respond to this!

strathspey wrote: »

It is even rumoured that some German citizens are refusing to accept bank notes from any of the PIIGS countries, as they are affectionatly called.

Somehow I doubt that very strongly, but whilst on the topic, who are the "PIIGS" Countries?

murphaph wrote: »

Lol, sitting here in Berlin I just opened my wallet. In it I have a 50, 20, 10 and a 5 Euro note. Only the fiver is German (X). The others come from U and V, wherever they are! This sounds like a classic urban myth. The Germans aren't an irrational bunch of twits and know well that each note will behonoured regardless of what serial number prefix is on it.

Well, that's strange, because out here, I get X (German) notes with almost the same frequency as I get T (Irish) notes. And that includes notes that are newly printed, out of ATMs and whatnot.

leeroybrown

Dannyboy83 wrote: »

AFAIK, in the UK, they have to accept Scottish Notes in England, same difference.

If you read the link provided two posts up you'll see that despite commonly being accepted Scottish and Northern Sterling are actually 'promissory notes' and can actually be refused by the recipient as they're not legal tender. Conversely, all Euro notes and coinage from any of the Eurozone countries are legal tender regardless of the country of origin.