What happens if Ireland rejects EU bailout and defaults on debt?

I've read various threads about the 14th or 15th of November being significant dates, and I wonder if this type of event is going to be the trigger point? Although I expect Ireland will probably accept a bailout package, which would only be a temporary fix.

Ireland told: Take EU bailout or trigger crisis

www.guardian.co.uk...

Dublin warned it has 24 hours to make decision as EU emergency talks loom amid fears Irish banks' contagion may spread to other eurozone countries.

Portugal, Spain, the European Central Bank and opposition parties all urged Brian Cowen's coalition government to remove the threat of a second crisis in six months by putting a firewall between Ireland and its partners in the 16-nation single currency.

"The Irish problem is spreading, but it could get more volatile," said Ashok Shah, chief investment officer at London Capital, a fund management firm. "They have to get this bailout, they have a period of time before it gets impossible, before nasty things happen. The longer they leave it, the more difficult it will get."

Portugal has seen its borrowing costs rocket along with Ireland's as speculation has grown that it too may have to consider a bailout. Its finance minister, Fernando Teixeira dos Santos, told the Wall Street Journal his country had been hit by a contagion effect caused by fears about Ireland's ability to pay its debts.

Cowen Says Ireland to Discuss Banks With EU Tomorrow

Prime Minister Brian Cowen signaled that his government will discuss measures to help the Irish banking system with European finance ministers tomorrow as he resists pressure to ask for a bailout of the country’s finances.

“We have to discuss these matters with partners as to how best to underpin financial and banking stability within the euro area,” Cowen said in an interview with Irish broadcaster RTE in Dublin today. Cowen stressed the government is making no aid application “for the funding of the state” and said he doesn’t expect any concrete agreement to come out of tomorrow’s talks.

As European officials push Ireland to request aid, Cowen’s language marks a shift from last week, when the government said there were no talks underway with European authorities. While the government still says it has enough cash to last it until mid-2011, Justice Minister Dermot Ahern said today the country’s cash-strapped lenders “have issues” and contacts with the European Central Bank and the European Commission are “ongoing.”

Ireland Doesn't Want EU Bailout

Ireland is fighting back against the 77 billion Euro bailout package, for fear the country will lose autonomy.

Finally, someone gets it. The magic word is autonomy. You give up autonomy, among other freedoms, by becoming a slave of debt to those that caused the circumstances in the first place.

I think GB should take a serious look at Ireland's ethics here when considering the "handout" by Foundation X.

Funny how ireland fought for autonomy from uk rule and now they will give it up to europe. Really they have no choice but to accept eu help, as eu helped them build up in first place.

I just think so many irish people who dreamt of a free ireland will be rolling in there graves after fighting the english for so long, and now it comes to this.

But ireland has no choice really. What other options does it have.

Its how the anglo american empire has destroyed so many a country so they can take it over by proxy.

At teh end of the day one europe is where we are going, and i see no reason why ireland should not accept, as its too late to back out and irelands fate was sealed long time ago.

Sad state of affairs it is. I wish them well.
Just keep the Guiness coming.

Originally posted by andy1033
At teh end of the day one europe is where we are going, and i see no reason why ireland should not accept, as its too late to back out and irelands fate was sealed long time ago.

I'm going to have to disagree. Ever since the first bailout in the US, Bernanke has been an advocate of not saying exactly which firms received the bailout. Those firms that were discovered to get the bailout used the money to "cover up" or hedge unethical investments.

It is a known fact that AFTER the bailouts occurred, the prices for commodities like Gold, Silver, Oil and the US dollar were being manipulated by the SAME firms that received the bailout. Get the picture? The bailout monies are then funneled OUT OF the country!

If Ireland goes through with this bailout, it will loose its autonomy to the very system that's sucking them dry.

Originally posted by CodeRed3D
If Ireland goes through with this bailout, it will loose its autonomy to the very system that sucking them dry.

What i am saying is the game is over for ireland already. I know what your saying, but ireland autonomy is gone forever already.

Did you know ireland before, eu started spending loads in there to build it up, like portugal. Both countries where really poor, and basic farming was very important to lifes there,a nd that was just 20 years back.

Once ireland took the pot of gold it spent already it was gone forever, and all those dreams of ireland being free with it. Ireland has been taken over by proxy and they took there pot of gold, and now its gone.

Do you really think ireland could exist now without europe? No way, and irish people would not accpet irish gov doing such a thing. They have had it good for too long now, with eu building them up.

Originally posted by andy1033
Do you really think ireland could exist now without europe? No way, and irish people would not accpet irish gov doing such a thing. They have had it good for too long now, with eu building them up.

Ok, I'll star that! That's exactly what's happened in America. The US is owned by the Federal Reserve and has been since the 1970's. In reality, people's freedoms are here are only a facade to keep us in submission.

This sucks for Ireland... I guess we are seeing the same process that led to the second vote.. keeping on the same line of attack until the crack.. tho I doubt Cameron will pay any attention as he seems much more of a Europhile..

All in all I wish the Irish people all the best and hope they find a way out of the mess they are in..

Originally posted by thoughtsfull
This sucks for Ireland... I guess we are seeing the same process that led to the second vote.. keeping on the same line of attack until the crack.. tho I doubt Cameron will pay any attention as he seems much more of a Europhile..

All in all I wish the Irish people all the best and hope they find a way out of the mess they are in..

they should just do what iceland did...lock up some bankers and default on their debts..it will be hard..and the EU will terrorize them for years..but it would be worth it..

Where oh where have we heard this line used before? That's right, in the US right when the bank bailout was being demanded.

I support Dublin fully and hope that they reject this offer. Talk about being blackmailed into debt!

What occured in Iceland, Greece and England will occur here!