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[Iceman]

The issue is that if they really have to pay before they leave the two payments would overlap. Basically they would have to pay 61 billions in two years instead of 36.



I could see the EU accepting that but the backlash would be insane

So is the idea that the UK has buy their exit, otherwise they are still expected to remit annual contributions until they can save up that 25bn?

 

[Condom]

Debt is used to lock you in

 

[Permanently A]

As an American, I can only express my heartfelt gratitude to the UK for giving us competition on having the most embarrassing politics.

 

[hawk2025]

The UK simply isn't able to pay 25 billion now, and never will be. So they'll take whatever they can get.

You'll see.

Maybe 10% is a bit low but they certainly will never ever get 25 billion. Ever.



They will try to broker some kind of favorable deal, no doubt. But what can they really do if 'the UK' simply says "sorry we don't have that kind of money".

Wait, you think the United Kingdom, of all places, will demand a haircut on its debt?

Are you serious right now?

 

[kmag]

Wait, you think the United Kingdom, of all places, will demand a haircut on its debt?

Are you serious right now?

The BOE just 'conjured up' £70 billion this morning*


*okay that is just basically debt guarantees which they expect to be able to get back but if they're taken up it's £70 billion of dosh which didn't exist before the BOE said it did.

 

[liquidtmd]

Hmm

Debtception!

Edit: Lol I got it too

Debt-ception-ception

 

[Plum]

Force each leave voter to contribute towards it, only fair. Raise their tax, lower their benefits until they've each paid the £2000~

You just know that if they do it they'll make remain voters pay because "Project Fear failed!" or something.

 

[PJV3]

As an American, I can only express my heartfelt gratitude to the UK for giving us competition on having the most embarrassing politics.

Yeah, it's a humbling sensation.
Are we the Florida or Texas of Europe? The hatred of expertise threw me big time.

 

[Ragnar Blackmane]

Wonder how pro-Union the Scots will be when their share of that bill comes their way.

 

[Dr.Acula]

The UK simply isn't able to pay 25 billion now, and never will be. So they'll take whatever they can get.

You'll see.

Maybe 10% is a bit low but they certainly will never ever get 25 billion. Ever.

The UK just recently settled their WWI bond debts.

http://www.cnbc.com/2015/03/09/uk-finally-finishes-paying-for-world-war-i.html

Government debt doesn't just fuck off like your aunt's bad mortgage.

 

[CrispyBoar]

Wow, & I thought that our country (the U.S.) was bad enough with debt...

You know, since they are a country and such, they can print 25 billion pounds. That way they can pay all debt. Hell they can print 200 Billions and pay all of it. Since they can print money, why don't do it?

I don't think it's that simple.

 

[eot]

It's not "retaliation", it's paying your debts.

The debt sure, there's a lot more to brexit than that.

 

[ElFly]

I doubt the UK has to pay its debt BEFORE leaving the EU

they will just say "ok we recognize we owe you 25 billions of euros as stuff we approved while in the EU" and stablish some payment schedule that satisfies both parties

 

[Starwolf_UK]

While this is one anonymous official is the general feeling in the EU really "the UK needs to pay otherwise; don't forget you're here forever"?

Given this kind of "debt" sounds more like pledges surely it is paid when it is needed and since there is likely to be some trade relationship with the EU (as Borige once wrote on his Torygraph blog it will have free movement for first class British citizens, points based system for rest of EU

Spoiler

good luck negotiating that one

) making this part of that contribution doesn't seem too absurd. Still given it could be variable that sounds lie a pain to budget.

 

[andythinkpad]

lol so instead of saving an imaginary 350 million a week, where having to pay back 25 billion.

The public are the ones that going to suffer to pay back for it, not the politicians.

25 billion is 350 million per week for 71 weeks. It's not as large a number as you think.

 

[Acorn]

People are wilfully ignoring we'll still be paying the eu after we leave for access to the single market and that won't be going down in price.

We lose the rebates that Thatcher got in the 80s.

 

[Chmpocalypse]

Well I'm sure a heavy discount can be negotiated! These politicians love to do deals.

Have to say the whole Brexit thing is wearing thin for me. My boss put it best which can be summed up thus: The decision has been made. Let's make it work.

Your boss is a thoughtless idiot.

 

[Lord Thrappleper The 49th]

I'm just watching everything burn and i cant help but laugh.

 

[Blastoise]

Just according to keikaku!

- Britain leaves EU
- Euro tanks
- Debt becomes lower

 

[pswii60]

lol so instead of saving an imaginary 350 million a week, where having to pay back 25 billion.

The public are the ones that going to suffer to pay back for it, not the politicians.

This debt exists in or outside the EU.

 

[Peter Ian Staker]

The British public had no problem telling Greece the same.

Will the British public accept that when it is applied to them? Doubt it.

 

[pswii60]

You know, since they are a country and such, they can print 25 billion pounds. That way they can pay all debt. Hell they can print 200 Billions and pay all of it. Since they can print money, why don't do it?

The UK just did that today but we like to call it 'quantitative easing' rather than merely printing money. But too much of that and the currency becomes worthless.

 

[SlipperyFishes]

You know, since they are a country and such, they can print 25 billion pounds. That way they can pay all debt. Hell they can print 200 Billions and pay all of it. Since they can print money, why don't do it?

Then you end with a currency like the Bolivar: http://www.bloomberg.com/news/artic...alls-through-1-000-per-dollar-in-black-market

 

[Kurtofan]

Hmm

Nice colors there

 

[NeOak]

Where are the proud leavers?

Seems those 350 million pounds "per week" will turn into actual real 350 million pounds per month in payments to the EU lol.

 

[Bleepey]

You could sell this to the Leave voters. Legit.

I know some leave voters who argued that it's still worth it for "Sovereignty". Idiots

 

[norinrad]

Well that sorted then, the UK has to stay in the EU now.

No they don't. The only countries moaning are the leeches who only take and not contribute anything. The northern countries got the UK's back. Germany is pretty screwed as they will be paying more now that the UK has pulled the trigger. That won't go down well in Germany either in the long run.

 

[Sohter.Nura]

I mean, the UK's GDP is US$2.67 trillion... surely $28 billion is not pocket change, but I'm gonna guess this is not THAT hard to find the money and scramble?

 

[Sakura]

Wouldn't the UK have this debt regardless of whether they are in the EU or not?

 

[Burai]

Wouldn't the UK have this debt regardless of whether they are in the EU or not?

Yes, but like a credit card debt, the bank doesn't care about your debt so long as you make minimum payments each month. You're engaged in the system and they are benefitting from your continued custom.

But if you decide you don't want the card any more, they will want that paid off in full immediately. If you refuse to pay then you default and the only way you'll ever get credit from anyone ever again is by paying a ridiculous rate of interest.

And, no, going to the bank and claiming greatness isn't going to change that, nor is saying "you need me to use your services in a way that harms your business more than I need you to supply me those services." Because that's not how banks/trade deals work.

 

[Masterspeed]

As a British citizen, seeing news like this every day makes me embarrassed to admit everyone in my family but me voted out and now every single one who did so, regrets it.

I wonder if cash for gold are still around...

EDIT: wow, that is beautiful ad placement.

 

[Joni]

But what can they really do if 'the UK' simply says "sorry we don't have that kind of money".

Overseas assets could be seized, new loans would come under scrutiny, credit rating would be lowered.

 

[Bold One]

The greatest political own-goal in modern history?

yeah

 

[Deleted member 1235]

This Brexit shit is going to cost a fortune and we will probably need 10 years of austerity to pay off the bill.

Haaaahahahaha.

Nice job to the 52% of the voters that did not understand the obvious and massive implications of trying to disentangle for a massive global integration and thought 'lol no browns and we'll be rich' and/or 'take dis government, protest vote!'

 

[Ucchedavāda]

Overseas assets could be seized, new loans would come under scrutiny, credit rating would be lowered.

Not to mention that the UK still needs some sort of non-WTO access to the EU market, as well as banking passports for its financial sector, in order to avoid cratering its economy. Starting negotiations by threatening to default on your debt is probably not a particular productive move.

 

[nickcv]

Not to mention that the UK still needs some sort of non-WTO access to the EU market, as well as banking passports for its financial sector, in order to avoid cratering its economy. Starting negotiations by threatening to default on your debt is probably not a particular productive move.

Honestly I am not counting too much on getting that financial passport

 

[Zalman]

What a mess this continues to be.

 

[watershed]

Holy moly why is the UK's share of EU debt so large?

 

[Plasma]

We can just pay it off with the imaginery £350m a week we save from not being in the EU.

Ugh I despise leave voters not an ounce of common sense between them.

 

[Mr Swine]

Heh no wonder why nigel and boris left after Brexit won

 

[MarkMclovin]

Can someone explain in simple terms how we got in the debt in the first place?

I thought all countries paid in each year? Were we supposed to pay more in each time?

 

[CyclopsRock]

Can someone explain in simple terms how we got in the debt in the first place?

I thought all countries paid in each year? Were we supposed to pay more in each time?

It's when the EU makes laws that mandate certain spending but it wasn't budgeted for.

 

[GrizzleBoy]

UK:
WE WANT OUR SOVERIGNTY BACK!

EU:
GIVE US BILLIONS OF POUND SOVERIGN BACK!

 

[Xando]

Wait, you think the United Kingdom, of all places, will demand a haircut on its debt?

Are you serious right now?

Lol can you imagine Greece if the UK gets a haircut

 

[T-Rex.]

Giving the idiots in this country a vote on such an important issue, without even implementing a % threshold, sure was a good idea.

 

[Lime]

Whats David Cameron up to?

 

[nekkid]

25 billion is 350 million per week for 71 weeks. It's not as large a number as you think.

So on the 72nd week we're going to put all that back into the NHS?

 

[Linkstrikesback]

I wonder if cash for gold are still around...

Doesn't matter, uk sold off most (all?) It's gold at rock bottom prices a few years back.

 

[Tecnniqe]

25 billion is 350 million per week for 71 weeks. It's not as large a number as you think.

And that's just the start innit.


This whole thing is such a weird thing to watch go down. It's like cartoon level.

 

[Tuffty]

I posted about this on twitter and a pro-Leave friend of mine told me not to believe everything I read. It's the equivalent of putting fingers in your ears saying LA LA LA LA LA I CAN'T HEAR YOU.