Irish the Most Indebted Per Capita in the World

**C. Flower** · 21-06-2011, 01:14 PM

Among the interesting charts here in Ciaran O'Hagan's article for December this year, is one that shows Ireland as probably the most indebted state per capita globally, by quite a bit. This is not including bonds. I've heard this said before, but not found a source for it.

It makes sense, as Ireland went through a period of apparently being very credit worthy with AAA ratings, full employment, high wages and a property boom which lured many people into taking out multiple "investment" mortgages and loans. Also, a lot of very large new cars about the place, and people who spent 20,000 euro plus on weddings.

The implications of that chart is that any significant interest rate increase would vaporise the finances of many households and finish off the banks and anyone else owed money by Irish people.

There can be no conventional solution to this.

**Holly** · 21-06-2011, 01:25 PM

Neither a borrower nor a lender be.
Hamlet I:3

**C. Flower** · 21-06-2011, 01:56 PM

Originally Posted by Holly

Neither a borrower nor a lender be.
Hamlet I:3

And look what happened to him...

**Holly** · 21-06-2011, 02:16 PM

Originally Posted by C. Flower

And look what happened to him...

Good advice can be offered but equally it can be ignored.
How much better off we would be as a country if neither people nor governments lived beyond their means.
Trying desperately to get back to international moneylenders instead of paying our own way should make any government blush.

**Sam Lord** · 21-06-2011, 02:23 PM

Originally Posted by C. Flower

And look what happened to him...

It was nothing to do with Hamlet really. The advice in the play was offered by Polonius to his son Laertes.

And I would suggest to Holly that it is not a good idea to quote Polonius as he comes across in the play as a bit of a senile old fool.

**Holly** · 21-06-2011, 02:26 PM

Originally Posted by Sam Lord

....

And I would suggest to Holly that it is not a good idea to quote Polonius as he comes across in the play as a bit of a senile old fool.

Oh and there I was thinking I had quoted Shakespeare.

**Captain Con O'Sullivan** · 21-06-2011, 02:26 PM

I wonder has an entire community ever filed for bankruptcy on the same day. It would be some gas and some campaign if everyone in Ireland did that on National Bankruptcy Day.

You'd wonder what the implications would be as there would be plenty of work for administrators straight away and a huge backlog of paperwork.

The courts would seize up more or less and of course there'd be no stigma if everyone went bust on the same day.

'Passport to Pimlico' Irish stylee.

**Sam Lord** · 21-06-2011, 02:28 PM

Originally Posted by Holly

Oh and there I was thinking I had quoted Shakespeare.

You had indeed. But it wasn't a personal opinion Shakespeare offered in passing conversation. it was words he put into the mouth of a certain character.

**Iolo** · 21-06-2011, 02:29 PM

Originally Posted by Captain Con O'Sullivan

I wonder has an entire community ever filed for bankruptcy on the same day. It would be some gas and some campaign if everyone in Ireland did that on National Bankruptcy Day.

You'd wonder what the implications would be as there would be plenty of work for administrators straight away and a huge backlog of paperwork.

The courts would seize up more or less and of course there'd be no stigma if everyone went bust on the same day.

'Passport to Pimlico' Irish stylee.

Brilliant plan. Perhaps we could do it over here and get rid of Cameron and Co. while we're at it?

**jinnyjoe** · 21-06-2011, 07:10 PM

The one thing the Celtic Tiger thought us was "easy money" and for some people it is very hard to let go of this ethos. When my other half was made redundant two years ago, the first thing we did was pay of the credit card and car loan and then cut up and burn same credit card. Some people find this very hard to do... A work colleague recently said to me that she really needs her credit card, I asked her why, she said if her husband (who is out of work needed anything at least he had the credit card to pay for it, small items she meant) she pays it off at the end of every month so what's the problem? So what's the problem then using your laser card??? If it's all paid within the one month??? Credit cards are a curse if you don't have substantial income to pay for them. The only people gaining from them in the long term is the credit card company.

It's lovely to have nice things, buts it's a very harsh reality paying for them when you don't have the dosh!!

**TotalMayhem** · 21-06-2011, 07:36 PM

... and yet we are still the third richest country in Europe (according to EuroStat), only topped by Luxembourg and the Netherlands.

**Holly** · 21-06-2011, 07:52 PM

Originally Posted by TotalMayhem

... and yet we are still the third richest country in Europe (according to EuroStat), only topped by Luxembourg and the Netherlands.

This statistic is based on Gross Domestic Product (GDP) which refers to the market value of all final goods and services produced in a country, a measure of total national economic activity— a quite separate concept from a measure of standard of living.
Ireland has had a phenomenal amount of bogus economic activity from which the people (as distinct from bankers and politicians and lawyers, etc.) gained nothing but personal debt.