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No, it was not similar to the UK as in Ireland they were thriving with sub-prime mortgages - and we learnt about these the hard way too!  I remember the 17% interest rates very well indeed! I had a few sleepless nights thanks to these.  But this level of interest rates happened in the UK a long time before the 2008 financial crisis.But, my previous replies related solely to the austerity measures instituted by the EU to those countries that really did behave very irresponsibly from a financial point of view.There again, I always maintained that those countries would never acquire the northern European mentality - neither would it happen the other way round.But, let us fast forward to today and there are so many issues that have been (wilfully?) overlooked by successive Conservative governments. The NHS is the first that comes to mind without forgetting education, transport among others.The EU has many faults, as many as our governments have had and continue to have, perhaps we have many more but chose to turn a blind eye?  But the UK, as a founding Member State, happily overlooked these "shortcomings" when it should have been influencing decisions to rectify them.The CAP, by the way, benefitted so many UK farmers enormously, mainly wealthy ones!Austerity has always burdened those who can least afford it.  And, regrettably, will continue to do so.In the meantime, the Rees-Moggs of the UK will continue to have offshore accounts, live the life of Riley, as well as telling all those low-income families they are in that position because they do not know how to cook!!!!  ????As far as austerity and PIGS are concerned, I am afraid the latter cannot all themselves victims.  Bur it is true to say that the EU gave handouts left, right and centre but never monitored what was happening with them.  I am afraid it is true to say that all of them should have been treated like school children learning how to add and subtract.  And the EU needed parenting lessons too.

Ivonne Holliday ● 1897d

Yes Yvonne - very similar to the UK. Overheated housing market, very low interest rates, too much credit, increase in population, not enough controls/risk management etc plus other factors. But that's a long from your previous statement, which may be an example but under states the extent of the cause.If the UK property market collapses it will be like saying it was due to the gated development like at Nine Elms. Ignoring the high level of personal debt and the fact that nationally a lot of mortgage payers are unlikely to absorb even a modest increase in interest rates.Fortunately the UK could print it's way out and devalue but that is because it has its own currency. Things would be different if we were in the Euro. Some of us still remember the ERM and interest rates 17% etc.The UK has not addressed any of the underlined issues above I should add after 10 years of Conservative government. I mention this for two reasons, the first being that we are in pretty bad shape if such a collapse were to happen - the second being it is pretty damn hard to get out of a financial crises when you apply austerity measures - the 1920 US model seems to have been proven correct.Regarding EU subsidies - the CAP, perceived corruptions and the fact that EU accounts have not been signed of for decades are some of the arguments that Brexiteers make. But the issue with austerity is that the burden falls on those who can least  afford it. I think there have been a few criminal cases in Ireland concerning the crisis but on the whole like the UK & EU these tend to be the exception.

Ed Robinson ● 1897d

Thank you for your revealing response Paul.I gather that you voted to Leave because of your intense dislike of the Commission (which, by the way, uses the UK's system for electing office holders prior to Ian Duncan Smith's amendments - truly undemocratic!) - but I would like to think not a dislike of Europe.  Needless to say, UK's economy did not come into your equation at all, neither did possible benefits (or otherwise) of leaving.You say that it is too soon to begin to decide on the benefits - or lack of them - from leaving as this will happen over the long term.  Well, Rees Mogg said 50 years, did he not?Unlike your statement that hardly any business has left the UK for the EU, the City of London aka the cockpit of UK's economy, has lost its ground as financial centre of the EU to Amsterdam. But, of course, that is irrelevant.And, by the way, the EU are not trying too hard to make our trade with them as difficult as possible; our government has done so unilaterally by deciding on a hard Brexit.So, returning to the subject matter, it seems to me that the problem with fishermen does not bother you much.  The fact that fish exporting firms are closing down and fishing boats are staying in port is neither here nor there.  Please bear in mind that we were told that fisheries was the sticking point in Brexit negotiations. But Rees Mogg was right, we have very happy British fish!  They are having a lovely time swimming in British waters, flying the flag and singing Rule Britannia as they are not being fished - until the continental boat arrive, that is.Well done!And no, I am not frustrated with Brexit.  Because of course, the oven ready deal was magnificent in your view and there are, without a shadow of a doubt, no tariffs in our trade with the EU neither are there any barriers whatsoever in trade with them.  Just as it was always promised!

Ivonne Holliday ● 1899d