What happens if our country goes Bankrupt?

chriz1000

Ok when an individual goes Bankrupt we all know what happens, you hand over your assets to the administration company, they then get auctioned off to the highest bidder. You then default on the rest of your debt and it’s wiped out. You then find it difficult to get credit for several years.
What would happen if Britain was to go Bankrupt? Would we all simply pay our personal debts to the administrators whoever they may be? Would we be forced to hand over all our assets to other countries to pay off debt, which seems fairly unlikely!? Or would all our debt just be wiped out and our country down rated, and find it very hard to get international credit for many years?

amcluesent

The Argentinian Default is a good model of what'll happen in Brown's broken Britain.

Really2

You get statory redunancy for up to 12 weeks and have to sign on to a new country or find another one to work for.

StevieJ

You send cheap clothes to the USA to help their pensioners.

chriz1000

hmmm I've been looking it up and didnt like the sound of the answers...

1) The stock market will crash and credit will seize
2) All financial institutions will fail
3) All government funded programs will end (such as NHS, defence, police, education, infrastructure support like roads, utilities etc)
4) Business will close and jobs will be lost
5) There will be mass rioting (and no police to stop the rioters or fire fighters to fight the fire)
6) Everyone will start killing each other for food
7) The rich will buy the country and turn a democracy into a dictatorship

emma_jane1987

Your answer Chriz1000 is not very positive lol

Really2

chriz1000 wrote: »

hmmm I've been looking it up and didnt like the sound of the answers...

1) The stock market will crash and credit will seize
2) All financial institutions will fail
3) All government funded programs will end (such as NHS, defence, police, education, infrastructure support like roads, utilities etc)
4) Business will close and jobs will be lost
5) There will be mass rioting (and no police to stop the rioters or fire fighters to fight the fire)
6) Everyone will start killing each other for food
7) The rich will buy the country and turn a democracy into a dictatorship

Are they compulsory?
I dont fancy killing somone for food (I don't eat human at the moment)
Can't I kill a cow instead?

Broken_hearted

Really2 wrote: »

Are they compulsory?
I dont fancy killing somone for food (I don't eat human at the moment)

I could list a few surplus to requirements might as well put them to use:beer:

fermi

What happens if our country goes Bankrupt?

Broken hearted wouldn't approve.

:hello:

Sir_Humphrey

Even taking into account PFI debts, the national debt is lower than most other large economies. The country is not near bankruptcy. The only thing that could lead to such a default would be if if the banks were in too much trouble to be saved (like Iceland). If that were the case (very unlikely IMO), the UK would be f**ked even no matter what Brown did or did not do.

amcluesent

It's ironic that we'll look back on January 2009 as the 'good old days'

Kiddies will soon asking "what was the NHS?", "did you really get handouts for doing nothing?", "why didn't you execute the hoarders?", "what's in Soylent Green wafers?"