Former UK PM Says Independent Scotland Would be an Outcast

Former prime minister Gordon Brown has said an independent Scotland would become “an international outcast” if it refused to accept a share of UK debt.

In a speech in Coatbridge on Monday night, Mr Brown said refusing to take on debt would be considered as a “default”.

He said this would push up interest rates and the cost of borrowing.

The SNP says Scotland cannot be liable for a debt the UK government has accepted full responsibility for.

In the first of a series of speeches Gordon Brown is to make across Scotland, he described defaulting on debt as a “road to ruin” and said even Zimbabwe was honouring its international debt commitments.

He went on to say “we are an interdependent world” and called on Scottish people to “build on something we have built over the last century” naming “Scottish ideas, Scottish leaders” as having helped shape the UK.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza