Scotsman cartoon 19/09: Independence and oil
An economic think-tank suggested an independent Scotland could offer an “oil for debt” swap in order to write down the £153 billion debt burden it would inherit if Scots voted to leave the UK in next year’s referendum.
The report suggested a novel way of dealing with the debt. It said an “oil for debt swap” – where the oil revenues would pass over to the UK in exchange for a large write down of the debt that Scotland would otherwise assume – would greatly reduce the economic risks of independence.