I think we could/should be able to get a better player the M-GP abroad for the same sort of money, as for left back if we've got this kitty i think a £10mil + maybe a player lee? for bridge would be our best bet. Whenever he plays for chelsea he looks amazing, and much better then cole atm, he can't be content playing 2nd to cole in national football let alone club football. This would certainly be better then going for Bale, unproven at premiership and possibly a transfer bid war, which wouldn't happen with bridge.
There are quite a few good LM/LW out in europe, and we should go after them before looking homewards. Perhaps from Portugal/Netherlands/Germany champions league sides. Personally i'd love to see some Argentinian/Brazilian talent brought in, my dad constantly goes on about the days of Ardilles, want to know what all the fuss was about heh!
I really don't think you'll see Riise moving, esipicially not for the low amounts being talked about here. He's a real favourate at Liverpool, for his LM-LB capabilities, talking to liverpool fans he's one of their core players