Tag Archives: Austerity

Europe’s lost generation: Young, educated and unemployed

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“Youth unemployment in the eurozone has been stuck between 19% to 25% for the past eight years. In Spain and Greece, it’s north of 40%.  The bleak numbers underscore the uphill battle many young Europeans face in finding jobs that match their aspirations and education.  Legions of young people have grown frustrated. Many are still living at home, while others have left their families and moved to new countries in search of work.”

Read more: http://money.cnn.com/2017/04/13/news/economy/europe-youth-unemployment-france/index.html

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Japanese debt-slavery: more dropping dead from overwork

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“Japanese employees work significantly longer hours than their counterparts in the US, Britain and other developed countries. Japan’s employees used, on average, only 8.8 days of their annual leave in 2015, less than half their allowance, according to the health ministry. That compares with 100% in Hong Kong and 78% in Singapore.”

Read more: https://www.theguardian.com/world/2017/oct/05/japanese-woman-dies-overwork-159-hours-overtime

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The War On Cash Ratchets Up In Greece With “Soft” Cash Ban

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“The Greek Finance Ministry in their infinite wisdom has decided that its nation’s taxpayers will only be granted deductions or tax-allowances if payments are made using a debit or credit card.”

Read more:  https://dollarvigilante.com/blog/2017/01/04/the-war-on-cash-ratchets-up-in-greece-with-soft-cash-ban.html

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Greek Taxes Are So High That People Are Turning Down Inheritances

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“People once hoped that if they came into property they could sell it and live easier; now they fear that they will be unable to sell it and the taxes will drag them down. …After many years in which only very valuable properties were taxed, many Greeks went from paying almost no taxes on real estate to not having enough money to pay.”

https://fee.org/articles/greek-taxes-are-so-high-that-people-are-turning-down-inheritances/

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You Can’t Argue With a Sick Mind …

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“We have experienced two general strikes in the past three weeks. This is the first time we have seen general strikes in Greece since Tsipras came to power in January. What is even stranger is that the strikes are being organized by Tsipras’s own party … Syriza, to protest its own government.  Few actual steps have been taken to implement the list of EU demands, except for raising the VAT to 23%, further strangling an economy that is on its last breath. The banks successfully completed a capital raise of €14.4 billion.  Now that the banks have raised their funds, they are finally [admitting] just how bad the NPL problem really is.”

http://www.huffingtonpost.com/david-c-wittig/you-cant-argue-with-a-sic_b_8891412.html

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Water rationing, tax and rate hikes add to woes of Puerto Ricans

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“Puerto Ricans are learning to live without water on an island that already was suffering an economic crisis.  Rationing rules that had meant water coming through the pipes only one day out of three will increase the cutoff to one day out of four starting next week, government officials say.  The situation has grown so dire that Puerto Rico’s water and sewer company announced that it would spend about $200,000 to use ‘cloud seeding’ in hopes of creating rain clouds over three of the island’s main reservoirs.  The drought comes as Puerto Rico struggles in a nearly decade-long economic slump that has hit the government’s coffers and led authorities to raise the sales tax, even on bottled water.”

http://www.usnews.com/news/world/articles/2015/08/06/puerto-ricans-face-punishing-drought-amid-economic-slump

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Should Puerto Rico Shut Down Schools to Pay Its Debts?

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“The hedge fund report, authored by a trio of former International Monetary Fund economists, noted that Puerto Rico’s education spending had risen 39 percent in a decade during which school enrollment actually fell by a quarter. Surely, there must have been some unnecessary fat in the system to cut.  It’s easy to understand why this might seem outrageous. Firing teachers in the middle of what’s essentially a nine-year depression seems like a good way to further exacerbate Puerto Rican unemployment, possibly while sacrificing some childrens’ educations.”

http://www.slate.com/blogs/moneybox/2015/08/04/puerto_rico_s_debt_crisis_hedge_funds_say_the_island_should_shut_down_schools.html

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Amid economic crisis, Puerto Rico cuts spending by $150 million

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“Puerto Rico’s government says that in recent years it has reduced certain expenditures by nearly $150 million amid a worsening economic crisis.  Budget director Luis Cruz says the cost of contracting for professional services has dropped by more than 55 percent. He says the government of the U.S. territory also has cut contracts related to services purchased by $93 million.  Cruz said late Monday that the government also has moved public offices from private buildings to state-owned locations for nearly $20 million in savings. Puerto Rico is entering its ninth year of recession and is struggling with $72 billion in public debt that Gov. Alejandro García Padilla has said is unpayable.”

http://latino.foxnews.com/latino/money/2015/07/22/amid-economic-crisis-puerto-rico-cuts-spending-by-150-million/

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Greek bank stocks hammered again

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“Stocks have fallen to roughly the level they were at in 1990 and, while not as low as they were in 2012, are some 52 percent down on last year’s high. Greece said it expects to conclude a bailout deal with international lenders by Aug. 18. It has been estimated by both the banks themselves and the creditors that between 10 billion and 25 billion euros ($11 billion-27.5 billion) is needed to recapitalizes Greek banks. The economy, meanwhile, has reversed course and is heading back into recession. A survey on Monday showed Greek manufacturing activity plunged to a record low as new orders plummeted and the three-week bank shutdown caused serious supply problems.”

http://www.reuters.com/article/2015/08/04/us-eurozone-greece-stockmarket-idUSKCN0Q90NU20150804

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Greek stocks plunge, banks hammered, after five-week crisis shut down

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“Greece’s stock market closed with heavy losses on Monday after a five-week shutdown brought on by fears that the country was about to be dumped from the euro zone.  Bank shares plummeted 30 percent before loss limits kicked in to stop investors selling any more. The main Athens stock index ended down 16.2 percent, recovering slightly after plunging nearly 23 percent at the open.  It was the worst daily performance since at least 1985 when modern records began, including a 15 percent fall when Wall Street crashed in 1987.  Furniture maker Dromeas SA gained almost 29 percent after clinching a 30 million-euro deal to supply European Commission offices.”

http://www.reuters.com/article/2015/08/03/us-eurozone-greece-stockmarket-idUSKCN0Q807720150803

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