Tag Archives: Austerity

ECB Suspends Cyprus Government Bonds as Collateral

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“Cyprus’s local-currency issuer rating was lowered to restricted default by Fitch Ratings yesterday after the nation completed an exchange of government bonds for longer-dated securities. The bond exchange is part of commitments under a 10 billion-euro ($13 billion) bailout that saved Cyprus’s financial sector from collapse in March. Under the rescue program, deposits above 100,000 euros are taxed after an initial plan with a levy on deposits of less than 100,000 euros was rejected by parliament.  Banks using such bonds to obtain funding will have to tap their national central banks’ Emergency Liquidity Assistance programs.”

http://www.bloomberg.com/news/2013-06-29/ecb-suspends-cyprus-government-bonds-as-collateral.html

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Italy could need EU rescue within six months, warns Mediobanca privately

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“Mediobanca, Italy’s second biggest bank, said its ‘index of solvency risk’ for Italy was already flashing warning signs as the worldwide bond rout continued into a second week, pushing up borrowing costs.  The report warned that Italy will ‘inevitably end up in an EU bail-out request’ over the next six months, unless it can count on low borrowing costs and a broader recovery.   Emphasising the gravity of the situation, it compared the crisis with when the country was blown out of the Exchange Rate Mechanism in 1992 despite drastic austerity measures.   Italy’s €2.1 trillion (£1.8 trillion) debt is the world’s third largest after the US and Japan.”

http://www.telegraph.co.uk/finance/economics/10139939/Italy-could-need-EU-rescue-within-six-months-warns-Mediobanca.html

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Official figures reveal Ireland is back in a recession

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“Ireland’s bailed-out economy slumped back into recession in the second half of last year, and continued to shrink in the first quarter of 2013, official figures showed on Thursday. GDP tumbled 1.0 percent in the third quarter of 2012 and by 0.2 percent in the fourth quarter, meeting the definition of a recession, according to revised data from the Central Statistics Office (CSO), which added that the economy shrank 0.6 percent in the first quarter of this year.”

http://www.rawstory.com/rs/2013/06/27/official-figures-reveal-ireland-is-back-in-a-recession/

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Tempers fray in France as drastic cuts loom

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“President Francois Hollande has already angered much of his own Socialist base with plans to cut spending next year in absolute terms for the first time since 1958, but this may be just start of the battle. The Cour des Comptes said France is not even ‘halfway’ through its fiscal squeeze.  The warnings came as a blizzard of grim news dashed hopes for a rapid recovery from two years of slump. A recent study by Pew Foundation said French support for the European Project has crashed from 60pc to 40pc over the past year. Just 22pc now think EU economic integration is positive.”

http://www.telegraph.co.uk/finance/financialcrisis/10147219/Tempers-fray-in-France-as-drastic-cuts-loom.html

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The Real Story of the Cyprus Debt Crisis

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“The country is increasingly reverting to a cash-economy with a consequent dive in tax revenues.  The three Lufthansa consultants in charge of the Cyprus Airways restructuring are set to receive €1.3m. The remaining staff will suffer a 25% salary cut.  In an act that beggars belief, the Cypriot Parliament has levied a 30% tax on the interest earned from bank deposits.  In another measure which defies logic, a property tax was insisted on by the Troika of international lenders. The government aims to extract maximum tax revenue by inflating property prices by the annual rate of consumer price inflation since 1980. Currently, property prices are at an all-time low.”

http://charleshughsmith.blogspot.com/2013/06/the-real-story-of-cyprus-debt-crisis_17.html

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German Government Takes Off Mask, Emerges As Fascist Dictatorship

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“The Greek national broadcaster was taken off air in the middle of a programme on Tuesday night without warning, without a public debate or a debate in parliament. A brave group of journalists have rebelled and keep a skeleton service going as a pirate station cheered on by supporters in scenes worthy of a fascist dictatorship.  A poll shows two thirds of the Greeks oppose the closure of their national broadcaster, paid for by their taxes. The ERT was shut down by the police following a decree — considered illegal by many — by the EU/ECB/IMF Troika puppet, Greek Prime Minister Antonis Samaras. The move was greeted with applause by the German government.”

http://birdflu666.wordpress.com/2013/06/16/he-end-of-the-lie-germany-emerges-as-a-fully-fledged-fascist-dictatorship/

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Lies the IMF Tells

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“The International Monetary Fund has published a scathing internal self-assessment of its bailout of Greece three years ago. It isn’t pretty. The IMF underestimated the damage that fiscal austerity would do to the Greek economy in its earliest rescue of the nation in 2010. It was too slow to promote a write-down of the nation’s debts to more sustainable levels. And it was compromised by a sometimes unwieldy partnership with major European institutions in what became known as the ‘troika.’ The IMF could have handled its 2010 bailout of Greece quite a bit better, a staff review found.”

http://www.thedailybell.com/29203/Lies-the-IMF-Tells

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Bill Bonner: Fed’s policies are bringing poverty

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BillBonner

“The Panic of 1907, before all these ‘protections’ were put in place, was over in 3 months…followed by full employment.  The Crash of 1921 took longer – about 18 months – but when it was over anyone who wanted a job could find one.  But now, we’ve been in the Great Correction for 5 years. Millions of people have given up; they’re no longer even looking for work. And suicide has replaced car accidents as the number one threat to working-age Americans.  You want to reduce the rate of suicide? Eliminate the barriers to saving, capital formation and employment.”

http://www.equitymaster.com/dailyreckoning/detail.asp?date=05/31/2013&story=2&title=Feds-policies-are-bringing-poverty

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Greece Considering Labor Camp for Those Who Can’t Pay Their Taxes

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EPJ13

“Apparently the Greek government is planning to use an old army base as a forced labor camp for those unable to pay their taxes.”

http://www.economicpolicyjournal.com/2013/05/greece-considering-labor-camp-for-those.html

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Switzerland reintroduces immigration quotas after sudden influx of Europeans

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“Switzerland will begin restricting residence permits to citizens from 17 European Union countries, including the UK, on June 1st.  The measure, approved by the federal government and announced by the immigration department on Wednesday, was triggered by a safeguard clause in the freedom of movement agreement signed by the Swiss with the EU.  The clause allows for the Swiss to restrict immigrants from the EU unilaterally until May 31st, 2014.  It can be enacted if the number of residence and short stay permits issued to EU workers exceeds by at least 10 percent the average number of annual permits issued in the previous three years.”

http://www.thelocal.ch/page/view/eu-citizens-face-swiss-residence-quotas

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