Tag Archives: Austerity

Italian newcomer Grillo predicts collapse in six months

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“Italy’s comedian turned protest politician, Beppe Grillo, has told German news magazine ‘Focus’ that he believes the country’s political system could crumble within the year. ‘I’d give the old parties another six months – then it will be all over here,’ Grillo said in excerpts of the interview released on Saturday ahead of Focus’ publication. ‘Then they won’t be able to cover pension payments or public sector salaries anymore.’  Grillo, a populist who pledged a referendum on Italy withdrawing from the euro during the country’s recent election campaign, said that Italy’s national debt was becoming unsustainable and that its terms had to be renegotiated.”

http://www.dw.de/italian-newcomer-grillo-predicts-collapse-in-six-months/a-16641500

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Geneva car show opens amid industry gloom

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“Switzerland, the host of what is one of the auto industry’s biggest events, is a rare bright spot on the crisis-hit continent.  The Swiss, who do not belong to the EU, saw new car registrations jump 2.4 percent last year from an already record year in 2011, with 431,000 new registrations.  For the neighbouring EU nations, however, the end of the tunnel remains out of sight and most experts refuse to guess when, if ever, the market will come roaring back and hit its pre-crisis 2007 level of 16 million cars sold.”

http://www.thelocal.ch/page/view/geneva-car-show-opens-amid-motor-industry-crisis

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Former Greek defense minister gets eight years and €500,000 fine over €100,000 in asset non-declarations

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“This has scary parallels with FATCA and FBAR requirements.  The United States debt situation is Greece on steroids.  I won’t defend Mr. Tsochatzopoulos.  However, the fine for hiding 100,000 Euro in assets (aggregated over three years!) of € 500,000 Euro, is clearly exorbitant.  But then to also sentence him to eight years in prison without possibility of appeal shows that the Greek courts are seething with froth at their mouths that shows that this cradle of civilization has gone back to barbaric times when petty rulers could simply seize the property of any citizens only because his thugs were powerful.”

http://isaacbrocksociety.ca/2013/03/04/former-greek-minister-gets-eight-years-and-e500000-fine-for-failing-to-declare-an-aggregate-of-e100000-in-assets/

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Austerity’s End Could Bring Additional German Turmoil

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“Is Brussels backing away from austerity? If the top Eurocrats that have pushed so hard for it are now finding it impossible to implement, then we begin to ask underlying questions once more: Who pays for European insolvency?  The obvious answer is the Germans. And this confirms what we have been arguing for the past several years. The Germans are not so much the ‘leaders’ of Europe as they are the victims of it. Ms. Merkel may not want a Euro-crisis before German elections but she may get another one after them.”

http://www.thedailybell.com/28769/Austeritys-End-Could-Bring-Additional-German-Turmoil

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Michigan Governor Declares Emergency in Detroit; Grabs Power from Locals

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“Michigan Governor Rick Snyder plans to name an emergency manager to handle Detroit’s fiscal crisis, stripping power from local officials. Detroit has a budget deficit of about $327 million and more than $14 billion in long-term obligations, reports Bloomberg. Starting later this month, a manager will have the power to cancel labor contracts, cut spending and sell assets. This all is, of course, an attempt to prevent what could be the largest U.S. municipal bankruptcy. Snyder will act to protect Detroit’s debt holders. However, the best thing that could happen to Detroit is for the city to declare bankruptcy and start fresh, rather than a Motown version of eurozone-type austerity.”

http://www.economicpolicyjournal.com/2013/03/michigan-governor-declares-emergency-in.html

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Debt crisis: France puts brakes on austerity

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“Finance Minister Pierre Moscovici said on Friday that France would ask its EU partners and the European Commission for an extra year to cut its public deficit below a targeted 3 percent of GDP, and would outline new savings measures soon.  Mr Hollande said his government had brought down the deficit to 4.5 percent in 2012. The European Commission expects a French 2013 deficit of 3.7 percent of GDP.  Spending cuts in 2014 would be made in the state budget, local budgets and the social security budget, Hollande said.  Mr Hollande said France would continue to try and boost growth through public investment.”

http://www.telegraph.co.uk/finance/financialcrisis/9889813/Debt-crisis-France-puts-brakes-on-austerity.html

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Nervous Brussels urges Italy to stick to austerity

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“The European Commission has urged any future government in Italy to keep on implementing deficit-cutting measures, despite the fact that over half the electorate voted for anti-austerity parties.  ‘Last Friday the Italians were speaking quite clearly about debt-reduction commitments as well as a series of other commitments. These Italian commitments remain in force and the commission expects compliance,’ commission spokesperson Olivier Bailly said.  His comments come after elections in Italy put former comedian Beppe Grillo, who ran on an anti-austerity ticket and has called for a referendum on euro membership, in kingmaker position.”

http://euobserver.com/political/119199

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Italy’s anti-austerity ‘rebellion’ promises to spread

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“Any doubts that Italians were fed up with tax hikes and economic reform vanished in an election that awarded more than half of the votes to anti-austerity parties.  As Italian voters supported the anti-austerity parties, they also punished the centrist, pro-austerity alliance led by Mario Monti, the technocrat prime minister who replaced Mr. Berlusconi at the height of the Italian financial crisis in late 2011. Mr. Monti rolled out a series of tax hikes, including a hated property tax that Mr. Berlusconi vowed to kill, and attempted economic reforms that met with partial success. For that, his alliance got 10 per cent or less of the votes.”

http://www.theglobeandmail.com/report-on-business/international-business/european-business/italys-anti-austerity-rebellion-promises-to-spread/article9057343/

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ECB bailout plan in jeopardy as Italy’s voters reject conditions

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“‘The result touches us all,’ said Spain’s foreign minister, Jose Manuel Garcia-Margallo. ‘It is a jump into the void that bodes well for nobody, neither for Italy, nor for the rest of Europe.’  Almost 57pc of the Italian vote went to parties that have vowed to tear up the EU austerity script. Together they control a majority of senate seats.  The Five Star movement of comedian Beppe Grillo, which won 25pc of the vote, has called for a euro referendum and has a return to the lira as one of its manifesto pledges, while ex-premier Silvio Berlusconi has threatened to pull Italy out of the currency bloc unless the EU switches to a reflation strategy.”

http://www.telegraph.co.uk/finance/financialcrisis/9896222/ECB-bond-plan-in-jeopardy-as-Italys-voters-reject-conditions.html

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Locksmiths and firemen refuse to aid evictions in Spain

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“Locksmiths and firemen in Spain are rebelling against a wave of evictions in the economic crisis by refusing to help bailiffs open ruined homeowners’ doors to throw them out.  A wave of evictions of mortgage-holders ruined by the recession has prompted several suicides and sparked a protest movement that last week brought a motion to parliament for a law to end the procedure.  With the locksmiths refusing to take part, some authorities have been asking the fire service to step in and break open the doors of those resisting eviction.  [..] When the firefighters arrived they refused to open the door and some of them joined in the protest.”

http://www.rawstory.com/rs/2013/02/22/locksmiths-and-firemen-refuse-to-aid-evictions-in-spain/

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