Tag Archives: Austerity

Bad Economy Has Young Europeans at Home

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“In 2011, more that 50 percent of the 25- to 34-year-olds in Greece, Bulgaria, Slovakia and Malta still lived in their parents’ homes.  In Portugal, Italy, Hungary and Romania more than 40 percent of those in this age group remain in the nest (see graphic).  These numbers are in stark contrast to those in the EU’s most northerly member nations, with less than 5 percent of 24- to 34-year-olds in Finland, Sweden and Denmark. A similar phenomenon, dubbed the ‘boomerang generation,’ has been identified in the United States, where some 29 percent of Americans in the same age have had to return to their parents’ home in recent years.”

http://www.spiegel.de/international/europe/bad-economy-means-young-europeans-having-trouble-leaving-home-a-877616.html

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Well Educated Young Spaniards Move Back In With Parents

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“Nationwide, more than half of people under 25 can’t find jobs, while in Andalusia the figure is higher than 62 percent. Those who are a little older — around 30 and well educated — are seeing their lifelong dreams turn into failures.  Many are forced to do what García and Vivar have done. The two grown men gave up their apartments and moved back into their parents’ homes, because they were no longer making enough money. According to figures by the European Union statistics agency Eurostat, 37.8 percent of Spaniards under 35 are now living with their parents.”

http://www.spiegel.de/international/europe/well-educated-young-spaniards-move-back-in-with-parents-a-881525.html

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Greek Finance Minister Gets Bullet In The Mail

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“Greece’s finance minister was sent a bullet and a death threat from a group protesting home foreclosures, police officials said on Monday, in the latest incident to raise fears of growing political violence.  The package was sent by a little-known group called ‘Cretan Revolution’, which warned the minister against any efforts to seize homes and evict homeowners, police sources said. The group sent similar letters to tax offices in Crete last week.”

http://www.zerohedge.com/news/2013-02-04/greek-finance-minister-gets-bullet-mail

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Italy’s Berlusconi vows to refund money from unpopular tax

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“Former premier Silvio Berlusconi vowed Sunday to refund the money Italians have had to fork out for an unpopular property tax if his coalition wins this month’s elections.  Speaking at a rally in Milan, Berlusconi vowed to scrap the levy and refund the taxes paid on primary residences in 2012 ‘as compensation for an erroneous decision by the state’ — to the tune of some four billion euros ($5.5 billion).  ‘One should never touch the primary residence, which is the pillar on which families build,’ he said, asserting that the reintroduction of the tax had caused property values to plummet ‘by five to 20 percent’, and had led to a drop in home sales and construction.”

http://www.rawstory.com/rs/2013/02/03/italys-berlusconi-vows-to-refund-money-from-unpopular-tax/

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Italian tax dodgers uncovered by the Redditometro

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“The Italian authorities have been accused of resorting to police state-style tactics with the introduction of a new weapon to hunt down the nation’s many tax dodgers.  The new procedure makes it possible to scrutinise any family’s spending pattern, and compare this with what it says it earns.  But some commentators have been outraged by this month’s launch of what is called the Redditometro – the Income Meter.  It has been described as unacceptably intrusive, the sort of thing that East Germany’s secret police might have dreamt up.”

http://www.bbc.co.uk/news/business-21064030

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France ‘totally bankrupt’, says labour minister Michel Sapin

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“‘There is a state but it is a totally bankrupt state,’ Mr Sapin said. ‘That is why we had to put a deficit reduction plan in place, and nothing should make us turn away from that objective.’  The comments came as President Hollande attempts to improve the image of the French economy after pledging to reduce the country’s deficit by cutting spending by €60bn (£51.5bn) over the next five years and increasing taxes by €20bn.  Data from Banque de France showed earlier this month that a flight of capital has already left the country amid concerns that France’s Socialist leader intends to soak the rich and businesses.”

http://www.telegraph.co.uk/finance/financialcrisis/9832845/France-totally-bankrupt-says-labour-minister-Michel-Sapin.html

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12,000 Peaceful People Arrested in Italy for Not Paying Taxes; Police Discover Thriving Black Market

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“Italy’s financial police said Thursday they had busted close to 12,000 people last year for evading over 56 billion euros ($74 billion) worth of taxes.  Investigators rooted out 8,617 people who had never paid taxes and owed the Italian tax man a total of 22.7 billion euros, the financial police said in a statement.  The crack down on tax evaders in Italy intensified when Prime Minister Mario Monti came to power at the end of 2011, as the government attempted to reduce the country’s deficit and debt.  The financial police also uncovered over 16,000 people working on the black market, the statement said.”

http://theintelhub.com/2013/01/26/12000-peaceful-people-arrested-in-italy-for-not-paying-taxes-and-police-discover-thriving-black-market/

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Spain: Unemployment For Under 25s Over 55%

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“Overall, Spain’s unemployment rate has risen to its highest level since measurements began in the 1970s, as a prolonged recession and deep spending cuts have left almost six million people out of work at the end of last year.  The nationwide jobless total rose 1% to 26.02% in the fourth quarter of 2012, or 5.97 million people, according to the National Statistics Institute.  More than 2,000 Spaniards a day joined the dole queue in the last three months of 2012.  The results mean in Q4 there were 8.33 million Spanish households in which every potential worker was unemployed.”

http://news.sky.com/story/1042210/spain-unemployment-for-under-25s-over-55-percent

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Worldwide unemployment hits new high

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“Five years after the global financial crisis hit, unemployment numbers continue to soar, with a record 202 million people worldwide expected to be officially jobless this year, the International Labour Organization said Tuesday.  Last year saw a clear resurgence of the crisis, the UN’s labour body said in its annual report on global employment trends, pointing out that jobless numbers rose by four million to 197 million in 2012.  Last year, the global youth unemployment rate stood at 12.6 percent, and it was expected to rise to 12.9 percent by 2017, according to ILO.”

http://www.rawstory.com/rs/2013/01/21/worldwide-unemployment-hits-new-high-report/

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Obama turns ‘austerity inauguration’ into a dash for corporate cash

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“What a lot has changed in four years. As Obama prepares to revel in his second inauguration, on Monday, there is no ceiling on what an individual can give, corporations and lobby groups are very welcome and the presidential inaugural committee has been going on a fundraising binge as though there was no tomorrow. On surface appearance, the inauguration is a sober and scaled-down affair compared with 2009. But don’t be fooled by the outward semblance of austerity. In fact, says the government transparency watchdog, the Sunlight Foundation, this year’s inauguration has been turned into an orgy of cash generation.”

http://www.rawstory.com/rs/2013/01/21/obama-turns-austerity-inauguration-into-a-dash-for-corporate-cash/

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