Tag Archives: Austerity

China Overtakes Sluggish Europe in Car Sales

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“It’s no secret that Europe’s automobile industry isn’t exactly booming. Several carmakers on the Continent are struggling as demand has fallen off during the euro crisis, particularly in southern European countries, where austerity programs have taken a bite out of prosperity.  In China, however, more and more cars are flying off the lots. And in 2012, for the first time ever, Chinese consumers purchased more automobiles than did buyers in Europe, according to the dailySüddeutsche Zeitung, citing an unpublished report by Germany’s VDA automobile industry association.”

http://www.spiegel.de/international/business/china-overtakes-sluggish-europe-in-2012-car-sales-a-875567.html

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Portugal warns EU-IMF troika to back off on austerity demands

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“Portugal has taken its medicine with stoicism until now, winning praise from the EU leaders for sticking to its bail-out terms. But Troika officials fear that ‘social cohesion’ is fraying as the slump deepens. The country saw the biggest street protest this autumn since the end of the Salazar dictatorship.  Portugal’s jobless rate has risen from 13.7pc to 16.3pc over the past year, reaching 39pc for youth, even before the full impact of austerity hits.”

http://www.telegraph.co.uk/finance/financialcrisis/9776701/Portugal-warns-EU-IMF-troika-to-back-off-on-austerity-demands.html

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Nigel Farage: This Is My Greatest Worry As We Head Into 2013

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“What really has me worried, and this may go beyond 2013, but I think the one thing that is going to change is we’ve been through a period, since 2008, of interest rates being virtually zero.  During that period of time, governments have racked up vast, vast amounts of debt, and are continuing to run huge budget deficits.  And I think we are going to be heading into a world of rising interest rates.  That is when our governments, who are continuing to run these deficits, are going to be in real, real trouble….”

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/1/8_Nigel_Farage_-_This_Is_My_Greatest_Worry_As_We_Head_Into_2013.html

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2013/1/9_MEP_Nigel_Farage_files/Nigel%20Farage%201%3A9%3A2013.mp3

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Thought The Euro Crisis Was Over? These 18 Charts Show The Real Crisis That Lies Ahead

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“The latest Eurostat unemployment figures released today remind of a far bigger problem that the eurozone now must face – staggering levels of youth unemployment across the region.  Governments on the euro periphery – which desperately need to institute difficult economic reforms to put budgets on sustainable paths – receive little support from a younger generation that feels like its opportunities and its future have been crushed already by the very same actors.”

http://www.businessinsider.com/the-eurozones-youth-unemployment-crisis-2013-1?op=1

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Now Greece Bans Cash – Again

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“Greece is going to ban most cash transactions. As of last year, cash transactions over 1500 euros were banned. This moves the ban down by 1,000 euros.  In fact, the Greek Parliament is voting today on a new tax bill that broadens the tax base to raise another 2.5 billion euros, and also introduces new annual income thresholds for salaried taxpayers. It does away with tax breaks for the self-employed.  Entrepreneurs have emerged as the latest ‘bandits’ in Greece’s ongoing efforts to bleed the wretched Greek carcass of its last available drop of revenue. Government benefits have been slashed, taxes raised and Greeks are being pursued with maniacal determination.”

http://www.thedailybell.com/28569/Now-Greece-Bans-Cash–Again

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Expats in Spain warned to declare offshore assets

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“Advisers with expatriate clients who are tax-resident in Spain say they are urgently reaching out to their clients to warn them that they must begin reporting to the Spanish tax authorities about any overseas assets they hold worth more than €50,000, following a recent change in the country’s tax regime.  The new rules took effect yesterday, with Spanish residents with offshore holdings being expected to provide their first accounting of their non-Spanish assets between that date and 31 March 2013.”

http://www.international-adviser.com/news/tax—regulation/expats-in-spain-warned-to-declare-offshore

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Barter and Alternative Currencies Growing in Greece

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“The issue of tax reporting is brought into the article – and an insinuation is made that people are dodging taxes by using these systems. But so far as we can tell, such systems need central bookkeeping, which is one reason why we figure the United Nations has been a supporter of them.  Gold and silver are far harder to track for personal usage than barter/currency systems that use a centralized bookkeeping system.  Are Greeks turning to gold and silver as well, as those in Zimbabwe have done once the economy collapsed? We would bet gold and silver are finding their place alongside such barter/currency systems.”

http://www.thedailybell.com/28549/Barter-and-Alternative-Currencies-Growing-in-Greece

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Greek debt crisis ‘far from over’

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“After five straight years of recession, the eurozone’s weakest link moves into 2013 with an economy set to further contract, unemployment at a record 26%, one in three living on or below the poverty line, and the worst of austerity yet to come. In the runup to Christmas, even the Greek finance minister, Yannis Stournaras, felt fit to admit that despite being the recipient of €240bn in EU and IMF rescue funds – the biggest bailout in global history – Greece could still default on its massive pile of debt, a move that would result automatically in exit from the 17-nation bloc.”

http://www.guardian.co.uk/world/2013/jan/02/greek-crisis-far-from-over

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Fiscal Cliff Deal: $1 in Spending Cuts for Every $41 in Tax Increases

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“Matthew Boyle at Breitbart now reports that the according to the Congressional Budget Office, the last-minute fiscal cliff deal reached by congressional leaders and President Barack Obama cuts only $15 billion in spending while increasing tax revenues by $620 billion—a 41:1 ratio of tax increases to spending cuts.”

http://www.economicpolicyjournal.com/2013/01/fiscal-cliff-deal-1-in-spending-cuts.html

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Evictions Become Focus of Spanish Crisis

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“There are now 1.7 million Spanish households in which not a single family member still earns a salary. Nearly 4 million people have lost their jobs since late 2007, when the real estate bubble burst. More than half of those out of work in Spain are now considered to be long-term unemployed. The result is that an increasing number of them can no longer service the loans they took to purchase apartments, houses and commercial space during the boom years prior to the crisis.  According to a forecast by the Spanish central bank, the number of foreclosures will increase by another 30 percent in the coming year.”

http://www.spiegel.de/international/europe/increasing-protests-in-spain-as-forced-evictions-continue-to-rise-a-874771.html

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