Tag Archives: Austerity

Valencia: A Spanish city without medicine

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“Whether by corruption – and there has been a great deal of that – maladministration, or pure bad luck, Valencia is littered with vanity projects that tell their own story.   There is the America’s Cup dock, with huge sheds for ocean-going yachts and a massive white control tower. There is the Opera House – 400 million euros to build, 40 million a year to run – 15 performances a year.  The airport that has never seen a single plane land. The theme park built in a place where the summer heat rises above 40C (104F). The land bought at premium prices that is now worthless.”

http://www.bbc.co.uk/news/magazine-19682049

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One Third Of Athens Businesses Shuttered

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“Greece’s deep recession has forced almost a third of businesses in the capital’s commercial district to close down as shrinking incomes and frequent strikes drive Athenians away.  Tens of thousands of small businesses, which make up a big chunk of the struggling economy, have shut since Greece secured a 110-billion-euro bailout package in 2010 in exchange for promises of painful austerity measures.  On the capital’s cobbled pedestrian shopping streets, long lines of shops are boarded shut while others have ‘Everything must go’ signs plastered across their windows.”

http://www.zerohedge.com/news/2012-09-25/one-third-athens-business-shuttered

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S&P: Swiss central bank buying eurozone debt

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[Isn’t this what shareholder lawsuits were designed for?] “SNB’s eurozone bond purchases to July represented 48 percent of the European public sector’s financing needs, S&P said, up from about 9.0 percent in 2011.  The SNB’s policy is against a background of inflows of funds placed in the Swiss franc by foreign investors concerned about the eurozone debt crisis.  While the report cautioned that its estimates were subject to uncertainty since the SNB did not detail its foreign exchange holdings by country, ‘the scale of the buying is without question extensive.'”

http://www.thelocal.ch/page/view/swiss-central-bank-buys-eurozone-debt

The SNB’s increasingly tangled web

http://ftalphaville.ft.com/blog/2012/09/25/1176371/the-snbs-increasingly-tangled-web/

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Geithner urges governments to fuel growth

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“US Treasury Secretary Timothy Geithner said Tuesday that sparking faster growth in the global economy should be the priority of all developed countries to combat unemployment.  Geithner told the Clinton Global Initiative conference that slashing government spending at this point is counter-productive, even if countries need to cut their fiscal deficits.  He argued governments can afford to borrow at low rates to try to get growth going in their economies to generate jobs.”

http://www.rawstory.com/rs/2012/09/25/geithner-urges-governments-to-fuel-growth/

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Evolution of the IMF Is Directed History

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“The IMF system is being imposed on Western countries. First, bankrupt the nation by lending to corrupt politicos and then come in with the IMF to insist on austerity.  Part of austerity can be profitable to Western interests since various entities under government ownership are often privatized or liquidated.  In the West, public opinion has been fairly sanguine about the depredations of the IMF. But not so now. Europe is aflame today. The problem with the systems that have been created to harass developing countries is that sooner or later their methods of operation will be brought to bear on ‘developed’ ones.”

http://thedailybell.com/4349/Evolution-of-the-IMF-Is-Directed-History

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Global financial system as risky as before credit crunch, warns IMF

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“The global financial system remains as risky as it was before the credit crisis, with the necessary ‘reboot’ of the banking sector delayed by the emergency measures taken to prop up economic growth, the International Monetary Fund has warned.   With leading economies, including those of the US, UK and the eurozone, all struggling to generate sustainable economic growth, the IMF is also concerned about the potential side-effects of the ultra-low interest rates and other radical monetary policies central banks on both sides of the Atlantic are using to stave off a deeper downturn.”

http://www.rawstory.com/rs/2012/09/25/global-financial-system-as-risky-as-before-credit-crunch-warns-imf/

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Super-Mario’s new dawn

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“The economic news from Europe could hardly be more depressing for Mario Draghi, head of the European Central Bank.  He has thrown $1.3 trillion in credit at Europe’s stricken banks, launched an ‘unlimited’ program of buying euro government bonds in secondary markets and now has a $650 billion war chest to bail out the euro weaklings. That is why he has been dubbed Super-Mario.  But Super Mario has been mugged by reality. With Italy moving into crisis and France looking as if it could be next, a dismayingly bumpy road map now looms ahead for Europe.”

http://www.upi.com/Top_News/Analysis/Walker/2012/09/24/Walkers-World-Super-Marios-new-dawn/UPI-90601348482600/

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Nigel Farage: We Are Now Entering The Terrifying End Game

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“What is really happening here is the eurozone crisis is so serious, and so dire, public opinion across Europe is turning so quickly in every country against the project, that what they are trying to do is seal and complete the project before everybody really wakes up to what’s being done in their name.  That’s what they are about.  We are now entering the end game in what has been a 50 year political project.  This is all going to come to a very dramatic head over the course of the next two years.”

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/9/24_Nigel_Farage_-_We_Are_Now_Entering_The_Terrifying_End_Game.html

Complete interview:

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2012/9/25_MEP_Nigel_Farage_files/Nigel%20Farage%209%3A25%3A2012.mp3

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Euro Zone to Hike Bailout Fund to 2 Trillion Euros

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“The European Stability Mechanism (ESM) would have two instruments like its predecessor, the European Financial Stability Facility (EFSF), that would only allow public money to be used for particularly risky transactions such as buying Spanish bonds, while private investors would provide the rest.  If the ESM gets approval to use the same leverage techniques as the EFSF, it would have a lending power of around 2 trillion euros without countries having to contribute any more capital to the fund.  But these leverage options have not been approved by all euro zone member states and Finland is especially reluctant to agree to them.”

http://www.cnbc.com/id/49142032

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UK’s deficit ‘could be bigger than Greece’s’

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“Economists at the investment bank calculated that Britain’s budget deficit could total £126bn, or 7.8pc, of gross domestic product in 2013-14.  That would make Britain’s the highest projected European deficit, with Morgan Stanley predicting that Greece’s would stand at 6.3pc and Spain’s at just under 6pc. In the five months to August, and excluding the one-off savings created by the Royal Mail pension fund and the Bank of England’s Special Liquidity Scheme, the Government borrowed £61.3bn – 26.7pc more than in the same period last year. The official borrowing target for the year is a rise of just 0.5pc.”

http://www.telegraph.co.uk/finance/economics/9560986/UKs-deficit-could-be-bigger-than-Greeces.html

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