Tag Archives: Bailout Fail

Greece to sack 15,000 state workers in next two years to unlock bail-out cash

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“Greece is in deep recession, GDP has contracted by 22pc since 2008 and unemployment has spiralled to 27pc as the Greek government has implemented deeply unpopular EU-IMF austerity measures or ‘fiscal adjustment’ in return for loans.  ‘Our society has reached its limits. But finally we are meeting our targets and the programme is being improved,’ said Antonis Samaras, the Prime Minister, in a nationally televised address.  ‘Soon, Greece will not depend on the memorandums. Greece will have growth, it will be competitive and outward-looking. In other words, we will have a strong Greece.'”

http://www.telegraph.co.uk/finance/financialcrisis/9995140/Greece-to-sack-4000-state-workers-to-unlock-bail-out-cash.html

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Portugal’s elder statesman calls for ‘Argentine-style’ default

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“Portugal’s leading elder statesman has called on the country to copy Argentina and default on its debt to avert economic collapse, a move that would lead to near certain ejection from the euro.  Mario Soares, who steered the country to democracy after the Salazar dictatorship, said all political forces should unite to ‘bring down the government’ and repudiate the austerity policies of the EU-IMF Troika.  ‘Portugal will never be able to pay its debts, however much it impoverishes itself. If you can’t pay, the only solution is not to pay. When Argentina was in crisis it didn’t pay. Did anything happen? No, nothing happened,’ he told Antena 1.”

http://www.telegraph.co.uk/finance/financialcrisis/9990651/Portugals-elder-statesman-calls-for-Argentine-style-default.html

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Now It’s The Netherlands’s Turn

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“The Netherlands, Berlin’s most important ally in pushing for greater budgetary discipline in Europe, has fallen into an economic crisis itself. The once exemplary economy is suffering from huge debts and a burst real estate bubble, which has stalled growth and endangered jobs.  No nation in the euro zone is as deeply in debt as the Netherlands, where banks have a total of about €650 billion in mortgage loans on their books …”

http://www.thedailybell.com/28936/Now-Its-The-Netherlandss-Turn

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Another Federal Housing Bailout: FHA Needs $943 Million

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“What’s the problem at the FHA? It’s almost out of money. But what about all those loans it made? Too many of them have gone bad. Sorry about that.  For four years, the FHA has assured Congress that this was not a problem. Sorry about that.  What will Congress do about that? Hand out our money, of course. Congress will blame the FHA for making all those bad loans. It will blame the FHA for having misinformed Congress. Then it will reward the FHA to the tune of about a billion dollars. Lesson: nothing succeeds like failure.”

http://teapartyeconomist.com/2013/04/11/another-federal-housing-bailout-fha-needs-943-million/

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Europeans slammed by austerity measures now enraged by political corruption

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“A wave of corrosive political scandals at a time of economic woe is exacerbating the outrage of European citizens, who are channelling resentment into street protests or at the polls.  Italy, Spain and Greece have all been hit by fraud or graft cases allegedly involving the top brass. France joined the ranks of scandal-hit nations this week after its former budget minister was charged with tax fraud.  In France, outrage over the budget minister scandal has yet to erupt into popular protests.  But in some countries of southern Europe, which for several years have been hit by austerity measures more severe than in France, fury has coiled into potent blowback.”

http://www.rawstory.com/rs/2013/04/05/europeans-slammed-by-austerity-measures-now-enraged-by-political-corruption/

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The Fuse Is Burning Brightly on France’s Fiscal Time Bomb

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“The public sector in France is more bloated than the ones that exist in Italy, Sweden, and Greece!  That’s quite an achievement.  And then remember that the new French President is imposing a new top income tax rate of 75 percent. Though, to be fair, President Hollande generously says he doesn’t the overall tax burden on any taxpayer to exceed 80 percent. All hail Francois the Merciful!  Notwithstanding this magnanimous gesture, some taxpayers have the gall (no pun intended) to object to this level of fleecing. Famous actors and successful entrepreneurs are among those saying Au Revoir and moving to jurisdictions that have less punitive tax laws.”

http://danieljmitchell.wordpress.com/2013/04/04/the-fuse-is-burning-brightly-on-frances-fiscal-time-bomb/

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So, What’s It Like To Have a Business in Cyprus Right Now?

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“The most of circulating assets on our business Current Account are blocked.  Over 700k of expropriated money will be used to repay country’s debt. Probably we will get back about 20% of this amount in 6-7 years.  I’m not Russian oligarch, but just European medium size IT business. Thousands of other companies around Cyprus have the same situation.  The business is definitely ruined, all Cypriot workers to be fired. We are moving to small Caribbean country where authorities have more respect to people’s assets. Also we are thinking about using Bitcoin to pay wages and for payments between our partners.”

http://www.lewrockwell.com/blog/lewrw/archives/134665.html

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The Next Domino: Slovenia Government Bond Yields Spike

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“The country, another relative newcomer to the euro, is struggling with its own banking problems. The IMF expects Slovenia will have to recapitalize its three largest banks this year, which could cost a billion euros.  That will increase Slovenia’s budget deficit, which is bad news because the country is already having trouble selling sovereign bonds on the open market in order to finance the government.  So, the question is whether Slovenia will be the next EU member state to need a bailout.  Slovenia’s top central banker, Marjo Kranjec – who also sits on the ECB Governing Council – says it’s not going to happen.”

http://www.businessinsider.com/slovenia-government-bond-yields-spike-2013-3

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The Seeds of War Have Been Sown

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“Unless the Troika backs off the weaker, heavily-indebted countries, which is not likely, yes, I believe Europe is headed toward massive civil unrest and war. Vladimir Putin is up in arms over the crisis in Cyprus. He will not stand idly by while Russian money is at risk in Europe.  Keep in mind that Russia largely controls the European energy sector. If Putin feels Russian financial losses in Europe are unjust, I don’t doubt for one minute that he would threaten to retaliate by ‘turning the lights out’ in Europe.  War and massive civil unrest in many parts of the world is a very real threat. And it’s already starting to impact the financial markets.”

http://www.moneyandmarkets.com/51630-51630

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Cyprus, lenders reach bailout deal; 40% deposit tax agreed

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“Cyprus and its institutional lenders have reached a bailout deal, according to reports citing European Union officials. As part of the agreement the country will impose a 40% haircut on Bank of Cyprus depositors holding more than 100,000 euros ($129,760) in their accounts, Agence France Presse reported. The deal will now be put to the Eurogroup in Brussels for approval, the reports said. The weekend saw tense meetings between Cyprus and the Troika — the European Commission, the European Central Bank and the International Monetary Fund — to reach a deal before a Monday evening funding deadline.”

http://www.marketwatch.com/story/cyprus-troika-reach-bailout-deal-reports-2013-03-24

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