Tag Archives: Europe

Billionaire Greek Ship Owners Surface While Home Economy Sinks

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“Greece’s shipping magnates control 23 percent of the world bulk carrier fleet, according to the report, even as their home country accounts for less than 0.4 percent of the world economy.  As social pressures mount, the privileged tax status of the shipping industry has come under increasing scrutiny as successive Greek governments look to boost revenue. The industry pays no tax on international earnings brought into the country under rules incorporated in Greece’s constitution in 1967.  With limited demand from their domestic market, Greek ship owners have long looked beyond home shores for business.”

http://www.bloomberg.com/news/articles/2015-03-09/billionaire-greek-shippers-surface-on-tax-exempt-overseas-profit

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Spain’s Podemos Backtracks on Aim to Restructure Spanish Public Debt

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“Spanish anti-austerity party Podemos backtracked on a pledge to restructure the country’s public debt, saying it may not be needed.  ‘In Spain, putting an end to austerity doesn’t imply a unilateral debt restructuring — it’s not necessary,’ Nacho Alvarez, head of economic policy for Podemos, told reporters in Madrid. Instead, the party is looking at private debt relief, including a possible restructuring of household mortgage debt, he said.  Podemos’s leader Pablo Iglesias previously highlighted the need to restructure Spain’s 1.1 trillion euros ($1.21 trillion) of debt, matching rhetoric from his allies in Greece’s Syriza party as he primes his new party to fight elections later this year.”

http://www.bloomberg.com/news/articles/2015-07-14/podemos-backtracks-on-aim-to-restructure-spanish-public-debt

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The World’s Biggest Economic Fallacies… and How to Profit From Them

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“As the long lines at Greek banks and ATMs attest to, banks don’t really have all of your money.  Bloated government spending in Greece also reveals the failure of Keynesian economics, which advocates a large state role in the economy. It reveals the failure of the bailouts, which did nothing constructive. They only delayed the inevitable. Greece reveals that government bonds are not sacrosanct.  All of these things – fractional reserve banking, Keynesian economics, the false safety of government debt, and the bailout model – are firmly embedded in today’s conventional wisdom. The crisis there helps to illuminate these fundamental flaws in mainstream economic thinking.”

http://www.internationalman.com/articles/the-worlds-biggest-economic-fallacies-and-how-to-profit-from-them

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Report Predicts Increase in Sales of Private Greek Islands

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“Knight Frank, a real estate consultancy company, released a report on island real estate across the world, noting that Greece’s financial policies could lead to increased sales of the country’s islands.  One of the main aspects of the deal, and the sticking points of the negotiation, is a fund of 50 billion dollars worth of public assets that will be monetized through privatizations and other means over time. The fund will be controlled by the Greek government under the supervision of European institutions.  Considering that there are anywhere from 1,200 to 6,000 islands in Greece, and just over 200 of them are inhabited, Greek islands are likely to be used as a tool in this liquidation process.”

http://greece.greekreporter.com/2015/07/14/report-predicts-increase-in-sales-of-private-greek-islands/

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Former Finance Minister: Europe’s Vindictive Privatization Plan for Greece

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“Our proposal was greeted with deafening silence. More precisely, the Eurogroup of eurozone finance ministers and the troika continued to leak to the global media that the Greek authorities had no credible, innovative proposals on offer – their standard refrain. A few days later, once the powers-that-be realized that the Greek government was about to capitulate fully to the troika’s demands, they saw fit to impose upon Greece their demeaning, unimaginative, and pernicious Treuhand model.  At a turning point in European history, our innovative alternative was thrown into the dustbin. It remains there for others to retrieve.”

http://www.project-syndicate.org/commentary/greece-privatization-plan-public-assets-by-yanis-varoufakis-2015-07

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Warren Buffett and Alessandro Proto Reportedly Buy Greek Island

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“American billionaire investor Warren Buffett and Italian Alessandro Proto have reportedly bought the island of Agios Thomas for 15 million euros, according to Proto Thema.  Agios Thomas is located to the northwest of the island of Aegina in the Saronic Gulf of the Aegean Sea. The island is 1.21 square kilometers.  The two men completed the alleged purchase this past Thursday and plan to develop real estate on the island. In the past, Buffett, whose estimated net worth is 67.6 billion dollars according to Forbes magazine, had previously said that there are many opportunities in Greece and a lot of people who are willing to invest in the country.”

http://greece.greekreporter.com/2015/07/20/warren-buffett-and-alessandro-proto-buy-greek-island/

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Buy a house in the gorgeous Italian countryside for just £1

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“The price tag is genuine, part of a plan to attract people to three towns which are at dire risk of dying out if they don’t expand their population. Some properties are even being offered for free.  These are crumbling, fascinating houses set in superb locations which have been abandoned and are now at risk of crashing to the ground. They are set in villages which are just a hairs-breadth away from becoming one of Italy’s fabled ‘ghost towns’ – places where natural disaster, lack of jobs and even pirates have driven locals from their homes in search of a better life.”

http://www.dailymail.co.uk/news/article-3078943/Buy-house-gorgeous-Italian-countryside-just-1-Village-homes-given-away-stop-blight-ghost-towns-ll-need-promise-18-000-up.html

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Three electric vehicles have joined Europe’s biggest loser’s list

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“It’s sad fact of buying a mass market car. Once you’ve driven it off the lot, depreciation begins—some faster than others.  In Europe, three electric vehicles have joined a less-than-desirable list: the worst first-year depreciators. The Renault Fluence Z. E., Citroen C-Zero, and Nissan Leaf E have all lost more than three-quarters of their value after covering 12,000 miles and a year of ownership, according to automotive intelligence firm Glass’s Information Services.  As Glass’s notes, these three EVs are among the least attractive on the market.”

http://fortune.com/2015/07/21/european-electric-car-losers/

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Peugeot targets Iran to tap post-sanctions industrial recovery

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“PSA Peugeot Citroën is targeting 400,000 car sales in Iran and has already signed a distribution agreement to sell its luxury DS brand, as the French carmaker eyes an end to years of crippling western sanctions.  The company, which sold nearly half a million cars a year in Iran before sanctions forced it to pull out in 2012, is planning an aggressive re-entry and is in advanced talks with local groups such as Iran Khodro to conceive, produce and sell cars in Iran.  Peugeot is even looking to turn Iran into a production base, exporting cars to the rest of the Middle East and Africa. The group now wants 50:50 joint ventures and is willing to spend money to build new factories and new platforms.”

http://www.ft.com/cms/s/0/ceaf62c2-2627-11e5-9c4e-a775d2b173ca.html

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European Car Sales Jump As ECB Stimulus Takes Effect

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“European car-sales growth accelerated to the fastest pace in 5 1/2 years in June.  The jump was the biggest since a 16 percent surge in December 2009, when governments in the region offered incentives on trade-ins of older cars to help the industry recover from the global recession.  The economy of the 19 countries using the euro is in its longest stretch of growth since the 2008 worldwide credit crunch, while unemployment in the U.K. is at close to a seven-year low. The European Central Bank’s monetary stimulus measures have helped economic revival in most euro-zone countries, partly offsetting the effects of the Greek sovereign-debt crisis.”

http://www.bloomberg.com/news/articles/2015-07-16/european-car-sales-rise-most-in-5-1-2-years-as-economy-helps-vw

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