Austerity

Money Laundering Accusations Could Delay Cyprus Bailout

"Cyprus had applied in June to become the fifth nation to receive a bailout in the euro crisis. But there are no signs whatsoever that Cyprus is willing to commit to a serious austerity program, sources in Brussels said. The talks could now be delayed by accusations that Cyprus is lax on money-laundering. Banks in Cyprus hold $26 billion (€20.33 billion) in deposits by Russian investors. According to the BND, most of this money has been illegally moved abroad to evade Russian tax authorities. By Cypriot standards it's a tremendous sum given that the island's entire annual GDP amounts to €17 billion." Continue reading →

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Francois Hollande lurches Right in historic U-Turn to save French economy

"French president François Hollande has bowed to massive pressure for business tax cuts to pull France’s economy out of slump and stave off industrial decline, ditching a core element of his socialist platform. Company taxes will fall by €20bn a year equal to 1pc of GDP, to be phased in gradually by 2015 under a convoluted system of rebates. Spending cuts will plug the revenue gap in order to meet the EU’s 3pc deficit target. Critics call it the most humiliating U-turn in French politics since François Mitterrand abandoned his disastrous experiment of 'Socialism in one country' under a D-Mark currency peg in 1983." Continue reading →

Continue ReadingFrancois Hollande lurches Right in historic U-Turn to save French economy

Francois Hollande lurches Right in historic U-Turn to save French economy

"French president François Hollande has bowed to massive pressure for business tax cuts to pull France’s economy out of slump and stave off industrial decline, ditching a core element of his socialist platform. Company taxes will fall by €20bn a year equal to 1pc of GDP, to be phased in gradually by 2015 under a convoluted system of rebates. Spending cuts will plug the revenue gap in order to meet the EU’s 3pc deficit target. Critics call it the most humiliating U-turn in French politics since François Mitterrand abandoned his disastrous experiment of 'Socialism in one country' under a D-Mark currency peg in 1983." Continue reading →

Continue ReadingFrancois Hollande lurches Right in historic U-Turn to save French economy

Greeks clash with riot police as politicans pass austerity measures

"Conservative and socialist lawmakers from Greece's three-party coalition government voted to adopt the €18.5bn budget cuts by 2016 despite protests earlier in the day by more than 70.000 people who massed outside the parliament. Violent protesters threw fire bombs and rocks at police, who responded with stun grenades, tear gas and the first use of water cannon in Greece in years. Inside the building, lawmakers interrupted the debate as Parliament employees went on strike to protest wage cuts. Pasok leader Evangelos Venizelos announced that five of his party's deputies who voted against the measures were expelled from the party." Continue reading →

Continue ReadingGreeks clash with riot police as politicans pass austerity measures

Banking with a human face: ‘Bank on Dave’ for people in UK

"Banking malpractice, excessive risk taking and bonuses paid for out of taxpayer bailouts. It's little wonder that people's patience with their banks has run out. But if not the global financial giants, where you entrust your hard-earned cash? RT's Laura Smith meets one British man, who thinks, he's got the answer." Continue reading →

Continue ReadingBanking with a human face: ‘Bank on Dave’ for people in UK

The Recovery Meme and Why It’s Just Talk

"The top people in Britain announce the 'recession' is over ... and then the powers-that-be attribute its ending to the Diamond Jubilee and the English-hosted Olympics. These are fairytales. The world's current downward spiral is the quite deliberate result of money printing that causes first booms and then busts. Too much money always distorts the economic system. It's an old banking trick, from what we can tell, but aided immeasurably by modern monopoly central banking. irst they expand. Then the economic rubber band snaps back, leaving people dazed and bleeding. And then those responsible begin to point fingers." Continue reading →

Continue ReadingThe Recovery Meme and Why It’s Just Talk

Catalan politicians ask for EU help against Spanish army

"Four Catalan MEPs have asked the European Commission to tell Spain it cannot use military force to stop Catalonia from splitting away. The letter says: 'We are writing to you to convey our deep concern over a series of threats of the use of military force against the Catalan population ... In these circumstances, the EU should intervene preventatively to guarantee that the resolution of the Catalan conflict be resolved in a peaceful, democratic manner.' Spanish MEP Alejo Vidal-Quadras had said: 'They [the government] should be briefing a general of the Civil Guard ... the government should think of intervening in the rebellious region if they persist.'" Continue reading →

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Amid Austerity, Greek Doctors Offer Help to Poor

"Until recently, Greece had a typical European health system, with employers and individuals contributing to a fund that with government assistance financed universal care. Things changed in July 2011, when Greece signed a supplemental loan agreement with international lenders to ward off financial collapse. Now Greeks must pay all costs out of pocket after their benefits expire. The changes are forcing increasing numbers of people to seek help outside the traditional health care system. Elena, for example, was referred to Dr. Syrigos by doctors in an underground movement that has sprung up here to care for the uninsured." Continue reading →

Continue ReadingAmid Austerity, Greek Doctors Offer Help to Poor

The most powerful person in the global economy

"The most powerful person will soon be the president of the European Central Bank, the Italian banker Mario Draghi. In the last few weeks, we have seen an extraordinary expansion of the European Central Bank’s powers. It can now set interest rates, control financial markets, and effectively dictate tax and spending policies across what remains — despite its current difficulties — the world’s largest single economic bloc. But history suggests that when you concentrate too much power in a single pair of hands, and even worse when the person who wields that power is not limited by any form of accountability, the results are catastrophic." Continue reading →

Continue ReadingThe most powerful person in the global economy