Bailout Fail

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 →

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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 →

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Firings Highest Since 2010 as Ford to Dow Face Slump

"Ford Motor Co. (F) and Dow Chemical Co. (DOW) joined a growing number of companies firing thousands of workers as sluggish U.S. growth and Europe’s deepening recession lead to a persisting slump in sales. North American companies have announced plans to eliminate more than 62,600 positions at home and abroad since Sept. 1, the biggest two-month drop since the start of 2010, according to data compiled by Bloomberg. The reductions coincide with a majority of U.S. companies missing analysts’ third-quarter revenue estimates and a focus on jobs in the final weeks of the U.S. presidential campaign." Continue reading →

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Spanish unemployment tops 25 percent

"Spain announced Friday that its unemployment rate broke the 25-percent barrier for the first time as austerity cuts squeezed the recession-struck economy. Tens of thousands of jobs were destroyed in the third quarter, even as Prime Minister Mariano Rajoy’s government raised taxes, cut spending and pondered whether to snatch a eurozone rescue line. Among workers aged 16-24 the jobless rate towered at 52.34 percent in the third quarter, only slightly down from 53.27 percent in the previous quarter, the institute said. After more than a year of recession, the soaring jobless figures and biting cuts have prompted growing street protests." Continue reading →

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Nigel Farage: We Are Headed To A ‘One World Government’

“We’ve reached a point in this where, despite the massive economic the massive economic, political, and social problems that exist within the eurozone, and indeed an argument that the North and the South of Europe are diverging by the day, despite all of that, the political class have got so much the upper hand in Brussels, that, actually, they are moving to more and more extreme tactics. (This is being done) to lock countries in to a new form of government which is so far removed from any concept of liberal democracy that I think it’s quite frightening." Continue reading →

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Secession Fever Sweeping Europe Meaningless Without Debt Repudiation

"It is time for the restoration of formerly independent countries, each with their own unique cultural and ethnic heritage, that were forced at gunpoint into larger empire states. Venice wants out of Italy, Catalonia out of Spain, Bavaria out of Germany, Scotland and Wales want to leave the United Kingdom, the Flemish want out of Belgium. Even Vermont and some in the South want to regain their former status as sovereign republics separate from the most debt-ridden empire in world history, the U.S. Just as important, Greece, Italy, Ireland, Spain and Portugal – with demands in Germany itself – want to leave the EU and euro witches' brew created by their leaders." Continue reading →

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Spanish savers move money to Switzerland

"Crisis-hit savers in Spain are transferring their their money to Switzerland for safety, the head of Geneva's 80-strong banking association said on Wednesday. In addition to an increase in Spanish funds, Droux said Geneva banks had seen an inflow of cash from other eurozone countries so far this year, as well as from the Middle East and developing countries including those in South America. Switzerland is not a member of the European Union and so is not a member of the eurozone." Continue reading →

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Spain To Ban Photos of Police on Duty

"Deputy Prime Minister Soraya Saenz de Santamaria said after months of television and Internet scenes of sometimes violent clashes between police and demonstrators, a balance had to be struck 'between citizens' right to protest' and the need 'to uphold the integrity of state security forces.' The government's plans were unveiled a day after Spain's director general of police, Cosido Ignacio, said efforts are under way to secure such a ban. Television images of clashes near Parliament on Sept. 25 showed several protesters bloodied and in need of medical attention." Continue reading →

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420,000 People Say Adiós to Spain

"The parasite is definitely overwhelming the hosts in Spain. In response to the economic crisis ravaging Spain, approximately 420,150 people have emigrated from Spain since January, according to the National Statics Institute (INE). 54,912 of those that have left are Spanish citizens — meaning that over 10,000 have left since earlier estimates this summer. That's also a 21.6 percent increase from 2011." Continue reading →

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The Debt Transfer Game; Slovakia Needs EUR 264M for ESM

"Slovakia has less than 10 days left to find the EUR 264 million as the first two payments to the the European Stability Mechanism, the EU bailout system. Ironic as it is, Slovakia will have to put itself in debt in order to cover its commitment to the EUR 700 billion ESM, which has been set up to deal with debts of countries in trouble, but can now also be used to bail out banks. The government plans to issue government bonds to raise the required finances at a time when it is also trying to reduce the public finance deficit by introducing a whole series of new taxes and levies." Continue reading →

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