Europe

British parliament budgets $150,000 to refurbish two toilets

"The British parliament is to spend up to £100,000 (120,000 euros, $150,000) on refurbishing two toilets used by members of the House of Lords and guests, it emerged on Sunday. A contract put out to tender by the House of Commons authorities says the toilets, installed in 1937, have not been refurbished for 20 years 'and have reached the end of their serviceable life'. The document says: 'The lavatories are in an unacceptable condition for the high profile area they are in and they give a poor image of the Palace of Westminster. A refurbishment is required urgently to bring the amenities to a standard that reflects a World Heritage site.'" Continue reading →

Continue ReadingBritish parliament budgets $150,000 to refurbish two toilets

Is ‘La Vie En Rose’ Over For France?

"French industry has been ruined by overly powerful unions and their political allies in the Socialist Party. One would be crazy these days to open a factory in France with its absurd 35-hour work week, endless vacations, surly unions, strikes, and social costs that add 50% to worker’s salaries. Laying off workers during downturns or closing plants involves siege warfare. French universities keep churning out unemployable graduates in social anthropology, sociology, and film-making. Government in France employs 56% of all workers, an unsustainable cost that, with retirement at 60 and unemployment benefits – now 32% of GDP – is bleeding the economy to death." Continue reading →

Continue ReadingIs ‘La Vie En Rose’ Over For France?

Jobless Greek youth find innovative ways to make a living

"For many, mass migration or further education have been the answer. Rapti is among those who do not want to join the exodus that has already seen about 120,000 young professionals emigrate – mostly to Germany and other countries in the eurozone’s wealthier north but also as far as away as Australia, Canada and the US. But force of circumstance has pushed growing numbers to think outside the box. Exploiting their flair for enterprise and entrepreneurship – a spirit doused by decades of dependence on state largesse – young Greeks are also behind an explosion of bars and restaurants nationwide, but especially in Athens." Continue reading →

Continue ReadingJobless Greek youth find innovative ways to make a living

Jobless Greek youth find innovative ways to make a living

"For many, mass migration or further education have been the answer. Rapti is among those who do not want to join the exodus that has already seen about 120,000 young professionals emigrate – mostly to Germany and other countries in the eurozone’s wealthier north but also as far as away as Australia, Canada and the US. But force of circumstance has pushed growing numbers to think outside the box. Exploiting their flair for enterprise and entrepreneurship – a spirit doused by decades of dependence on state largesse – young Greeks are also behind an explosion of bars and restaurants nationwide, but especially in Athens." Continue reading →

Continue ReadingJobless Greek youth find innovative ways to make a living

Germany and France Demand to Know Why They Were Being Spied On

"Members of the European Union are quite upset because their relationship with the U.S. is supposed cozier than the frosty relationship between the U.S. and Russia. Germany and France seem really miffed over this whole spying deal. They thought they were exempt from surveillance because they are allies at the end of the day. 'These facts, if confirmed, would be totally unacceptable,' Minister of Foreign Affairs Laurent Fabius told Le Monde. 'We expect the U.S. authorities to stand up as soon as possible the legitimate concerns raised by the revelations of the press.' German politicians are also demanding an explanation from the U.S." Continue reading →

Continue ReadingGermany and France Demand to Know Why They Were Being Spied On

The ghosts of America’s Cold War surveillance network pictured crumbling in Berlin

"These images of an abandoned NSA listening post on the outskirts of West Berlin have a special poignancy today, as it was leaks alleged that the U.S. bugs Germany, its prima facie ally, on the same scale as Communist China. The towers, antennae and geodesic domes of Teufelsberg Hill have long since stopped eavesdropping on the airwaves, but the U.S. still taps half a billion German phone calls, emails and text messages in a typical month, it was claimed. German Chancellor Angela Merkel defended governments' monitoring of Internet communications, however, and said that the U.S. cyber-snooping had helped prevent attacks on German soil." Continue reading →

Continue ReadingThe ghosts of America’s Cold War surveillance network pictured crumbling in Berlin

What’s the Better Role Model, France or Switzerland?

"The first slide, which is based on research from the Boston Consulting Group, looks at which jurisdictions have the most households with more than $1 million of wealth. Switzerland is the easy winner, and you probably won’t be surprised to see Hong Kong and Singapore also do very well. Gee, I wonder if the fact that Switzerland (#4), Hong Kong (#1), and Singapore (#2) score highly on the Economic Freedom of the World index has any connection with their comparative prosperity? The most impressive part of this data is the way Switzerland has maintained a much smaller burden of government spending [compared to the Eurozone]." Continue reading →

Continue ReadingWhat’s the Better Role Model, France or Switzerland?

Italy could need EU rescue within six months, warns Mediobanca privately

"Mediobanca, Italy’s second biggest bank, said its 'index of solvency risk' for Italy was already flashing warning signs as the worldwide bond rout continued into a second week, pushing up borrowing costs. The report warned that Italy will 'inevitably end up in an EU bail-out request' over the next six months, unless it can count on low borrowing costs and a broader recovery. Emphasising the gravity of the situation, it compared the crisis with when the country was blown out of the Exchange Rate Mechanism in 1992 despite drastic austerity measures. Italy’s €2.1 trillion (£1.8 trillion) debt is the world’s third largest after the US and Japan." Continue reading →

Continue ReadingItaly could need EU rescue within six months, warns Mediobanca privately

British central bank softens rules for banks to give economy £70bn boost

"The UK’s big four lenders will be able to reduce their cash and cash-like assets by 20pc under the recommendation, made by the Bank’s Financial Policy Committee (FPC). The excess 'liquidity' could then be used 'to support lending to the real economy', it said. The FPC estimated the impact of the rule change on the big four to be 'around £70bn'. Interest rates have been at a record low of 0.5pc for more than four years and households have become increasingly reliant on such cheap credit. The proportion of borrowers on variable rate mortgages linked to the 0.5pc rate is close to a historical high, the Bank said." Continue reading →

Continue ReadingBritish central bank softens rules for banks to give economy £70bn boost

Mocking Germans Adds Irish Insult to Banking Injury

"Irish politicians say jibes at Germans by some of the country’s former bankers undermine their case for securing help to cut the 64 billion-euro ($83 billion) bill for saving the financial system. John Bowe, a former executive at the now defunct Anglo Irish Bank Corp., sang 'Deutschland Ueber Alles', according to recordings of 2008 conversations that were published this week. Irish borrowing costs surged in 2010 as investors grew concerned about the mounting burden on the taxpayer. Now the government is trying to persuade German Chancellor Angela Merkel and other euro-region leaders to refund part of what was spent on saving the country’s lenders." Continue reading →

Continue ReadingMocking Germans Adds Irish Insult to Banking Injury