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EU Politics - Hamsterwheel

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EU Politics - Hamsterwheel

Old 28th Oct 2012, 18:57
  #2461 (permalink)  
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Lars Christensen from Danske Bank does well to advocate a devaluation of the Euro for Denmark uses the Krone.
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Old 29th Oct 2012, 10:04
  #2462 (permalink)  
 
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Germany rattled as taxpayer losses loom in Greece - Telegraph


[...]

Public sector losses are politically explosive in Germany. Chancellor Angela Merkel has told her own people that bail-out loans to southern Europe entail no risk, and have been profitable to date.
She would have to account for any losses to the Bundestag. This would poison debate on further loans for Portugal, Spain, Cyprus, or Slovenia. The fast-growing eurosceptic camp in Germany would claim vindication.
Until now all losses from debt restructuring in Greece have been concentrated on a diminishing pool of pension funds, insurers, and banks, which have suffered an implied `haircut’ of 75pc. They have been squeezed dry.

[...]

Hans-Werner Sinn, head of Germany’s IFO Institute, said it is becoming cruel to keep Greece in EMU. "The austerity needed to restore wage and price competitiveness will break society first. We are sacrificing a generation of young people who cannot find work, and all in the name of the euro. It is irresponsible. A euro exit would offer hope at last," he said.
Dr Sinn said Europe should craft a controlled return to the drachma with help to shore up the Greek banking system and to provide trade credits. "There is no need for catastrophe scenarios," he said.

Russian president Vladimir Putin echoed the words, saying Greece would "have a way out" if it could return to the drachma and devalue.
Mr Putin said Europe had charged ahead prematurely with the euro project "for political reasons" and was now facing the consequences

Last edited by stuckgear; 29th Oct 2012 at 10:09.
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Old 29th Oct 2012, 10:53
  #2463 (permalink)  
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NBC News: Greece riskier for investors than war-torn Syria, survey of experts suggests

LONDON -- The world's markets may believe that the worst of the financial crisis in Europe is over after three turbulent years, but those people who control the purse strings of the world's businesses are not breathing any easier.

An annual survey of finance directors from global business consultancy BDO finds that the crisis over too much government debt in Europe remains one of their key concerns — so much so that Greece is considered a riskier place to invest and set up business in than war-torn Syria. Only Iran and Iraq are considered more risky than Greece, which also struggles to convince its international creditors that it deserves bailout loans to avoid bankruptcy and a possible euro exit.

"CFOs are becoming increasingly wary of Southern Europe, parts of which they now see as risky as the politically unstable countries of the Middle East," said BDO chief executive Martin Van Roekel.

Greece isn't the only country in the 17-country group that uses the euro in the survey's top 10 riskiest countries to invest in. Spain, which even as the eurozone's No. 4 economy with a long-standing relationship with Latin America, stands at No. 7.

This reluctance by finance directors, particularly from fast-growing economies such as Brazil and China, to invest in Europe's indebted countries goes to the heart of the financial crisis. A major part of these countries' recovery is dependent on the private sector stepping in to fill the investment gap left by cuts in government spending.

While countries like Greece and Spain are struggling to convince international business that they are good places to invest, others are prospering. Despite recent signs of slowing down, China is considered the most attractive country for expansion, closely followed by the U.S. Others such as Brazil, India, Germany and the U.K. also feature in the top 10 of countries ripe for expansion..........
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Old 29th Oct 2012, 11:16
  #2464 (permalink)  
 
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Plan B. PIIGS et al.

Well austerity isn't working.

What a surprise; you fire people from cushy (or otherwise) jobs in the government and you remove the same number of taxpayers from the tax pool, from buying products at the local shops, from buying services etc (all subject to VAT of course).

So what happens. Tax/VAT revenues lost and from those others now out of work who are dependant on these ones. Money flow slows. Strain on social systems increases; strain on society also increases. 50+% unemployment in under-30 category with no hope of ever being employed (actually higher percentage if you count the students still in Uni who won't be employed either).

Jobs, jobs, and more (sustainable long term) jobs should the the three priorities driving EU governments. For every Euro spent on you get back 18-25% in VAT and another 20% minimum in taxes. You save another 10% (??) in not providing social benefits. Every 10 new jobs creates at least one other new job to support the money now flowing again.

If you have to, print more Euros to pay for all of this. (Why not the yanks and the Brits are already doing that (quantitative easing!). Set a clear objective and devote all efforts to achieving it.

The initial objective in all EU countries should be to reduce unemployment to no more than 10%. After that 5%, after that 2% (something achieved in CH not so long ago).

Oh, and introduce new penalties for corruption and tax evasion - minimum 10 years hard labour, and introduce a German run enforcement agency.

Last edited by ExXB; 29th Oct 2012 at 11:16.
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Old 29th Oct 2012, 12:06
  #2465 (permalink)  
 
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Oh, and introduce new penalties for corruption and tax evasion - minimum 10 years hard labour, and introduce a German run enforcement agency.
Didn't Europe try this a while back?
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Old 29th Oct 2012, 12:17
  #2466 (permalink)  
 
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How about any cash sent abroad deliberately to avoid paying tax to be instantly confiscated? of course tracking it down would be the easy part getting the Swiss to part with it would be the hard part.
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Old 29th Oct 2012, 12:20
  #2467 (permalink)  
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of course tracking it down would be the easy part
Greece arrests journalist over 'Lagarde List' banks leak

A Greek journalist has been arrested after publishing a list of about 2,000 Greeks who hold accounts with the HSBC bank in Switzerland.............
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Old 29th Oct 2012, 13:05
  #2468 (permalink)  
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When Spain did away with the requirments for other EU nationals to register in Spain if coming to work or to live there, they innocently thought nobody would take advantage of this.

How wrong they were. Because of the tens of thousands of Eastern Europeans who flooded into Spain and signed up for health, social security, and unemployment benefits, a new law has been drafted and came into force on 9th July 2012.

This requires EU citizens entering Spain for employment purposes to (a) already have a contract which shows the tax and social security number of the employer plus evidence that they (the immigrant) is registered with Spanish Social Security, or (b) proof of self-employment, evidence of skills, registration in the code of self-employed workers, and registration with Social Security and payment to this organisation just over €250 a month.

For pensioners, proof of an income of €650 a month is required (this is the Spanish minimum wage) plus proof of independent health insurance and a few other minor things.

The Spanish Social Security Schemes are administered by native-born Spanish citizens (employment closed to other EU citizens let alone non-EU foreigners) who tend to be hard-necked about handing out state dosh so I expect the flood of immigrants to slow down shortly.

Sadly this law is not retroactive so all of the free-loaders who are already here can hang onto their "rights".

Last edited by OFSO; 29th Oct 2012 at 14:19.
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Old 29th Oct 2012, 14:53
  #2469 (permalink)  
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How about any cash sent abroad deliberately

I should point out Mr D that the UK government's whole aim is to attract as many foreign businesses to the UK as possible, to a large extent by offering them sweatheart deals so that they can do exactly what you say.

The gain to the UK economy comes from creaming off a small amount of this money before it disappears across the borders, and the gain to the present UK government is by pointing a finger and saying "look at all the firms who have set up here and are employing UK nationals...haven't we done well !"

Of course there is the occasional look of amazed & outraged innocence when Private Eye writes about firms such as Vodaphone and Amazon, and their tax-evading structures (and did someone mention H.M.'s Revenue and Customes Service, their lease-back of their own buildings sold to Mapes International, and the Cayman Isles ?) but largely such firms don't just "get away with it", they are actively encouraged to follow such practices by the government.

Of course if you are a normal individual working for a normal firm, don't even think about trying this on.

Unless the 'normal firm' is the British Broadcasting Company happily paying your salary as a 'consultancy fee' for you as a 'contractor' into the BVI's or the Caymans or some other offshore haven....

Last edited by OFSO; 29th Oct 2012 at 14:56.
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Old 29th Oct 2012, 15:18
  #2470 (permalink)  
 
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did someone mention H.M.'s Revenue and Customes Service, their lease-back of their own buildings sold to Mapes International, and the Cayman Isles
Mapeley Steps.. i've been banging that drum for a good few years on this forum.. much that the lefties ignore it.
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Old 29th Oct 2012, 16:35
  #2471 (permalink)  
 
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Originally Posted by tony draper View Post
How about any cash sent abroad deliberately to avoid paying tax to be instantly confiscated? of course tracking it down would be the easy part getting the Swiss to part with it would be the hard part.
They are catching a lot of it before it gets into the hands of the Swiss burghers.....

mi2g
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Old 29th Oct 2012, 16:58
  #2472 (permalink)  
 
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They are catching a lot of it before it gets into the hands of the Swiss burghers.....

mi2g
indeed and it is no wonder that the confiscation of personal property is reminiscent of darker times in European history. to be honest if i wanted to drive around with my personal wealth in the car, rather than in a bank, which may or not go 'pop' then that is surely my right as the owner of the property..

so for euro people that are worried that the euro *when* it goes pop they will be left with worthless paper, worth nothing, wouldn't they be better to place their funds in a bank in an EU member state, that has well, its own currency.. say like London..

i find the automatic confiscation of personal assets by government something very dark and sinister and reminiscent of times that Europeans would rather not see return and which many remember.

Last edited by stuckgear; 29th Oct 2012 at 19:52. Reason: spooling
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Old 29th Oct 2012, 19:47
  #2473 (permalink)  
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When the euro goes *pop*....


...I asked our pension provider (which pays most of the pensions in euros) what they would do and they said they could switch to any other currency in a matter of hours.

But one wonders "to what"......
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Old 29th Oct 2012, 19:50
  #2474 (permalink)  
 
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But one wonders "to what"......
I've just had a vision of you getting up in the morning to find 50 goats in your garden with a note saying "Due to the collapse of the Euro, here is your pension for the next year", Ofso.........
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Old 29th Oct 2012, 19:53
  #2475 (permalink)  
 
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50 goats a year ?? what were you OFSO a Eurocrat ?

everyone to OFSO's for a braai !
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Old 29th Oct 2012, 19:59
  #2476 (permalink)  
 
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[quoteWhen the euro goes *pop*....


...I asked our pension provider (which pays most of the pensions in euros) what they would do and they said they could switch to any other currency in a matter of hours.

But one wonders "to what"......][/quote]

indeed one wonders to what...

and if one is paying ones hard earned mushrooms into Mario & Luigi's superbank every month, and the currency goes pop (or rather when) is the bank going to collapse? is the currency going to be commandeered to pay down the structural debt? or is the money it holds just going going to dissappear?

i can certainly see why the itai's want to get their hard earned somewhere it has some chance of being protected.
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Old 29th Oct 2012, 21:13
  #2477 (permalink)  
 
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I nearly vomited...

Tony Blair: the EU needs a president - Telegraph
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Old 29th Oct 2012, 21:49
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In a totally revolting sort of way, Blair is perfect for that job.
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Old 29th Oct 2012, 22:16
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In a totally revolting sort of way, Blair is perfect for that job.
yep with Gordon Brown President of the EU Commission.

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Old 3rd Nov 2012, 13:37
  #2480 (permalink)  
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Obviously KAG is right......

...things are much better in the EU/eurozone than we thought:

European Commission President Jose Manuel Barroso is the latest high-profile visitor to Burma. He is expected to arrive in the remote capital, Nay Pyi Taw, late on Friday.

The EU announced a gift of around $200m (£125m) in development aid for Burma, almost as much as it has given over the past 15 years.
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