Sat Mar 23, 2024 11:33 pm by globalturbo
Implosion Alert – Europe On The Verge Of A Social, Political, Systemic Breakdown – 25 February 2013
Posted on February 25, 2013 by lucas2012infos | Leave a comment
Before It’s News February 23 2013
Breaking: Hundreds Of Thousands Are Marching In Madrid, Spain
Against Corruption, Bank Debts,Politicians’ High Wages; Spanish Police
On Alert Read more . .
They are going to demonstrate in front of the House of
Representatives. People is fed up with politicians’ corruption and
private debt. Far-right and far-left groups are marching along with
liberals, libertarians, social-democrats, conservatives, communists,
anarchists against the political corruption.
A Government’s representative has said that this demonstration is a coup d’etat. Hope everything goes fine.
Greece might stop paying salaries by summer
As EU bankers squeeze Greece beyond it’s ability to pay, the social consequences mount.
Unions question the wisdom of austerity as unemployment grows and a contracting economy means less tax revenue.
Greece’s austerity policies could create a crisis of insolvency
within the country, undermining the very reason they were implemented –
to repay the country’s debt – says the country’s biggest labour
confederation.
“I am afraid that we may see a phenomenon that could cause a
social explosion,” says Savvas Robolis, scientific director for the
Labour Institute of the General Confederation of Workers in Greece
(GSEE), the private sector’s confederation of unions. “Right now many
people can’t pay their taxes.That’s why state revenue fell 300
million euros ($395m) short of January targets. If that continues, I
don’t know if the state will be able to meet its obligations by June or
July. It may not have the cash to pay salaries and pensions.”
The state heavily subsidises approximately 1.3 million pensions,
according to finance ministry data. It also pays the salaries of almost
800,000 state employees, roughly a quarter of all people still working
in the country. Failure to pay those pensions and salaries in full would
greatly impact on the state’s own tax revenues, and therefore its
ability to maintain payments to international creditors.
It’s a little known fact about the Spanish crisis is that when the
Spanish Government merges troubled banks, it typically swaps out
depositors’ savings for shares in the new bank.
So… when the newly formed bank goes bust, “poof” your savings are
GONE. Not gone as in some Spanish version of the FDIC will eventually
get you your money, but gone as in gone forever (see the above article
for proof).
This is why Bankia’s collapse is so significant: in one move, former depositors at seven banks just lost virtually everything.
Read more @ Investment Watchdog
www.shiftfrequency.com / link to article/ www.beforeitsnews.com / link to original article
Thanks to: http://lucas2012infos.wordpress.com
Posted on February 25, 2013 by lucas2012infos | Leave a comment
Breaking: Hundreds Of Thousands Are Marching In Madrid, Spain
Against Corruption, Bank Debts,Politicians’ High Wages; Spanish Police
On Alert Read more . .
They are going to demonstrate in front of the House of
Representatives. People is fed up with politicians’ corruption and
private debt. Far-right and far-left groups are marching along with
liberals, libertarians, social-democrats, conservatives, communists,
anarchists against the political corruption.
A Government’s representative has said that this demonstration is a coup d’etat. Hope everything goes fine.
Greece might stop paying salaries by summer
As EU bankers squeeze Greece beyond it’s ability to pay, the social consequences mount.
Unions question the wisdom of austerity as unemployment grows and a contracting economy means less tax revenue.
Greece’s austerity policies could create a crisis of insolvency
within the country, undermining the very reason they were implemented –
to repay the country’s debt – says the country’s biggest labour
confederation.
“I am afraid that we may see a phenomenon that could cause a
social explosion,” says Savvas Robolis, scientific director for the
Labour Institute of the General Confederation of Workers in Greece
(GSEE), the private sector’s confederation of unions. “Right now many
people can’t pay their taxes.That’s why state revenue fell 300
million euros ($395m) short of January targets. If that continues, I
don’t know if the state will be able to meet its obligations by June or
July. It may not have the cash to pay salaries and pensions.”
The state heavily subsidises approximately 1.3 million pensions,
according to finance ministry data. It also pays the salaries of almost
800,000 state employees, roughly a quarter of all people still working
in the country. Failure to pay those pensions and salaries in full would
greatly impact on the state’s own tax revenues, and therefore its
ability to maintain payments to international creditors.
- Greece’s New Homeless: “We Have Not Even Water To Drink”
- EU forecasts paint grim economic picture
- Europe’s Fine… Just Ask Depositors Who Saw Their Savings Go to ZERO
It’s a little known fact about the Spanish crisis is that when the
Spanish Government merges troubled banks, it typically swaps out
depositors’ savings for shares in the new bank.
So… when the newly formed bank goes bust, “poof” your savings are
GONE. Not gone as in some Spanish version of the FDIC will eventually
get you your money, but gone as in gone forever (see the above article
for proof).
This is why Bankia’s collapse is so significant: in one move, former depositors at seven banks just lost virtually everything.
Read more @ Investment Watchdog
www.shiftfrequency.com / link to article/ www.beforeitsnews.com / link to original article
Thanks to: http://lucas2012infos.wordpress.com
