Cyprus civil servants, pensions could go unpaid
AFP – Civil servants and pensions in cash-strapped Cyprus could go unpaid this month because of a shortfall of at least 75 million euros ($97 million) in government coffers, an official warned on Monday.
Finance Minister Haris Georgiades, meanwhile, cautioned that leaving the eurozone would take Cyprus back “centuries” and insisted the island has no “Plan B” for reneging on a 10-billion-euro ($13-billion) bailout.
Markets Are About To Implode AGAIN As Government No Longer Can Delay The Inevitable Catastrophe
Overdose: The Next Financial Crisis
Will next president always accumulate debt more than previous ones combined to prevent the collapse of ponzi scheme?
Economic Implosion Inevitable: Tax Rates Are Now PERMANENT! Any Deficit Reduction Will Have To Come From Spending Cuts. The Expiration of A Payroll Tax Cut Is Just The Beginning As The Fiscal Deal Will Increases [...]
Italy’s new finance minister said the government could raise up to 20 billion euros a year in public asset sales, and accused the markets of failing to recognise Rome’s efforts to bring its finances in order.
Vittorio Grilli, who was appointed just last week, also lashed out at rating agencies, in comments to the Corriere della Sera published Sunday in the wake of the decision by Moody’s to downgrade Italian debt.
(Reuters) - Greece must hit the targets it has signed up to or risk losing its next tranche of aid from partners, its new finance minister Yannis Stournaras said on Saturday in his first policy speech since taking office.
“Greece must carry out the measures that it has already voted on as part of its 2012 budget so that it moves towards the targets it has committed to and to avoid losing more [...]
By Philip Aldrick, Economics editor
10:00PM GMT 26 Dec 2011
The Treasury is working on contingency plans for the disintegration of the single currency that include capital controls.
The preparations are being made only for a worst-case scenario and would run alongside similar limited capital controls across Europe, imposed to reduce the economic fall-out of a break-up and to ease the transition to new currencies.
Officials fear that if one member state left the euro, investors [...]
Antonio Borges, IMF Europe director, recommends ‘changing economic policy’ away from austerity and back towards US and British-style stimulus. Photo: AP
Mr Borges, who was issuing the IMF’s economic outlook for Europe in Brussels, cited the possibility that “activity will turn downwards”.
The IMF still expects 1.1pc growth for the eurozone next year, but admits it got earlier 2011 forecasts wrong and angled the 100-page [...]
Courtesy of Phil of Phil’s Stock World
Thank goodness the US is closed!
Europe is down a whopping 3.5% (so far) this morning, opening in free fall after Asia opened down about 2% on the average (but finishing at the day’s lows). Gold flew up to $1,906 before calming down but oil is down to $84.82 at 6:45 am as the Dollar tests its highs of 75.15 on the Euro’s fall [...]
South Sudanese citizens wave their flags as they attend the Independence Day celebrations in the capital [Reuters]
South Sudan formed a caretaker government and announced on Monday it will use a new currency that features the image of the deceased founder of the nation’s liberation struggle.
The new African nation became an independent on Saturday, breaking away from Sudan after more than 50 years of on-and-off war.
David Deng Athorbie, [...]