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90 seconds at 9am: Greek unveils budget cuts worth 10% of GDP; markets rally
Bernard Hickey details the key news overnight in 90 seconds at 9am in association with the BNZ, including news that Greece has finally announced big budget cuts to keep its European partners happy and to try to avoid a financial meltdown in the Eurozone.
Greece will cut entitlements for public sector workers by 12%. It will cut holiday bonuses by 30% and will raise the Greek GST rate from 19% to 20%. Altogether, these budget reductions represent the equivalentof 10% of GDP worth of cuts inside 2 years.
Financial markets welcomed the news. Stocks and bonds rallied. But Greece may struggle to follow through. The political opposition is very strong with up to 2 million workers already on strike.
A national strike is planned for March 16. Everyone in Europe is watching this. The hope is it will avoid a domino effect througout Europe as Spain, Portugal Italy and even the UK are seen as next to fall.
A european zone collapse would affect New Zealand given its our 2nd biggest export buyer.
15 Comments
Just wait for the backlash
Just wait for the backlash to this....... it's gonna be baaaaaaad.
I say dump em now Helmut...! they have been recidivous offenders and despite the euro getting a wobbly on... just wait and see this little cancer grow.
Excise and plan for recovery.
And here we are complaining
And here we are complaining about 15% gst. Theirs will be 21% (not 20% as mentioned here). doubt if all the cuts will happen, unions are powerful over there.
Hard Worker - we are
Hard Worker - we are rightly complaining about 15% GST in NZ. Everything that I buy the Government currently gets 12.5% of the cost for doing absolutely nothing. Why is this?
@Hard WorKer: The unions were
@Hard WorKer: The unions were powerful in the UK in the 1970s/80s....not any more.
They might indeed have clout but I think ppl realise when a union tries to take out an elected Govn its anarchy and ppl can I think see that....ie the unions antics will probably blow back on them.
@AndyR: The Govn provides public services...GST is one method of collecting money to do so...
regards
"Why is this"...because AR...they are
"Why is this"...because AR...they are thieving from you to pay for the pork they slice to buy the votes to win the election to remain wallowing in the pig trough full of other money they stole from you. It's called democracy Noddyland fashion. So pay up sucker.
Lots of figures in that
Lots of figures in that report. I like this one I just came across!
"Myriad studies have revealed 50 per cent of Australian adults don't understand what 50 per cent means."
I just Googled it to
I just Googled it to make sure, but I believe GST in Greece is 9% and 19%. That is, basic items have 9% on them, while 'luxury' items are taxed at 19%. The same happens in many parts of Europe. Eg. Germany has 19% and 7%. It's funny to see the supermarket bill; items, as well as a description and price, have a GST column with the value being either 1 or 2. Type '1' items are taxed at 7% and include stuff like bread and books. Type '2' items are taxed at 19% and include things like mineral water.
Here in good old NZ we're going to pay 15% on essential foods. I don't know of any country off-hand where you pay this much. Perhaps the UK? (I don't know)
@wally: maybe silver is worth
@wally: maybe silver is worth adding to your copper business,
;]
http://www.thestreet.com/story/10693050/1/silver-supply-crisis-looms-par...
regards
@MartinV the UK used to
@MartinV the UK used to (has?) the same thing. VAT (==GST) is 17.5%, with some items like supermarket food (and takeaways?) and kids cloths at 0% VAT and some I think are 11% (energy)....
GST at one rate is seen as simple...but with all the rebates it seems the poor will get to compensate them for increasing GST that falls over.
regards
Silver is about $18 per
Silver is about $18 per troy ounce at the moment. It hit $54 per troy ounce in ..errr...1973, I think, when the Hunt's had a go at it. Many haven't forgotten that nasty experience.
Be careful with silver, steven. It's much more available than gold, and you have to ask if it's average gold/silver ratio is about 15, why is it at about 65 at the moment?
Got some steven. Comes out
Got some steven. Comes out with the copper and gold.
Nicholas did you read the
Nicholas did you read the piece?
Some commodities would seem to be facing a strong demand ie batteries so copper, solver lithium all loo areas that face strong and robust growth....Gold IMHO is a silly play....if we get to the stage gold is essential well I think lead and gunpowder will be worth more.
regards
Nope, to be honest, Steven,
Nope, to be honest, Steven, Thousands of pages long. Contraction : Make that 1983 not '73. Problem with silver is it's main use used to be photography. We're all going digital these days. But,hey, if there's something in there for you, go for it. It's just not for me.
@Nicholas Arrand: I queried Wally
@Nicholas Arrand: I queried Wally really he seems to be the metal person....keen on copper for its industrial use....
regards
@ Nicholas Arrand post from
@ Nicholas Arrand post from 12.26 h
...and our real estate people don't know how to convert acres into hectares or ha into square meters or vice versa. Or how to express them in decimal figures, i.e. to write 1 1/2 ha is 15 000 m2. Or in decimal 1.5 ha. The real estate pages are full with errors in this respect.