The number of unemployed people in France rose to a fresh high last month,
official data shows. There are now some 3.2 million people seeking work in
France, 11.5% more than a year ago and 1.2% more than in February, the labor
ministry said. The number of job seekers is the highest since records began in
January 1996. The ministry does not express the job seeker figure as a
percentage of the work force, as done by the International Labor Organization. Speaking earlier during a state visit to China, French President
Francois Hollande said the government's priority was tackling France's rising
unemployment. "Everything the government does, in every ministry, must be to
continue to strengthen the battle for jobs," he told a news conference. "I want
all the French people to unite behind this one national priority." He has
promised to reverse the rise in unemployment before the end of the year. The
figures underlie the grave economic problems still haunting eurozone economies,
after Spain earlier reported record unemployment amid its continuing recession.
Speculation is again rife that Greece may soon leave the eurozone. Greece's parliament is voting on painful budget cuts and labor market reforms that must be passed in order for Greece to receive its latest round of bailout money. Prime Minister Antonis Samaras has warned that if the vote fails, the government will run out of money by 15 November and be forced out of the single currency. Even if the vote passes, the government still needs to implement the reforms - something the previous Greek government noticeably failed to do. Tax rates were raised, but the taxes were not collected. Promised privatizations were not carried out. Civil servants were suspended but not dismissed. If Greece once again fails to deliver, and if it were forced out of the euro, what is the worst that could happen? Click on the graphic to find out.
4 comments:
The European powers seek to regulate and control the western capitalist boom and bust cycle, but will likely fail, as all have, especially as their FTT effort simply disadvantages them against external financial centres.
But one cannot blame them for trying to tame the beast and reap some tax, as in reality supply side economics is clearly a myth as far as a trickle-down effect goes. For example, while the City may pay the UK's largest tax bill, all other material benefits are shared among a very small percentage of the population.
As unpalatable as this may seem to capitalists, there needs to be a way in which the prosperity of the world is more equally shared, otherwise the 1% will need a very large army to keep away the 99% who have not.
The FTT like the eurozone is a purely political decision and therefore cannot be influenced by any economic or financial analysis as these are valueless in a political context.
The Eurozone is still being pursued in spite of the ongoing problems it creates because not having it is a backward step away from integration.
It only took Sweden a few years to realise that it's FTT was not going to deliver.
On the basis that the FTT is a political decision it could take the EU much longer before it repeals it (if ever) regardless of how bad any effects on the EU itself are.
Just as in the Eurozone example the elite will come up with a justification that it will need a couple of decades before the FTT works properly.
Those in the markets are far far cleverer than the EU elite are or ever will be. My guess is they will rapidly come up with new instruments that defeat the FTT but allow customers to achieve the same ends as before.
Think of company taxation in the UK and how rapidly UK accountants get round any new rules. Those in the markets are even more clued up than accountants and they can also apply complex maths to problems.
I doubt the EU hacks can write up new rules any faster than markets find ways round them especially as the EU hacks do not really understand markets anyway.
Iceland heads to the polls in general election
Iceland heads to the polls in general election
Iceland heads to the polls on Saturday in a general election that is expected to hand power back to the centre-right parties, including the Independence Party, led by Bjarni Benediktsson (pictured) that led the country prior to the financial crisis.
By News Wires (text)
Polling stations opened on Saturday in Iceland, where the leftist coalition elected in 2009 in the wake of the country's financial crisis is expected to be voted out of power.
The right-wing Independence Party and the centrist-agrarian Progressive Party, who both want to end the North Atlantic nation's EU accession talks, are expected to form a new coalition.
The biggest party traditionally picks the prime minister but polls in the final weeks of campaigning have put the two parties neck-and-neck.
What's clear is that the country will have a new leader after the vote, with social democratic Prime Minister Johanna Sigurdardottir, 70, having announced her retirement.
She leaves behind her a country that's economically healthier than it was four years ago, but an electorate struggling to cope with a combination of government austerity measures and a high level of household debt.
The two men battling to succeed her are the conservative Bjarni Benediktsson, 43, and his centrist counterpart Sigmundur David Gunnlaugsson, 38.
Benediktsson was expected to cast his ballot in Reykjavik on Saturday, while Gunlaugsson will be in the sparsely populated eastern part of the country, reflecting his party's more rural profile.
The 63-seat parliament, or Althing, is elected by proportional representation.
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