Announcements coming out of Italy. Monti and the unions are out of talks and I'm reading Monti has said unions accepted reform of article 18 firing restrictions for workers – except CGIL. CGIL is Italy's most important union with as many as 5.5 million members.Monti said he was "worried" by CGIL's dissent, but the question was now closed and after meetings tomorrow to finalise details the government would press ahead with legislation.The labour minister Elsa Fornero said protection will be lifted for all workers, not just new hires.....Meanwhile - Day eleventh hundred and six: Good news... no default in Greece. Only 30% of the population is in or around the destitution mark and it's not expected to rise above 50 or 60% in the next couple of years. The economy is picking up nicely with only a piffling full blown depression to handle... Easily sorted though once wages hit Bangladeshi levels later this year. Prices of course still as high as Northern European countries but there is evidence to suggest that children can manage on much lower amounts of bread and milk than once thought. Malnutrition still effects development of course, but seeing as future generations only have working as waiters or farm workers to look forward to for the next 30 years or so it might actually be better that they don't have the cognitive powers to get above themselves....So nice to see light at the end of the tunnel !!
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Wednesday, March 21, 2012
Announcements coming out of Italy.
Announcements coming out of Italy. Monti and the unions are out of talks and I'm reading Monti has said unions accepted reform of article 18 firing restrictions for workers – except CGIL. CGIL is Italy's most important union with as many as 5.5 million members.Monti said he was "worried" by CGIL's dissent, but the question was now closed and after meetings tomorrow to finalise details the government would press ahead with legislation.The labour minister Elsa Fornero said protection will be lifted for all workers, not just new hires.....Meanwhile - Day eleventh hundred and six: Good news... no default in Greece. Only 30% of the population is in or around the destitution mark and it's not expected to rise above 50 or 60% in the next couple of years. The economy is picking up nicely with only a piffling full blown depression to handle... Easily sorted though once wages hit Bangladeshi levels later this year. Prices of course still as high as Northern European countries but there is evidence to suggest that children can manage on much lower amounts of bread and milk than once thought. Malnutrition still effects development of course, but seeing as future generations only have working as waiters or farm workers to look forward to for the next 30 years or so it might actually be better that they don't have the cognitive powers to get above themselves....So nice to see light at the end of the tunnel !!
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The Netherlands Bureau for Economic Policy Analysis (CPB) said the country's budget deficit could increase to 4.6pc of GDP during this year and next year - a level that far exceeds the 3pc ratio that 25 European Union countries pledged to meet by next year.
In a report that will embarrass the Dutch government but delight Club Med countries, the CPB said: "The Netherlands is confronted with the same problems as Italy and Spain."
The Dutch government will have to introduce a raft of austerity cuts in order to meet the targets, the state think-thank said. Last year the Dutch prime minister, Mark Rutte, and finance minister, Jan Kees de Jager, called for countries that break fiscal rules to be expelled from the eurozone. In a joint article in September the pair said: "An agreement is an agreement. From now on we must prevent countries from violating the rules with impunity." They added: "In the future, the ultimate sanction can be to force countries to leave the euro."
The threat of the Netherlands breaking the "non-negotiable" fiscal pact will alarm European leaders. Angela Merkel, the German Chancellor said it would "last forever." But leaders have already had to agree to soften Spain's budget targets for 2012.
The lunacy of arbitrary numbers in macro-economics beggers belief.
Over 3% deficit is a horror apparently when just a few weeks ago 7% was the interest threshold on ClubMed government bonds was OK. None of it makes sense.
Holland is fundamentally sound and needs time to adjust within the Euro mechanism.
Italy is not, and in time will need to be outside Euro stricture where it can decide for itself what financial disciplines are appropriate to it. Likewise most of ClubMed countries.
You would have expected nothing else with all of this exporting of manufacturing jobs.... Very short sighted too sending them to China as they will kick us out as soon as they have the expertise...
On the corporate front, J Sainsbury has picked Budget day to issue a fourth-quarter trading statement, with analysts looking to see if it has benefited from Tesco’s recent woes. "Challenging" is chief executive Justin King's assessment of current trading conditions, but Sainsbury's is still outperforming and taking market share. Like for like sales, excluding fuel, are up 2.6pc in the fourth quarter - ahead of the 2.1pc for the full year if you ignore sales at the pumps. The supermarket chain has also achieved its target of increasing space by 7.3pc this year.
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