Thread: Europe's Economies

Anyone who is foolhardy enough to believe everything they read lives in the same world as our politicians do, and have no place in any position of power.

The truth, from the ground is very different, most companies have been enjoying having the employees wages subsidised, and has the said employees working a three day week and have about 20% less take home pay, since at least February 2009. This is an Employment agency German Government run idea that has a life span of 18 months. Now in July 2010 we will see just how many employees still have a job, when the company's have to decide, close the place down or reduce their workforce.

The employees that loose their jobs will end up going to their local employment agency with their pay statements for the last 12 month's, remember they have earned 20% less than they would normally have done during that same amount of time due to the three day a week, and their unemployment benefit will be calculated accordingly. A year later if things still haven't improved and they haven't found employment they will be downgraded to Harz4, and then they are financially ****ed, will be forced to sell their home and cancel any life insurance policies if they haven't already done so to free up any cash reserves that they may still have, oh and they will force you to move into a smaller cheaper apartment if they deem that the one you are living in is to much for your needs. I could go on, but I'm sure that you have started to understand where this will all lead to.

Of my customers, in the metal industry, we have had more than enough company's drop off the radar in the last year, and I expect that those who are struggling at the moment will not need calenders for 2010.

The terminally ill always make a partial recovery of sorts before spiralling into the grave.

Yes my glass is half empty, and I'm an optimist whose experiences have taught him the error of his ways, we haven't even reached the bottom of this economical abyss yet and the fool's are talking about a recovery.

Tony

There could well be a few interesting ramifications of this - firstly it makes Merkel's fairly secure position to continue after next month's election more or less guaranteed, if she can claim her leadership is responsible (even though the finance minister is SPD!) she might be able to govern alone with the Free Democrats.

Secondly it could place huge tensions amongst Eurozone members, while countries like Spain, Austria, Ireland and Italy are still in the crapper the last thing our governments will want is the ECB raising interest rates due to a 'core' recovery, there could be bad tantrum with Frankfurt over such issues.

Of course it remains to be seen if this is a full recovery, there seems to be lots of variables that pushed the French and Germans back over the growth line, though the trend is definetely upwards.

That won't happen for Germany, the Government has thrown to much of the not yet collected tax money into the system, be it Banks or the mad scheme of wrecking a perfectly functioning car for €2,500. They'll be broke within the next few years, I have already had my pension re-evaluated (get less) in the last year. Maybe they are aware of the consequence's of their actions, even if they don't want to publicly admit it, yet.

Tony

Originally Posted by toemag

That won't happen for Germany, the Government has thrown to much of the not yet collected tax money into the system, be it Banks or the mad scheme of wrecking a perfectly functioning car for €2,500. They'll be broke within the next few years, I have already had my pension re-evaluated (get less) in the last year. Maybe they are aware of the consequence's of their actions, even if they don't want to publicly admit it, yet.

Tony

You 'DOOM' and 'GLOOM' Merchant.)

GREEN$**TS!

now if they can only reconcile that with 5 trillion dollars they loaned to eastern ann central europe for mortgages which have a default rate of 40%.

Banks' exposure to eastern Europe: Stand by me | The Economist
stand by me lol almost song like .... ahahahhaahha.

Btw consumer loans in Russia were having 40% default rates (now), Ukraine is considered to be worse off.

Bayreshe (I am sure misspelled Bavarian Landesbank owns a wonderful amount of our MBSes but mostly commercial re
http://www.hccglobal.com/Documents/H...ay09%20(2).ppt
just look at slide 18 )

Originally Posted by Chaobam Armour

You 'DOOM' and 'GLOOM' Merchant.)

Yep, I tell it as I see it, Germany has gone from being Great in the 80's to approaching a sovblock sat countries potential.

Tony

Originally Posted by cyppok

GREEN$**TS!

now if they can only reconcile that with 5 trillion dollars they loaned to eastern ann central europe for mortgages which have a default rate of 40%.

Banks' exposure to eastern Europe: Stand by me | The Economist
stand by me lol almost song like .... ahahahhaahha.

Btw consumer loans in Russia were having 40% default rates (now), Ukraine is considered to be worse off.

Bayreshe (I am sure misspelled Bavarian Landesbank owns a wonderful amount of our MBSes but mostly commercial re
http://www.hccglobal.com/Documents/H...ay09%20(2).ppt
just look at slide 18 )

That's where it all got too. Dumb barstools should stew in hell for that screw up.

Tony

Originally Posted by crooks

There could well be a few interesting ramifications of this - firstly it makes Merkel's fairly secure position to continue after next month's election more or less guaranteed, ....

She has the asset. Click into the link to see the poster.

Merkel's party in low-cut controversy

12 Aug [BBC] With the German election only seven weeks away one politician has launched a poster campaign that has sparked controversy.

Vera Lengsfeld of the Christian Democrats, who is campaigning in the east of Berlin, has billboard-sized pictures of herself in a low-cut dress next to a picture of Chancellor Angela Merkel in an even more revealing number.

The poster's strap line reads "We have more to offer". ...

Originally Posted by Merlin

She has the asset. Click into the link to see the poster.

Merkel's party in low-cut controversy

Every sales person knows that sex sells.

Tony

Originally Posted by Merlin

She has the asset. Click into the link to see the poster.

Merkel's party in low-cut controversy

That's one low cut poster I'd rather not see !!!

If it was Segolene Royale, Toireasa Ferris or (especially) Julia Bonk I'd be ok with it:







So I guess for nice female politicians you need to look left !

Soapbox - The recession in central Europe, part 2: country by country | Moneyweb
very cool graph with the debt % for countries wish there were more countries.

http://overons.rabobank.com/content/...cm64-85846.pdf
second source

Originally Posted by Merlin

She has the asset. Click into the link to see the poster.

Merkel's party in low-cut controversy

Old, saggy, tired and expired assets!

Wishing I hadn’t clicked on that link. Too late…

Nebula82.

Originally Posted by crooks

Of course it remains to be seen if this is a full recovery, there seems to be lots of variables that pushed the French and Germans back over the growth line, though the trend is definetely upwards.

Well, Japan and Hong Kong have come out of recession recently, too, so the signs out there are very encouraging.

Nebula82.

In spite of some recovery, there is a lagging effect for unemployment. It is close to 10 %. Spain, the higest, is at 18.5 %.

Eurozone unemployment hits 10-year high

3 hrs ago [AFP] BRUSSELS — Unemployment in eurozone countries hit a 10-year high in July as the lagging effects of Europe's deepest post-war recession hit all 27 EU member states, official data showed Tuesday.

Analysts warned too of a further deterioration in the labour market despite other economic indicators being broadly positive.

They said higher stock markets and stabilising property prices are little comfort to the millions out of work who face more suffering in what could be a jobless recovery.

The key 'exit strategy' question for political leaders is whether rising unemployment will put the brakes on recovery just as the massive stimulus programmes adopted to cope with the crisis have to be scaled down.

In the 16 nations using the single currency, 15.09 million people were unemployed in July -- the seasonally-adjusted rate of 9.5 percent marking a watershed last seen in May 1999, the European Union's Eurostat agency said.

Compared with June, that meant a rise of 167,000 in the unemployed across the eurozone -- and 225,000 across the EU as a whole.

The figures for the full EU bloc were 9.0 percent, estimated at 21.794 million people out of work, the highest rate since May 2005.

The highest unemployment rates were recorded in Spain, at 18.5 percent after its economy was further battered by a massive slump in its once-powerful construction sector while the Baltic nations of Latvia and Lithuania were almost as bad. ....