Job Market Monitor
Euro Crisis
Greece – Underground Economy Grows. Is there a link with the Euro crisis ?
Greece does not have the means to police its underground economy, which is considered very large compared to the size of the country. Austerity measures that cut the size of government will make enforcement of tax laws even more difficult. That is too bad because there is a lot of money to be had if only Greece could get cash … Continue reading
Is there a link between the size of the shadow economy and the Euro crisis ?
Just look at this figure to convince yourself. “Besides informal employment in the rural and non-rural sector also other measures of informal employment like the share of employees not covered by social security, own account workers or unpaid family workers are shown. The most influential factors on the shadow economy and/or shadow labor force are … Continue reading
Euro Crisis – Former German Chancellor Schmidt – Could End Badly
Since the beginning of the debt crisis, the European rescue efforts might have managed to save a number of banks, but they have failed so far in preventing recessions, lowering unemployment rates, or even decreasing anxiety, said former German Chancellor Helmut Schmidt according to a Handbelsbalt report. “After half a century since the beginning of … Continue reading
How will Italy go out of euro purgatory ?
Antonio Fazio, the disgraced former governor of the Bank of Italy, warned half-jokingly in 1998 that the euro would not be paradise but a “purgatory” that would demand years of pain and sacrifice. Currently appealing a conviction for improperly trying to influence a bank takeover in 2005, Fazio is not much listened to these days, … Continue reading
Greece and Germany: Ex-East residents resent paying for
Germany may be Europe’s most powerful economy. But its prosperity is so uneven that Poles just across the border see it differently: as a place where housing is a bargain. Fueled by an economic boom in their own country, Poles have been spilling into the former East Germany, still one of the poorest parts of … Continue reading
Greeks are pulling euros out | ECB stops providing liquidity to some Greek banks | Reuters
The European Central Bank has stopped providing liquidity to some Greek banks as they have not been successfully recapitalized, the ECB said on Wednesday, confirming news earlier reported exclusively by Reuters. The news sent the euro lower against the dollar, fanning concerns among investors and in Greece that the country may have to leave the … Continue reading
Soros | Euro crisis could destroy the EU
Billionaire George Soros warned on Monday that the euro crisis is growing deeper, tearing at the fabric of European Union cohesion, because policymakers are prescribing the wrong remedies. “I’m afraid that the euro crisis is getting worse. It’s not over yet, and it is going in the wrong direction,” Soros said in discussion with Denmark’s … Continue reading
Crazy Statistics about The European Crisis
doesntevenmakesense.com has gathered the following statistics about the European economic crisis that are ‘almost too crazy to believe….’ Greece #1 The Greek economy shrank by 6 percent during 2011, and it has been shrinking for five years in a row. #2 The average unemployment rate in Greece in 2010 was 12.5 percent. During 2011, the average unemployment rate was 17.3 … Continue reading
For the first time the European Central Bank is recognizing the need to address a core drawback in the euro architecture, itself. – Brookings Institution
An increasing number of observers have hastened to declare that the European debt crisis has been practically resolved or at least stemmed for a few years. This view was reinforced by the falling yields at the last Italian government bond auctions of 2011, which suggested a significant reduction in the perceived sovereign default risk. Since … Continue reading
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