Euro nie bprzetrwa !!!

soup.nazi Jokers' Club, hehehe 02.03.10, 00:37

Greece Is Far From The EU's Only Joker
Stefan Theil

First there was Enron; then, subprime. Now it turns out that some governments
have been just as adept at using financial alchemy to hide debts. Take Greece, a
country with a $350 billion national debt that is now under investigation by the
European Commission (EC) for underreporting its deficit by as much as 9 percent
of GDP in 2009. It used derivatives devised by Goldman Sachs to give itself an
off-the-book loan, sold future EU subsidies and lottery earnings to investment
banks for upfront cash, and raised money by mortgaging its highways and airports.

But even as Europe's leaders unleashed their fury at the Greeks--and at the
bankers who aided and abetted them--it turns out there is hardly any government
that isn't guilty of these kinds of tricks, according to OECD and EU officials.
Italy has a similarly longhistory of using derivatives and creative accounting
to artificially reduce its deficits. Belgium and Portugal have raised cash by
selling future tax receipts. Last fall Germany tried to shift up to $60 billion
of spending on public health care and jobless benefits into a special-purpose
vehicle so it wouldn't show up in the 2010 deficit--before caving to media
outrage. Another widespread gimmick is the "public-private partnership," which
shifts current outlays to private investors in return for future payments that
often don't show up as liabilities. Britain, where this kind of scheme first
flourished (prodded along by the London banks), has since moved some of the $80
billion in such deals back on the books, but most remain off-budget.

Most countries, including the U.S., also don't account for all their guarantees
to banks and other bailout targets, even though some of this money will turn
into debt. When the EC last year tried to force EU members to put bailout funds
on the books, a French-led lobbying campaign vetoed the change. France has kept
more than $100 billion off its national accounts that way. And then there's the
trillions in "boomer debt"--future liabilities for entitlement programs like
public health care--which most economists agree should be factored in. If it
were accounted for, government debt would reach 500 percent of GDP in some
Western countries.
Advertisement
Click here to find out more!

Hiding public debt has been around for as long as politicians have spent money.
What's different now is that there are serious worries about the West's ability
to repay its IOUs. As the focus shifts from private credit to public debt,
expect greater scrutiny of government numbers, and more tricks to come to light.
According to an EU official who asked not to be named, in the past, pressures to
rein in spending have led governments to rely more on creative accounting.
Unfortunately for them, government debt is no longer just a political question,
but an existential one.

Drzewko
Od najstarszego
Od najnowszego

soup.nazi Jokers' Club, hehehe 02.03.10, 00:37

Greece Is Far From The EU's Only Joker
Stefan Theil

First there was Enron; then, subprime. Now it turns out that some governments
have been just as adept at using financial alchemy to hide debts. Take Greece, a
country with a $350 billion national debt that is now under investigation by the
European Commission (EC) for underreporting its deficit by as much as 9 percent
of GDP in 2009. It used derivatives devised by Goldman Sachs to give itself an
off-the-book loan, sold future EU subsidies and lottery earnings to investment
banks for upfront cash, and raised money by mortgaging its highways and airports.

But even as Europe's leaders unleashed their fury at the Greeks--and at the
bankers who aided and abetted them--it turns out there is hardly any government
that isn't guilty of these kinds of tricks, according to OECD and EU officials.
Italy has a similarly longhistory of using derivatives and creative accounting
to artificially reduce its deficits. Belgium and Portugal have raised cash by
selling future tax receipts. Last fall Germany tried to shift up to $60 billion
of spending on public health care and jobless benefits into a special-purpose
vehicle so it wouldn't show up in the 2010 deficit--before caving to media
outrage. Another widespread gimmick is the "public-private partnership," which
shifts current outlays to private investors in return for future payments that
often don't show up as liabilities. Britain, where this kind of scheme first
flourished (prodded along by the London banks), has since moved some of the $80
billion in such deals back on the books, but most remain off-budget.

Most countries, including the U.S., also don't account for all their guarantees
to banks and other bailout targets, even though some of this money will turn
into debt. When the EC last year tried to force EU members to put bailout funds
on the books, a French-led lobbying campaign vetoed the change. France has kept
more than $100 billion off its national accounts that way. And then there's the
trillions in "boomer debt"--future liabilities for entitlement programs like
public health care--which most economists agree should be factored in. If it
were accounted for, government debt would reach 500 percent of GDP in some
Western countries.
Advertisement
Click here to find out more!

Hiding public debt has been around for as long as politicians have spent money.
What's different now is that there are serious worries about the West's ability
to repay its IOUs. As the focus shifts from private credit to public debt,
expect greater scrutiny of government numbers, and more tricks to come to light.
According to an EU official who asked not to be named, in the past, pressures to
rein in spending have led governments to rely more on creative accounting.
Unfortunately for them, government debt is no longer just a political question,
but an existential one.
- udupi Re: Jokers' Club, hehehe 02.03.10, 16:51
  
  widzisz drogi nazi, gdyby tak sie dzialo z ukrywaniem publicznego
  dlugu w europce to byloby nie tak zle ale ta metoda jest juz
  opatyntowana i stosowana globalnie. Nadrukowano za duzo szmalu i to
  bez pokrycia wiec trzeba ten szmal jakos odsyfonowac z rynku, stad
  takie niezrozumiale zdarzenia ekenomiczne jak enron itp. Myslisz ze
  juz od-syf-onowano wszystko?
- waldek.usa Re: Jokers' Club, hehehe 03.03.10, 10:28
  
  "...The head of the 16-nation Eurogroup, Jean-Claude Juncker, says: "Greece must
  understand that taxpayers in Germany, Belgium and the Netherlands are not
  prepared to correct Greek fiscal policy mistakes..."
waldek.usa Co, nie zgadzasz sie z tekstem ? 02.03.10, 15:34

?
- ontarian Re: Co, nie zgadzasz sie z tekstem ? 02.03.10, 16:05
  
  przeciez ten osiol tego tekstu nie rozumie, hehe

Najnowsze z forum Z dala od Polski

Zaloguj się