The former Dutch colony of Curaçao has been given until September by the government in The Hague to draw up a plan to get its finances in order.
Ministers discussed the difficult financial situation on the Caribbean island at Friday afternoon's cabinet meeting. It is the last time ministers will meet until after the summer break.
The decision to place a formal compliance order on Curaçao was 'not taken lightly', prime minister Mark Rutte told reporters after the meeting. The government's financial supervisory committee had recommended taking the step.
Curaçao's 2012 budget has a shortfall of 153m Antillean guilders, of
which nearly 100 million guilders is needed to cover debts from previous
years, home affairs minister Liesbeth Spies said.
For more: DutchNews.nl - The Hague orders former colony Curaçao to clean up its finances
Showing posts with label Economic Controls. Show all posts
Showing posts with label Economic Controls. Show all posts
10/15/11
APA - "Occupy Norway" protest held in Oslo
A few dozens of "Occupy Norway" protesters gathered on the square in front of the Norwegian parliament building in Oslo on Saturday, joining the global agitation to show solidarity with the U.S. "Occupy Wall Street" protesters against what they called the corrupt financial system represented by the Wall Street financial institutions, APA reports quoting Xinhua.
The peaceful demonstration began at 12 o’clock local time (1000 GMT) as police kept a close watch from nearby.
The protesters belong to different groups. Some called for taxing financial speculations globally and using Norway’s oil fund for alternative energy projects while others questioned the relevance of the Western political system of representative democracy.
For more: APA - "Occupy Norway" protest held in Oslo
The peaceful demonstration began at 12 o’clock local time (1000 GMT) as police kept a close watch from nearby.
The protesters belong to different groups. Some called for taxing financial speculations globally and using Norway’s oil fund for alternative energy projects while others questioned the relevance of the Western political system of representative democracy.
For more: APA - "Occupy Norway" protest held in Oslo
2/5/11
Germany, France push euro-zone policy changes to help stabilize regional economy - by Michael Birnbaum
Two top European leaders are backing plans that would push the countries that use the euro to adopt similar pension, health-care and other policies in an effort to keep their budgets in balance and the regional economy more stable. The effort is being spearheaded by German Chancellor Angela Merkel and was endorsed Friday at a Brussels summit of European leaders by French President Nicolas Sarkozy.
The widely differing economic circumstances in the 17-nation euro zone have led stronger nations such as Germany to come to the rescue of two debt-strapped countries, Greece and Ireland. With bailouts potentially needed in Portugal and Spain this year, Merkel has insisted that further German support come with strings attached, in the form of closer coordination of spending and budgets among the countries that use the common currency.
Under the plan, euro-zone countries would be required to cede some sovereignty about taxation, budgeting and other policies to the European Union and would probably be pressured to keep their deficits in line with the German model. Many economists have said the move would help the euro zone to function more cohesively and to ward off financial crises.
But the likelihood of all the E.U. countries signing onto a proposal that would be politically unpopular at home remained unclear. "At least at first sight, this pact looks like an attempt to make all euro zone countries more German," Carsten Brzeski, a senior economist for ING Bank based in Brussels, said in an analysis note. He said he doubted that some countries would be willing to go along with the changes to their social policies.
Nevertheless, Germany has significant clout. The comprehensive plan would be Germany's price for consenting to boost a $598 billion bailout fund called the European Financial Stability Facility. The fund's true capacity is believed to be around $340 billion, which investors fear would not be enough to sustain both Portugal and Spain were they to need bailouts.
Note EU-Digest: Kudos to Germany and France for taking the lead in tightening the EU economic controls. Each EU-member state that is being a part of the EU must be aware that membership does not only contain benefits, but also responsibilities.
For more: Germany, France push euro-zone policy changes to help stabilize regional economy
The widely differing economic circumstances in the 17-nation euro zone have led stronger nations such as Germany to come to the rescue of two debt-strapped countries, Greece and Ireland. With bailouts potentially needed in Portugal and Spain this year, Merkel has insisted that further German support come with strings attached, in the form of closer coordination of spending and budgets among the countries that use the common currency.
Under the plan, euro-zone countries would be required to cede some sovereignty about taxation, budgeting and other policies to the European Union and would probably be pressured to keep their deficits in line with the German model. Many economists have said the move would help the euro zone to function more cohesively and to ward off financial crises.
But the likelihood of all the E.U. countries signing onto a proposal that would be politically unpopular at home remained unclear. "At least at first sight, this pact looks like an attempt to make all euro zone countries more German," Carsten Brzeski, a senior economist for ING Bank based in Brussels, said in an analysis note. He said he doubted that some countries would be willing to go along with the changes to their social policies.
Nevertheless, Germany has significant clout. The comprehensive plan would be Germany's price for consenting to boost a $598 billion bailout fund called the European Financial Stability Facility. The fund's true capacity is believed to be around $340 billion, which investors fear would not be enough to sustain both Portugal and Spain were they to need bailouts.
Note EU-Digest: Kudos to Germany and France for taking the lead in tightening the EU economic controls. Each EU-member state that is being a part of the EU must be aware that membership does not only contain benefits, but also responsibilities.
For more: Germany, France push euro-zone policy changes to help stabilize regional economy
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