Pensions: capital destroyed by the financial crisis and distribution
reduced by austerity, falling real estate and rising inflation … cuts are the
order of the day
Due to the financial crisis, portfolio asset devaluations and their stock
exchange losses, pension funds are reducing the size of annuities paid to
pensioners who thought they were guaranteed decent incomes in their retirement.
Governments are increasing measures to reduce the size of pension, either by
increasing the compulsory contribution period, or by quite simply reducing their
monthly payment. And the very low interest rate policies are ‘killing’ pension
fund incomes . On the chart below, note that between 2008 and 2012 British
pensioners have already seen their incomes cut by almost 20%; and the same
phenomenon is at work throughout the Western world... LEAP/E2020 -
Excerpt GEAB N°65 (May 2012)
Audio - Franck Biancheri on Sovereign Debt Crisis and Europe’s Future
FSN Foreign Correspondent Erik Townsend interviews Franck Biancheri,
founder of European think tank LEAP/E2020 on the causes of the sovereign debt
crisis, Europe’s future, pending war between Iran, Israel and the United States,
and common... Financial Sense
German trade activities slow down
German exports and imports have contracted amid the eurozone debt crisis
and a worsening trade environment globally. On a year-on-year basis, though,
things don't look that gloomy at all for Europe's biggest economy. Deutsche Welle
System to price rare earths
China is to set up a national pricing system for rare earth metals within
the next month, in addition to its new trading platform, to further regulate the
industry and strengthen its control of the resources, essential materials in
consumer electronics and other high-tech goods. China
Daily
The European Central Bank's Discreet Help for Greece
The European Central Bank is now taking risky measures to help save Athens
from its acute financial emergency. Increasingly, euro-zone leaders are pushing
the dirty work on the ECB. In the end, though, they will likely have no choice
but to pay Greece the next tranche of its bailout package. Der
Spiegel
George Osborne told his lending scheme boosts banks - not the
economy
Four years after the global financial crisis, the British economy remains
flat on its back, the Bank of England confirmed yesterday. The Bank also warned
that George Osborne's new scheme to kickstart lending to credit-starved
households and businesses might end up boosting bank profits rather than helping
the economy. The
Independent
German opposition: only eurobonds can save the single currency
The German opposition has endorsed plans for a national referendum on
creating a full-blown fiscal Union. The leader of the centre-left SPD party,
Sigmar Gabriel, rolled out the proposals at a small press conference in Berlin
on Monday (6 August). He said the euro can only be saved by pooling debt and
sovereignty. EUObserver
Bank of England sharply cuts growth forecast
In its quarterly Inflation Report, the BoE said that growth in two years
time was likely to be around 2pc a year, down sharply from the forecast of
2.67pc just three months ago. This marks a break with previous BoE forecasts,
which have usually shown strong rebounds in growth, even after short-term
weakness. The
Telegraph
L'assurance-vie menacée d'une nouvelle baisse de ses rendements
Bien qu'attendus en hausse en début d'année, les rendements des contrats
d'assurance-vie en euros (à capital garanti) pourraient de nouveau s'afficher en
baisse en 2012, flirtant désormais avec le taux du Livret A. Or, le contexte est
déjà difficile pour l'assurance-vie, qui a connu une décollecte nette (retraits
supérieurs aux versements) lors de 10 des 11 derniers mois – du jamais
vu. Le
Monde
Permanent jobs fall for second month
The number of people placed in permanent jobs has fallen for the second
month in a row, suggesting that employers are putting recruitment decisions on
hold until after the Olympics, according to new research. A report by KPMG and
the Recruitment and Employment Confederation (REC) said there was still a "high
degree of uncertainty" among employers. The
Independent
Japan July 1st 20-Day Exports -2.4%, Trade Deficit Y580.0 Bln
Japan's exports fell in the first 20 days of July from a year earlier,
when shipments were recovering from the major supply chain breakdown caused by
the March 2011 earthquake disaster, data released by the Ministry of Finance
showed on Wednesday. Deutsche
Börse
The cost of the Olympics vs. the cost of landing Curiosity on Mars : A
tragedy of priorities
The most appalling infographic you’ll see today compares the cost of the
Olympics vs. the cost of landing Curiosity on Mars. And yet, the future of space
exploration is more precarious than ever... Explore
Eurosceptics argue that EU integration undermines national identities and
cultures. But is there such thing as a common “European identity”? In its
continuing series on euromyths, De Groene Amsterdammer tries to sound out what
Europeans think. PressEurop
Le jeu trouble de Reuters dans la crise de la zone euro (encore et
toujours)
Vendredi, 16 h 33. Une dépêche de l’agence anglo-saxonne Reuters, fil
anglais, titre : « l’Espagne discute d’un plan de sauvetage global » de 300
milliards d’euros. Gasp ! Quel scoop ! Après la Grèce, l’Irlande, le Portugal,
l’Espagne (et Chypre…). Il ne manque plus que l’Italie pour que tous les PIIGS
soient au tapis. Libération
Are US Sanctions Against Iran Working?
The U.S. State Department has been adamant that the economic pressure it
has been putting on Iran will force that country to come to the negotiation
table and abandon or modify its nuclear ambitions. Having said that, it looks as
if Tehran is not serious about negotiating until after the U.S. elections in
November. CNBC
La province orientale de l’Arabie Saoudite en ébullition
Le vendredi 3 août au soir, l’est du royaume saoudien a une nouvelle fois
été le théâtre de violences. Deux personnes, dont un policier, ont été tuées
lors d'une attaque contre une patrouille de police. Depuis janvier 2011,
l’Arabie Saoudite sunnite tente, tant bien que mal, de mater le soulèvement de
la minorité chiite majoritaire dans l’est du pays. RFI
-------------------------------------------------
This special Press Review reviews articles from the French and
Engligh-speaking international online media relating to the unfolding global
crisis.
It is delivered freely on a weekly basis to 60,000 recipients worldwide.
Subscription / Contact: centre@europe2020.org
It is delivered freely on a weekly basis to 60,000 recipients worldwide.
Subscription / Contact: centre@europe2020.org
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