Greek Economy Slipping Into Dark Ages As Election Approaches
As Greek voters prepare to the go to the polls on Sunday and central banks around the world prepare to enter crisis mode if far left-wing candidate Alexis Tsipras wins and reneges on the country's bailout package, thus threatening euro zone solidarity, the Greek economy may slip into something resembling medieval Europe's Dark Ages. In recent days, international companies have been divesting their Greek branches, according to a report by the New York Times .
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Indian Finance Minister Expects RBI Will ‘Adjust Monetary Policy’ Monday
India n Finance Minister Pranab Mukherjee Saturday expressed confidence that the Reserve Bank of India would "adjust the monetary policy" on its mid-quarter monetary policy review June 18. Mukherjee, who is nominated by the ruling United Progressive Alliance to contest the presidential elections in July, said that the government "is taking fiscal measures to ensure that the central finances remain strong in wake of difficult times," PTI reported
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Italy Puts State Assets On The Auction Block
Debt-riddled Italy is trying to raise €10 billion ($12.6 billion) by selling off state assets. To avoid an international bailout like those needed in Greece, Ireland, Portugal and Spain, Rome put three public companies -- credit agency Sace, industrial holding company Fintecna and the Simest investment company -- on the auction block on Friday and will be sold “within months," according to the Financial Times . Mario Monti's government also agreed on a number of “sustainable growth” measures that include investments in the construction industry, "green" economies and offshore oil and gas development.
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Long-Term Unemployment, Increasing Poverty Plague UK
In the wake of mounting economic hardship for Britons, Work and Pensions Secretary Iain Duncan Smith urged residents to get jobs and fend for themselves rather than rely on state benefits and handouts. Speaking on Thursday, he said the former Labor government's strategy to funnel more than $150 billion into tax credits and benefit payments between 2004 and 2010, snowballing the welfare bill by 40 percent even in a decade of buoyant growth and employment, hasn't done much to alleviate the incidence of child poverty
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