Deficit widens by Eur55.2 million over same period last year
Published:
May 31, 2014 at 9:41am
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http://www.timesofmalta.com/articles/view/20140531/local/Deficit-is-now-55-2m-wider.521265
Now that election year is over we have to face the music.
Not to worry. Lou Bondì will provide it.
In Willy Mangion’s garage.
Time for Muscat to smell the coffee.
Worse than the Glazers. And talk of a dog’s life http://www.independent.co.uk/sport/football/news-and-comment/701-cats-and-dogs-in-catalonia-have-been-named-after-lionel-messi-9461327.html
Malta is rapidly going the way of Greece and Cyprus, only the EU bail-out terms will now be that much harsher.
According to these figures government debt rose by 7.5% since last year. Where are all the Taghna lkoll Brigade grumbling about Dr Gonzi’s par idejn sodi?
The only question is: when will be need the bailout, before or after the next election?
In one year we have gone from being an example of best practice for other EU states to being the awkward letter ‘M’ in the word PIIGS. Spain and Ireland are slowly freeing themselves of the PIIGS tag so very soon it will be just PIG.
Where de hack are those journalists going to put the M? Too many consonants and too few vowels.
They may aptly change it to GIMP.
I am just wondering whether the EUR 22 million increase in the government payroll is the primary cause of the increased deficit. Food for thought.
Another great decision coming from your great leader. Can you imagine him PM. I’m starting to agree with the leaders’ trust barometer.
http://www.independent.com.mt/mobile/2014-05-31/news/mep-david-casa-to-lead-pn-delegation-5261852673/
[Daphne – Your problem is that you have spent rather too much time hanging around and socialising with Laburisti and switchers and see things as they do. Whether it is cause or effect, I don’t know. But I suspect the root of the problem is that you don’t support the Nationalist Party because of its policies and outlook but because you have always done so, which means that like many others in your shoes, it never really was a choice and when it comes down to choosing, you have to face the brutal truth that you actually prefer Labour under Joseph Muscat. The solution to your particular difficulty is not to remake the Nationalist Party in Labour’s image or to remake its leader in Muscat’s image. You know what the solution is, which is why you enjoy the company and conversation of people who put him in power. Sorry to be straight to the point, but it’s really becoming obvious now.]
Busuttil is manifestly tellling the thousands who voted for Metsola, they voted for the wrong person!
[Daphne – Oh get off. Nor more than Joseph Muscat told the many thousands who voted for Miriam Dalli that they voted for the wrong person when he made Sant leader of the Labour delegation.]
Freedom5, what absolute bollocks. This choice has no bearing at all on what Busuttil thinks of Metsola.
Nor did he select David Casa because Casa is gay and Busuttil would like to score points with the gay lobby. That is something Muscat would do.
In all these years that Casa has been an MEP he has never tried to win votes based on his sexual preferences.
Casa has been selected as head of delegation because he is the most experienced. That should be obvious even to the most blinkered.
What does that say when the (albeit, marginally) more experienced pro-EU Marlene Mizzi was passed over in favour of anti-EU Sant.
The sad truth is that the majority of voters simply don’t care. They are only interested in their personal gains and can’t see beyond their noses.
When in Opposition, Labour used to calculate how much debt every Maltese man, woman and child is burdened with.
Is mathematics no longer a favourite subject?
I will repete this because it will become a major issue as time goes by.
‘Mercenaries must be kept constantly contented and I cannot honestly see you keeping that up for another four years without seriously denting Malta’s finances and yourselves in the process.’
The fact that the deficit is growing wider is in part a direct consequence of feeding this army most of whose soldiers do not or are not capable of reciprocating in work and whose sole raison d’etre is their vote.
Some sleight of figures will give us a ‘positive’ outcome by the end of the year, I’m sure.
As Dr.Busuttil rightly warned. “Dritt ghall gol-hajt”
I suppose Joseph Muscat will again remind us that he has a mandate to do what he thinks is best for the country.
What the hell does he care about the deficit? That’s Edward Scicluna’s problem.
He thinks that as long as he continues dishing out money people will still look to him as the new saviour.
Joseph Muscat has in fact already said that which I am very strongly against:
http://www.timesofmalta.com/articles/view/20140529/local/government-has-mandate-to-bring-in-new-and-fresh-ideas-pm.521087
The government doesn’t have that mandate.
Besides the fact that the only result to retain from this particular election is that it actually lost a seat.
There is still no endorsement for any further scams he plans to introduce.
I was expecting the NP to pick up on the gross falseness of this statement.
In the article the IIP was quoted as an example: but the Labour government did not have a mandate for the IIP and nothing about this current election result justifies that action or permits other amoral acts in the same vein.
This was not a general election and the MEP election has again fraudulently been used to serve as a general mandate because Joseph Muscat knows full well the voter tendencies in the MEP election were set in his favour.
The two are NOT the same.
This Government has NOT been endorsed with a mandate to do as it pleases.
What the great prophet himself uttered last year…
http://www.di-ve.com/news/malta%E2%80%99s-deficit-will-go-down-27-finance-minister
I think they are banking on a revenue stream from the sale of passports in the months to come. This will do good for the increased deficit.
The problem will hit us hard in 5 years time when recurring expenditure would have been accepted at high levels due to overspending however income from the sale of passports will seize.
That is when the shit will hit the fan… for our economy.
An implosion ahead.
Eurozone countries will not see any debt decrease any time soon. The only ‘good’ news for governments (and bankers) is that Draghi, the ECB chief, is expected to open the monetary tap in June – that is, he will introduce some quantative easing (QE), better known as ‘printing money’.
The 2008 financial crisis did not pull down the house of cards only because the US federal reserve monetised (that’s another word for QE and money ‘printing’) well over 16 trillion dollars (this emerges from the Feds’ own audit in 2011, which they were obliged to do following Ron Paul’s audit-the-bailout bill of 2009. Eight trillion went to the ECB (‘dollar swap’) and European banks.
Moreover, for the past years Draghi has been dabbling in SMPs and OMTs, which are ways to circumvent the issuance of eurobonds, which is illegal. The ECB has also issued €3 trillion euros worth of LTROs – which are (very) cheap long term loans to the big European crony banks.
Of course, the more QE you have, the more debt is wiped out – but since money does not really come from thin air, even if that is what they actually do, it will have to come from somewhere. So it comes through currency inflation that translates to price inflation, while savings are eroded and interest payments rise. This wealth, which is created as debt, is ultimately covered by the labour of serfs.
In this topsy turvy world where money is debt, price deflation is worse than inflation. It is because we live in a topsy turvy world that the introduction of negative interest rates is upon us. It starts with negative rates for banks parking their ‘assets’ with the ECB and follows with negative interests on savings. That comes before the advent of a cashless society (think about the consequences of this beyond the realms of the Pollyanna world).
Also note that the reason we are experiencing low inflation rates (and deflation in some parts) is because of negative growth (in real terms, rather than the concocted GDP related terms). So you get a vicious circle that benefits the banks and the powers that govern the ECB. Again, visualise the long term ramifications of these developments and you’ll realise what the end-game is about.