Is the Euro party almost over?

[Torurot]

Greece: Cash Business Transactions Over ‚¬1500 Will Be Outlawed in 2011
February 15th, 2010

Via: Reuters: http://www.reuters.com/article/idUSLDE61824V20100209

"From 1. Jan. 2011, every transaction above 1,500 euros between natural persons and businesses, or between businesses, will not be considered legal if it is done in cash. Transactions will have to be done through debit or credit cards"

[Torurot]

Spanish Intelligence Probing Debt "Attacks"
February 15th, 2010

Via: Reuters: http://www.reuters.com/article/idUSL...pe=usDollarRpt

Spain's intelligence services are investigating the role of investors and media in debt market turbulence over the last few weeks, El Pais reported on Sunday.

Citing unnamed sources, El Pais said the National Intelligence Centre (CNI) was looking into "speculative attacks" on Spain following the Greek debt crisis.

"The (CNI's) Economic Intelligence division...is investigating whether investors' attacks and the aggressiveness of some Anglo-Saxon media are driven by market forces and challenges facing the Spanish economy, or whether there is something more behind this campaign," El Pais said.

Officials at the CNI were not available for comment.

The report comes days after Public Works Minister Jose Blanco protested "somewhat murky manoeuvres" were behind financial market pressure on Spain.

"None of what is happening in the world, including the editorials of foreign newspapers, is coincidental or innocent," Blanco said.

Economists have cast doubt on forecasts that Spain's economy will grow by some 3 percent by 2012, on which the government has based predictions it will cut back on its gaping budget deficit.

Some economists have said Spain's deficit could be more of a threat than Greece to the euro, the common currency of 16 European countries.

Spain's deficit has soared to 11.4 percent of its gross domestic product amid its deepest recession in decades, but the government has pledged to cut the gap back to a eurozone limit of 3 percent by 2013 by cutting 50 billion euros in spending.

Markets doubt that Spain will be able to cut back drastically on spending with unemployment running at 20 percent and a big slice of the budget in the hands of fiercely independent regional governments.

Underscoring those doubts, the premium demanded by investors for buying Spanish rather than German government bonds has risen in recent weeks and the cost of insuring Spanish bonds against default by the government has also risen...

[pacman]

(Torurot @ Feb. 16 2010,03:16) The report comes days after Public Works Minister Jose Blanco protested "somewhat murky manoeuvres" were behind financial market pressure on Spain.

"None of what is happening in the world, including the editorials of foreign newspapers, is coincidental or innocent," Blanco said.

The Fifth Column is still active in Spain I see...

The foreign press Jose refers to are doing the bidding of the US Federal Reserve (via the CIA) to undermine the Euro as fast as they can get the negative publicity onto the street.

The CIA don't need to hold a gun to the editors head, the media owners are all caught up in the giant game of empire building that is funded by US banks IN US DOLLARS!!

Thus the Fed gets all the cooperation they want by the simple threat that should the Euro usurp the dollar, these global corporations will lose their privileged bargaining positions. Plus face the possibility of bankruptcy.

And to be seen to be not supporting the US position would be viewed as unpatriotic, a sure way to be denied further funding.

This is exactly the same motivation for the US media to go over the top in their continued attacks on Toyota. With a crippled local car manufacturing business, any successful foreign car maker is fair game.

[pacman]

(Torurot @ Feb. 16 2010,03:15) "From 1. Jan. 2011, every transaction above 1,500 euros between natural persons and businesses, or between businesses, will not be considered legal if it is done in cash. Transactions will have to be done through debit or credit cards"

Every Tax Office in the world must dream of a cash-less society, where every transaction can be accounted for. And the source of every Euro can be explained.

Greece has introduced this legislation to wipe out the black economy. It is a decisive step designed to get to the heart of the corruption that is undermining the official economy.

I am sure that other countries will be watching this with interest. In Italy for example, it was estimated that their black market was larger than the real one.

Italy, Spain & Portugal will all move to introduce similar legislation should the increase in tax receipts in Greece be as much as I suspect them to be.

[Bumpa STIKKA]

It's called a 'black market' precisely because it is outside the law.

No amount of new rules will change it. Still - an aspirin for terminal cancer...

[seamus]

(whore @ Feb. 12 2010,12:18)

Biggest mistake Ireland ever made
was going into this crap!
Now we are paying the price!

Thats abit harsh Gizmo. We would be alot worse off if we were not in the EU when this recession happened. Lets not forget the ECB are the ones funding the bailout of Irish banks.

The Celtic Tiger as it was called 'would never ever have happened without the EU.
Us paddy's living in the UK & going back 4-5 times a year over the golden period, could see this coming a mile off. so much so My uncle sold up & came over to the UK.
It was managed badly from the start, but you cant blame the Irish people for wanting a bit of money & wealth, those who didn't leave the Island were poor for long enough.
But being a selfish kind of person, I wish it had never received the EU money, because the Ireland I grew up loving & always wanting to go back to, is long gone & never to return
Now Waite for the next mass exodus from Ireland !

[pacman]

(Bumpa STIKKA @ Feb. 16 2010,11:13) It's called a 'black market' precisely because it is outside the law.

No amount of new rules will change it. Still - an aspirin for terminal cancer...  

Of course you are correct, if I had considered what I had written, I would have toned down my optimism to suit.

However, in regards to making the transaction itself illegal, this changes the way a black money trail can be investigated.

By forcing people to use a debit or credit card, every transaction can be followed online by the tax office who can compare available funds (or money spent) against declared income.

I can't speculate too much, I have no knowledge how they intend to use the legislation, but no doubt they will fine tune it until the get what they want.

I don't think outlawing cash purchases has been tried anywhere before but should this make a difference & achieves the Greek Govt's goals, it certainly won't be the last time it is tried.

[jimslim]

(seamus @ Feb. 16 2010,13:29) the Ireland I grew up loving & always wanting to go back to, is long gone & never to return  

You'll just have to make do with the big John Wayne DVD -The Quiet Man to get all misty eyed

Ah the good ol' days when everyone lifted their hat to the ladies and greeted them with a "Top of the mornin ' ma'am !"

[seamus]

Feck off ya bald northern git
So when ya coming over to watch the happy hammers then Jim ?

[donnnnnny]

hahahahahahah love it you too should get a room and shag

[guydesavoy]

So my question remains. What is there in Ireland without the EU ?

As for outlawing cash transactions between 'natural persons'..

[jimslim]

(seamus @ Feb. 16 2010,23:59) So when ya coming over to watch the happy hammers then Jim ?

We'll get something sorted once both our holidays are over , I 'm looking forward to it

[Nemisis]

I love this guy

Nigel Farage Feeds Baroness Ashton &The President to The Pigs (FULL VERSION).

[Nemisis]

Nigel Farage harangues EU President Herman van Rompuy