Monti Cabinet plans $32 billion cuts in spending

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Source: Bloomberg
Mario Monti, the Prime Minister of Italy, approved EUR26 bln spending cut to diminish the government`s expenditures' size and try to postpone destructive 2% point sales tax rise. Monti aims to calm down soaring bond yields and assure investors in his ability to meet deficit goals. The plan is to cut spending by EUR4.5b this year, EUR10b next year and EUR11.5b in 2014.
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Fri, 06 Jul 2012 15:45:43 GMT

Greek government is unable to collect taxes

On Thursday, July 5, Greece's Finance Ministry claimed that it is unable to collect 12.6 billion Euros of tax fines, which amount to 6.2% of GDP. Instead tax collection mechanism gathered only 4.77% of the total amount that is 630 million Euros. 180 000 of remaining tax cases are still in Greek courts. Moreover, income tax and VAT receipts declined 30% and 7%,

Fri, 06 Jul 2012 15:23:44 GMT

Peugeot sales decrease in 2012

The sales of the largest French automobile manufacturer, Peugeot, went down by 13% in the first half of 2012 and its market share declined by 1% to 12.9%. A factor for the slowdown would be that the company's most profitable marketplaces, France, Italy and Spain, are suffering from financial problems.

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