The Best Cyprus Community

Skip to content


Cyprus added to the EU watchlist

Benefits and problems from the EU membership.

Cyprus added to the EU watchlist

Postby Gasman » Wed Jun 16, 2010 10:10 pm

http://ec.europa.eu/news/economy/100616_en.htm

Excessive deficits – Cyprus, Denmark and Finland join the watchlist

Cyprus, Denmark and Finland have joined the ranks of member countries with government deficits deemed high enough to pose a threat to the wider European economy. The commission is now recommending they be placed on its list of countries warranting further scrutiny of public finances.

With the addition of the three, the watchlist would include all but one of the EU’s 27 countries. Only Luxembourg is not running a deficit well over 3% of gross domestic product – the EU limit. Luxembourg finished 2009 with a shortfall of around 2%.

So far, 12 member countries have taken what the commission considers to be effective action to close their gaps, cutting government spending and introducing revenue-boosting measures as promised. Among them are Ireland, Italy, Portugal and Spain – 4 countries at the centre of concern about high national debt looming over the eurozone.

Germany, meanwhile, has moved to boost consumer spending – in response to worries that the country’s fat trade surplus is hurting other EU economies. But the country has also outlined deficit-reduction measures for 2011 and beyond.

The other countries reviewed in the latest commission report are Austria, Belgium, the Czech Republic, France, the Netherlands, Slovakia and Slovenia.

As it does with all countries under scrutiny, the commission has proposed deadlines for Cyprus, Denmark and Finland to correct their deficits. Finland would have until 2011, while Cyprus and Denmark would have until 2012 and 2013 respectively.

Cyprus recorded a shortfall of 6.1% of GDP last year. Deficits are expected to reach 5.4% this year in Denmark and 4.1% in Finland.

Until recently, these countries seemed to be doing well. EU monetary commissioner Olli Rehn said the sudden turnabout shows the severity of the economic crisis, which has wreaked havoc with public spending.
Gasman
Main Contributor
Main Contributor
 
Posts: 3561
Joined: Sat May 02, 2009 6:18 pm

Postby larnacaman » Tue Aug 10, 2010 9:51 pm

Gasman,

It could also mean that Cyprus, like Greece relied on ''Creative Accounting'' to get it's self into the Euro Zone!!!
I for one have never believed Cyprus was ever in a position to satisfy and comply with the Euro zone monetary conditions...

Watch this space!!!
larnacaman
Contributor
Contributor
 
Posts: 300
Joined: Fri May 07, 2010 6:16 pm
Location: Pervolia, Larnaca

Postby Get Real! » Tue Aug 10, 2010 10:15 pm

larnacaman wrote:It could also mean that Cyprus, like Greece relied on ''Creative Accounting'' to get it's self into the Euro Zone!!!
I for one have never believed Cyprus was ever in a position to satisfy and comply with the Euro zone monetary conditions...

Watch this space!!!

Your erroneous concerns are derived from the common misconception that Greeks and “Greek Cypriots” are the same or similar people… but they’re not!

Cypriots are extremely greedy and ambitious people (and thus hardworking) quite capable of convincing you out of your underwear, whereas Greeks are just dreamers of things past…
User avatar
Get Real!
Forum Addict
Forum Addict
 
Posts: 40444
Joined: Mon Feb 26, 2007 12:25 am
Location: Nicosia

Postby larnacaman » Tue Aug 10, 2010 10:45 pm

A very good analogy you wrote there. most of it very true, if only the bit about ''Hard Working'' were also true... But alas that's just NOT the case, ....rather they will do as little work as possible for as much money as possible!! (endorsing your claim to there greed!! )

It wouldn't even be that bad, ....but often the work that they actually do, is also shoddy with little or no care taken. No pride in there work, generally with a ''Ah, that'll do'' attitude!!! And then the Cypriot workers wonder why they are losing work left , right and centre, to the EU ex-eastern block workers. Who will generally do the work to a satisfactory standard, within an agreed time frame and at a reasonable price!!!

The Day's of the ''Hard Working'' Cypriot have passed, ...they are very few and far between these day's i'm afraid. ...But i will give you that, they can always try and look busy and working hard ...lol!!!.
larnacaman
Contributor
Contributor
 
Posts: 300
Joined: Fri May 07, 2010 6:16 pm
Location: Pervolia, Larnaca

Postby Get Real! » Wed Aug 11, 2010 12:06 am

Having two or three jobs is considered “hardworking” even if your quality sucks.
User avatar
Get Real!
Forum Addict
Forum Addict
 
Posts: 40444
Joined: Mon Feb 26, 2007 12:25 am
Location: Nicosia

Postby larnacaman » Wed Aug 11, 2010 12:08 am

Not to the Employers, ...believe me!! haha!!!
larnacaman
Contributor
Contributor
 
Posts: 300
Joined: Fri May 07, 2010 6:16 pm
Location: Pervolia, Larnaca

Postby Nikitas » Wed Aug 11, 2010 12:09 am

OK, Cyprus used creative accounting.What is the problem with Finland and Denmark? Creative accounting? Lack of hard work? Both? Maybe all three used the same accounting firm.
Nikitas
Main Contributor
Main Contributor
 
Posts: 7396
Joined: Thu Aug 09, 2007 2:49 pm

Postby kurupetos » Wed Aug 11, 2010 12:11 am

What is the point if all EU countries are in the watchlist? :?

Who's watching anyway? :lol:
User avatar
kurupetos
Leading Contributor
Leading Contributor
 
Posts: 17911
Joined: Tue Jul 31, 2007 7:46 pm
Location: Cyprus

Postby larnacaman » Wed Aug 11, 2010 12:23 pm

No, ...not that i know of!! ... What these countries have done is lend money to other EU countries, that now can't pay the premiums let alone pay back the loaned sums.... One crazy situation!!!

It's about time they started clawing back money from the Banks, that started this bloody mess in the first place, through their overwhelming GREED!!! They all now seem to be on a high, and back in the ''Billions bracket profits'' while everyone else is still suffering. Considering that all these banks were actually all involved in Commercial Freud, One has to start asking why not a single CEO of these banks, has ever been brought before any court of law???
larnacaman
Contributor
Contributor
 
Posts: 300
Joined: Fri May 07, 2010 6:16 pm
Location: Pervolia, Larnaca

Postby Get Real! » Wed Aug 11, 2010 4:24 pm

larnacaman wrote:It's about time they started clawing back money from the Banks, that started this bloody mess in the first place, through their overwhelming GREED!!!

Jolly good idea!

10 Countries With HUGE Foreign Debt Bills

#1 United States -- $13.454 trillion
#2 United Kingdom -- $9.087 trillion
#3 Germany -- $5.208 trillion
#4 France -- $5.021 trillion
#5 Italy -- $2.567 trillion
#6 Netherlands -- $2.452 trillion
#7 Spain -- $2.409 trillion
#8 Ireland -- $2.386 trillion
#9 Japan -- $2.132 trillion
#10 Luxembourg -- $1.994 trillion

http://www.huffingtonpost.com/2009/11/3 ... lide_image
User avatar
Get Real!
Forum Addict
Forum Addict
 
Posts: 40444
Joined: Mon Feb 26, 2007 12:25 am
Location: Nicosia

Next

Return to Cyprus and the European Union

Who is online

Users browsing this forum: No registered users and 0 guests