Portugal is certainly going through a great deal of upheaval and heading for political crisis. Prime Minister Pedro Passos Coelho held meetings recently with the leader of the rightist CDS-PP party. The recent resignation of finance minister Vitor Graspar and foreign minister Paulo Portas have threatened the government’s majority in parliament. The economy is at…
Category Archives: Regional News
EU Car Sales in May Fell Drastically
EU car sales in May fell drastically, showing a 20 year low. This is due to rising jobless issues caused by the continued recession in the euro region that is hitting PSA Peugeot Citroen, Renalut SA and General Motors Co. Registrations across the 27 member EU dropped 5.9 % to 1.04 million vehicles in May….
Hungary Awaiting Announcement to be Removed from EDP List
Hungary is awaiting the announcement that the European Commission may make soon, proposing that they remove the country from the bloc’s list of fiscal offenders next month. The Commission’s economic and monetary affairs spokesman, Simon O’Conner, said that he will make no comment until May 29. Hungary has been on the list since joining the…
Second Thoughts About The Euro
We all have second thoughts about decisions we make. Some of them, however, are about more important topics than others. The leftwing opposition politician who helped to put the euro in place now says it’s time to abandon this currency. Oskar Lafontaine, Germany’s finance minister when the euro was adopted, now says that the enormous…
Denmark Repeals Tax on Soda and Beer
In a move that would certainly have some gasping (including Michael Bloomberg, the New York Mayor), Denmark has decided to repeal its country’s tax on sodas and beer. The soda tax will be cut in half in July and then eliminated entirely next year. Their current tax of 52 cents for a 1.5 liter bottle…
General Motors Financial Company Acquires Equity Interest
In a savvy financial move, General Motors Financial Company, which is a fully-owned subsidiary of General Motors, has just acquired equity interest in Latin America and Europe. As was reported, they have “the top-level holding companies that comprise substantially all of Ally Financial, Inc.’s automotive finance and financial services businesses in Latin America and Europe.”…
EU Recruiting More Irish Applicants
The number of Irish applicants for jobs with the EU has been so low lately as to cause the European Personnel Selection Office, the EU’s recruitment body, to specifically try to recruit more Irish. As the Minister of State of European Affairs Lucinda Creighton said, “I am very concerned and it is something I have…
Scottish Fishermen Voice Frustration with EU Policies
The fishermen in north-eastern Scotland have some strong opinions about the EU. According to Andrew Charles, a seafood processor, “The EU has been devastating for the Scottish fishing industry.” The bloc’s fleet reduction policies have forced many fishermen out of the business. Recently, the number of Scottish fishing boats fell from 2365 in 2004 to…
EU Comments on Spanish Overhaul of Banking Sector
Spain’s recent overhaul of their banking sector as part of the euro-zone bailout is moving forward. The European Commission recently reported, however, on even more steps that Spain needs to take. The review was co-authored by the Commission and the European Central Bank. The review said that “much work remains ahead” so that the asset…
Unemployment Rates in the EU
Unemployment in the EU hit a record high in December and sales before Christmas were dismal. As economists look at the Eurozone, they believe that these signs may indicate a slow emergence from the recession years. While there has been recent optimism about the eurozone’s ability to climb out of the deep banking and public…
