rollover
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93% of the Greeks report a fall in income in the last 3 years, while 8 out of 10 declare to have made cuts even in basic goods. Half of the Greek population is threatened with economic and social isolation as it cannot cover basic needs, pay utilities, taxes and repay loans
79% have limited basic foodstuff
94% no longer eat out in restaurants
93.1% has suffered significant income reduction since beginning of the crisis 3 years ago. Averade reduction 38%.
40% of households have at least one unemployed.
40% of households live on income coming from one pension.
50% of households uses banks savings/credit cards/borrowing from friends/relatives to cover basic needs.
40% has debts in utility bills (electricity, water, energy), tax office and loans.
80% limits transport costs
92% does not buy clothes/shoes
83.2% saves in home heating.
47% would buy products & services without receipt in order to benefit form price reductions.
42.5% buys low-quality products
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The average cost of a water and sewerage bill will rise to £388 from April 2013 to March 2014 - 0.5% above the rate of inflation.
Customers in southeast England face the biggest rise of £23 a year.
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Major stock markets fell on Monday and the euro tumbled from multi-month highs against the dollar and yen as political uncertainty in Spain and Italy revived worries that the steps taken to rein in the euro zone debt crisis could unravel. The MSCI's world equity index fell 1 percent and was on track for its worst day since November.
U.S. stocks declined after a disappointing report on factory orders, retreating from a rally on Friday that drove the S&P 500 to a five-year high and the Dow to close above 14,000 points for the first time since October 2007. The Dow Jones industrial average fell 120.15 points, or 0.86 percent, to 13,889.64. The Standard & Poor's 500 Index dropped 14.60 points, or 0.96 percent, to 1,498.57. The Nasdaq Composite Index slipped 39.81 points, or 1.25 percent, to 3,139.28.
The FTSEurofirst 300 ended down 1.47 percent at 1,150.91 points, its lowest close since December 31. It had hit a near two-year peak of 1,178.55 points in late January.
Spain's IBEX fell 3.8 percent, and Italy's FTSE MIB shed 4.5 percent.
The euro traded at $1.3513, down 0.9 percent. It had risen to $1.3711 on Friday, a level unseen since late 2011.
Asian shares climbed to 18-month highs.
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Public sector pensions could cost each household up to £1,600 each a year within the next decade because the Government has underestimated the expense of its reforms, a leading think-tank has warned. Experts from the Centre for Policy Studies claim to have found a new £9 billion-a-year “pensions black hole” that will have to be footed by taxpayer by the beginning of the 2020s.
So many times said on these forum. Link
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There was one ad for payday loans for the unemployed.....how can the unemployed afford a loan let alone a payday loan.....the system has failed.
And one ‘Loans For Poor People’
It’s no secret that lenders have been known to target the people who can least afford to borrow money, but they are rarely explicit about it.“Easiest Cash Solutions Specially Designed For The Deprived”, shouts the website. “Apply and Enjoy An Instant Approval!” it adds lower down.
“Since we understand how precious your time is, we do not follow any credit checking process on our applicants,” the website enthuses.
We are not at all bothered about the way in which you are going to spend this money,” it assures readers, adding that borrowers can access loans of up to £1,500.
It is hardly promoting responsible lending.
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Mr Osborne will say in his speech, at JP Morgan's administration offices in Bournemouth, that people are "angry" at the banks. But he said it was time to turn that anger "from a force of destruction into a force for change". His speech comes on the same day the government introduces its Banking Reform Bill in Parliament. The chancellor appears now to have accepted a major recommendation of last year's Parliamentary Commission on Banking Standards which called for a reserve power to "electrify the ring-fence" if banks did not implement reforms.
The Independent Commission on Banking, led by Sir John Vickers in 2011, had concluded that ring-fencing was the best way to protect "core" retail banking activities from any future investment banking losses.
Under the reforms, investment and High Street banks will also have different chief executives.
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And why not to buy more? Everyone is doing it. I think Nothing Can Possibly Go Wrong, it is a nice indication of the advancement and improving markets.
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Borrow to buy shares, the show must go on. It had to. Open a champagne.
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"Stock prices have reached what looks like a permanently high plateau. I do not feel there will be soon if ever a 50 or 60 point break from present levels, such as (bears) have predicted. I expect to see the stock market a good deal higher within a few months."
- Irving Fisher, Ph.D. in economics, Oct. 17, 1929
"There will be no repetition of the break of yesterday... I have no fear of another comparable decline."
- Arthur W. Loasby (President of the Equitable Trust Company), quoted in NYT, Friday, October 25, 1929
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A lot of people after Christmas spending spree can't wait till February pay day and struggle to pay soaring household bills. As a result the worst-hit going further and further into the debt. The financial squeeze is forcing them to take out a pay day loan.
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Investigation has found that some payday loan brokers have benefited from hacking into websites to divert the history and status of a legitimate business to their domain. This increases their ranking on Google, and the tactic has given unregulated brokers access to online traffic worth millions of pounds.
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Homeless families to be expelled from London by councils acquiring properties across the UK for vulnerable families due to welfare cuts and high London rents. As cuts shrink the number of properties affordable to people on benefits, more than 20 London local councils have rented properties as far as Corby, Cornwall, Blackpool, Southampton and Newcastle to house families that could end up on the streets in London.
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I have been on a below BOE tracker paying £58 I/O per month
Never heard of it.
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I suspect what's coming might blow a few fuses on here.
If you can name the winner product, you can get the price here
S&p May Face Widening Litigation Over Credit Ratings During The Housing Boom
in House prices and the economy
Posted
Standard & Poor’s may face widening litigation over credit ratings during the housing boom as states investigate the company and consider bringing new cases that would add to more than a dozen across the country. The Justice Department sued S&P on Feb. 4, saying that the company downplayed and disregarded the risk posed by the mortgage-backed securities and collateralized debt obligations and issued inflated ratings on CDOs. S&P was driven by a desire to increase revenue and market share and was favoring the interests of investment banks that sold the securities at the expense of investors, the government said.
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