Business

Billion of Dollars, Euros, Yens and Yuans
by Milota Sidorova

Financial crisis. This is almost a mystery to me. It becomes what Spanish people call fantasma & a ghost. You can't see it, you don't know where it comes from, but though you can feel it everywhere.
These two words have been attached with such number of problems that it makes really difficult to outline where the solution possibly might be.

However, it seems, world's governments can agree on one thing & to support weakening economics with sky-high funds. Although there has been no proof, spent billions and trillions made some progress, there's been nobody to reject massive bailout plans. I beg you pardon, it's been almost a history. Germany Chancellor, or world's top rated female politician Angela Merkel said she didn't want race of billions, commenting proposed EU-wide package of 200 billion euros, literally 1.5 percent of its gross domestic product.

And it seems quite a courage to say to. Sarkozy and Berlusconi are rallying to pass the proposal, even Polish Prime Minister Donald Tusk has announced financial help to stabilize Polish economy. China said it planned to spend 4 trillion yuans or $586 billion by the end of this year after its President Hu Jintao agreed China was loosing its traditional export trading edge. The time when even proud Chinese representatives acknowledge failure signs like a wave of unpredictable problems behind. Moreover, when they say they were willing to sacrifice another 18 trillion yuans and $2.6 trillion the next year.
Nevertheless, Japan, despite of being reluctant to lower interest rates and support the economy by the packages, has announced it was going to inject 5 trillion yens or $ 53 billion to get the economy and automakers back on the feet.

Generally everyone's doing so, then why not Germans? One might remember on troubled Iceland, Hungary and Pakistan, begging for help. Though, it hasn't been so easy. Now people living in the most Northern part of Europe have had 18 percent mortgages instead of 6 percent as they've had before.

American Citigroup, one of the survivors from September meltdown on the Wall Street announced loss of more than 60 percent its shares last week, shading the positive aspects $700 billion stimulus package. Luckily, Americans have their Barack Obama, who spent the last week assuring the population of the U.S. by details of his upcoming economy rescue plan. The amount topped around $550 - $700 billions should be approved as soon as possible. American markets seemed to have swallowed his words. In fact, they've been rallying every day, all week long, for the first time since the beginning of the year.

But still, what are the major reasons of European largest economy to stand out of the crowd saying no? Merkel will has a chance to explain it on European Financial Minister meeting today. And personally I am very curious about it.

by Milota Sidorova for PocketNews (http://pocketnews.tv)

PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.

These news are original content from young talents around the world and are selected for you by Chris Cantell.


edited by Beata Biskova

Labels: Business, CantellTV, Chris Cantell, Christopher Cantell, digital broadcasting, SigEx Foundry, SigEx Telecom

posted by Blog TechSource @ 8:10 AM