Poland and Slovakia need to cut their budget deficits by as much as Ireland, says the global bankster enforcer, the Organization for Economic Cooperation and Development.
Poland’s general government deficit may reach 7.9 percent of GDP this year because of lower-than-expected tax revenue, the Finance Ministry estimated last month. There is “a serious risk” that Poland’s total debt this year will breach the 55 percent threshold that triggers mandatory austerity measures under the country’s constitution, the central bank said last month. Debt was 50.9 percent at the end of 2009.
The government, as per usual, plans to sell assets, cut 10 percent of state jobs, and take money out of the hides of it citizens by increasing the value-added tax, as it attempts to bring the deficit in line with the EU target by 2013.
In Slovakia, which adopted the euro at the start of last year, the budget deficit is expected to “deteriorate somewhat further in 2010,” from last year’s figure of 7.9 percent of GDP, the OECD said. They plan to adopt similar deficit cutting measures.
How will this effect Poland, who does not (yet) use the Euro? They do not have to listen to anything the EU says with regard to it's currency...correct?
ReplyDeleteCorrect.
ReplyDeleteBut as the OECD proves, the global government types are certainly going to try an put their nose in Poland's affairs.
Here's the real question: Is Polish leadership for the people of Poland or for the global banksters?
Robert,
ReplyDeleteAs a dual citizen I can personally attest that post April 10th 2010, it's the global banksters.
That day will prove to be more important as time goes on.