Data and Financial Journalist
A small focus on what Austerity is about and how Portugal is facing hard times after Greece and Ireland. Different economists have different analysis to make but traditional theories remain intact and this world meltdown seem to be questioning some theoretical approaches towards a more practical world.
With the financial turmoil all across economies, Brazil, Russia, India, China and South Africa( popularly known as BRICS) remain the largest contributor in the world’s GDP i.e. 25% of global GDP and also 40% of the world’s population. With the recent meet in Durban, many contrast views have been expressed regarding to the aims and objectives of BRICS and whether it will be big as G7 by 2025 This article highlights a review on the same and its comparison to the Euro zone.
The Budget Control Act was a poison-pill deal designed to force them to find a less austere compromise, but political power struggle meant no deal was done, and the deadline arrived. A combination of expiring tax cuts and across-the-board government spending cuts scheduled to become effective December 31, 2012 defines ‘fiscal cliff’.
According to the BIS, “The choice of Switzerland for the seat of the BIS was a compromise by those countries that established the BIS: Belgium, France, Germany, Italy, Japan, the United Kingdom and the United States. When consensus could not be reached on locating the Bank in London, Brussels or Amsterdam, the choice fell on Switzerland. An independent, neutral country, Switzerland offered the BIS less exposure to undue influence from any of the major powers. Within Switzerland, Basel was chosen largely because of its location, with excellent railway connections in all directions, especially important at a time when most international travel was by train.”