On June 21, BNB announced that it will fulfill its mission at CCB within a month, by July 21. By then it promises that CCB will have either a new ownership structure or a strategic investor, or else be taken by the only state-owned Bulgarian Development Bank (BDB, with about 1% market share).
Here we go again, straight into the old debate as to from what the poor benefit more: growth or redistribution. It has been rekindled by the near simultaneous appearance of two books written by Indian economists.
The EU is no longer the abstraction it was in the beginning of the crisis. For many Europeans the crisis turned the Euro from a convenience into an issue, the Greek – from exotic and hospitable people into lazy parasites, and the English – from key allies into awkward partners.
In Ukraine, the main channel of the impact of remittances on GDP is consumption. The scope of impact depends on two factors – the marginal propensity to save and the propensity to purchase imported goods and services.
During the global financial crisis, public pensions in Lithuania were cut to reduce further strain on the government budget. The Lithuanian government is now considering backpaying these pensions.
Many people, both in the West and in the former socialist countries, display an attitude which I call—somewhat pointedly—“a mentality of Soviet official”. It is a generalized belief: “whatever problem there exists, only the state can solve it.” The state is perceived as a deity, i.e. an omniscient and benevolent being with unlimited resources.
FDP leader Christian Lindner expressed a strong need for more responsibility in fiscal policy and a legally anchored ban on the bank bailout. He criticized the state bank bailout as a perversion of the market economy.
Some view social justice as the comprehensive equality of normative rights as well as social and material goods, others doubt whether social justice can even be defined, never mind actually achieved. But what does justice mean for liberals? And when is a society or a state just in the liberal sense?
As The Lithuania Tribune writes (quoting SEB’s Eastern Economic Outlook published in March 2012) Estonia’s growth fill fall to 1.5% in 2012 and increase again in 2013 reaching 2.5%. As a result of smaller demand in Sweden and Finland Estonian expansion is limited while high inflation continues. In 2011 Estonian GDP growth reached the level of 7.6% although a slowdon in the last quarter of the year was observed. Budget deficit is expected to reach…
As The Lithuania Tribune writes Lithuanian GDP increased more than expected in the last quarter of 2011. When it comes to investment data the growth reached 10% and growth of the export, even though slowed down, still exceeds growth of import. At the beginning of the year income of the central government exceeded its expenses. Additionally, in January there was growth of over 16% in the retail sector. Newspaper points out “decreasing unemployment, lower inflation…