Tag Archives: EU

News

EU Threatens To Sue The UK

http://www.youtube.com/watch?v=141aL2yfm-s

November 2011

The European Union has threatened to sue the UK if the British government do not  relax their benefit rules. Currently EU nationals must pass a “right to reside” test in order to claim the generous welfare benefits available. The EU argues that the UK criteria is too tough and ought to come in line with the more generous EU rules.

For many years now, there has been an open border system in operation between the member states of the European Union, and this has made travel between the nations readily accessible. As the EU has expanded in recent years, to allow less affluent nations to enter, nations like the UK have been anxious to stem the tide of EU wide immigration.

When Poland joined the EU in 2004, over 600,000 Polish economic migrants came to the UK. This massive wave of immigration was not supported in improvements to health care provision and school places. As a consequence some areas are struggling to cope with the massive influx of people seeking to access services.

As a consequence, the UK government has sought to limit EU immigration, especially since other eastern European nations have become members. If the EU is successful in changing the UK rules, it will cost the UK government an extra £2.5 billion, at a time when the government is seeking to drastically reduce the nations welfare bill.

The British government are incensed by this interference from Brussels, with the Work and Pensions Secretary, Iain Duncan Smith, saying “These new proposals pose a fundamental challenge to the UK’s social contract. They could mean the British taxpayer paying out over £2 billion extra a year in benefits to people who have no connection to our country and who have never paid-in a penny in tax.

“This threatens to break the vital link which should exist between taxpayers and their own government.” He added: “I sense this is part of a wider movement, coming in the same week as the proposals for a financial transactions tax across Europe, which threatens to punish UK banks by decreasing their competitiveness abroad.”

Brussels have given the UK two months to comply, or the nation will be taken to the European Court, although Britain has been supported by France and Germany in opposing this move.

News

European Bailout Fund- Oct ’11 updated

1 Comment

Monday, 31 October 2011 updated to June 2012

Last October we ran a mission into Europe. This was a crucial time as European Union leaders were about to hold a key summit to deal with the ongoing debt crisis.

The week leading up to the summit the negative headlines continued, yet the stock markets across Europe rose each day, resulting in the highest market gains in 11 months.

The summit was also very fruitful, a way forward was presented, including: a hair-cut for Greek debt, a €1 trillion bail-out fund, and a deal to re-capitalise the banks.

However, within days of the mantle leaving Europe the optimism evaporated and the deal struck seemed to fall apart as Greece called for a referendum, and investors backed off from contributing to the bailout fund. One partner watching the news, and unaware that the Europe mission had ended and the mantle had returned to America said, “I knew DP was out of Europe, it all just fell apart suddenly, and the hope left.”

Since then, we have seen a change of government in France, Spain closer to financial ruin, and threats of a breakdown in the pact made during Sarkosy’s Presidency with member nations over the fiscal pact.

However, now the mantle is back in Europe, decisions have been made to enable financial support to Spain, and Greece is continuing to work through her financial difficulties, with the new French president working with EU member nations for a way through the debt crisis.

A sustained Prophet.TV presence is essential.

Support Prophet TV so we can maintain our mantle regularly in these regions.

Video link to cartoon: general financial explanation of debt crisis

http://www.youtube.com/watch?v=0zPyZZIvwCc&feature=fvwrel

News

European Bailout Fund- Oct ’11

This October we ran a mission into Europe. This was a crucial time as European Union leaders were about to hold a key summit to deal with the ongoing debt crisis.

The week leading up to  the summit the negative headlines continued, yet the stock markets across Europe rose each day, resulting in the highest market gains in 11 months.

The summit was also very fruitful, a way forward was presented, including: a hair-cut for Greek debt, a €1 trillion bail-out fund, and a deal to re-capitalise the banks.

However, within days of the mantle leaving Europe the optimism evaporated and the deal struck seemed to fall apart as Greece called for a referendum, and investors backed off from contributing to the bailout fund. One partner watching the news, and unaware that the Europe mission had ended and the mantle had returned to America said, “I knew DP was out of Europe, it all just fell apart suddenly, and the hope left.” A sustained presence in a region is essential, Support Prophet TV so we can have a sustained presence in these regions.

News

IMF, World Bank and EU deal for Europe’s Debt Crisis

This last week delegates from the International Monetary Fund (IMF), World Bank and the Eurozone have been meeting in Washington DC to try to find a way through the current economic crisis in Europe, which is the biggest immediate threat to the world’s economy.  Failure to find a workable solution will plunge the western world into another deeper recession, if not something much worse.

So far, attempts to solve the problems have done little but delay any real action being taken, and the apparent lack of understanding and leadership amongst Europe’s politicians has sparked fears of global recession throughout the markets.

The latest real suggestion would provide a €2 trillion bailout fund. The hope being, this would provide a sufficient fire-wall around Greece, Portugal and Ireland; as well provide sufficient funds to bail out Spain or Italy if they should require assistance. Furthermore the deal would provide massive re-capitalization of the European banking system. And finally a managed 50% default, or haircut for Greek debt, but still allowing Greece to remain in the Euro.

However, where €2 trillion will be found is unclear. Germany are already skeptical of pumping any more money into bad debt, as well as losing yet more fiscal powers to Brussels. Action is needed fast. The plan has been welcomed by many as a step in the right direction, however it is likely to still be an economically painful road.

The world is now looking to the next G20 meeting in Cannes, France in November, as key in forging a way through this crisis. It is imperative that the spirit under which these complicated and painful decisions will be made, is the right spirit. Support Prophet TV so we can run intercessory prayer trips into Europe at this key time for the world economy.

 

News

Turmoil in the Global Stock Markets

The close of trading this week has seen the Dow Jones down for the fourth consecutive week. The last few weeks have seen global markets fluctuate wildly. On many days the spread of the gains and losses have been so extreme, one would expect to see such changes over the course of a year, not a day’s trading.

The erratic behavior of the markets has fueled fears of a double-dip recession in the US and Euro-zone nations, as already slow growth reduces even further.

Economic analysts are seeing markets behave in ways never before seen in the history of stock market trading- this is unknown territory.  Some believe we may be heading for a global depression, or Japanese style stagnation.

The fear within the markets is primarily being fed by the continued uncertainty in the Euro-zone nations. Italy and Spain are looking increasingly unstable, and either one of their economies would be too big to bail out, in the manner of Greece. Even the second Greek bail-out package is looking uncertain, as the other Euro-zone nations loose confidence in Greece’s ability to pay back their debts.

Economists have not given up all hope of finding a way through this present crisis, although the margin for error is very slim. Many believe the only way out is for a break up of the single European Currency. If the economic heavy weights of the Euro- Germany in particular- were to leave it would allow the Euro to devalue, bringing relief for the PIGS nations. Despite the economic virtue of such a plan it is currently politically unthinkable in Germany, as such a move would plunge Germany into a harsh recession.