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Posts Tagged ‘budget deficit’

Comparing the Europe and US debt crises

The Economist has an insightful commentary on both debt crises. Excerpt below.

Both the US and the European Union have public finances that are out of control and political systems that are too dysfunctional to fix the problem,” Mr Rachman writes. I have some quibbles about the way he frames the economic issues as a generalised problem of “an unsustainable and dangerous boom in credit”, viz homeowner credit in America and the overdrawn borrowing of Greece and Italy in Europe. This seems to smooth over a lot of differences a bit too easily; the American housing bubble was fueled by CDOs, but the economic problems in Europe aren’t about an asset bubble caused by Greek or Italian government borrowing, and to the extent that the problems are due not to asset bubbles but to financial interconnectedness, the interconnectedness caused by private-sector issuance of CDOs and CDSs isn’t really the same as the interconnectedness caused by the adoption of the euro across 17 countries.

French strikes set for Nov. 23, but don’t expect large turnout

November 22nd, 2010 No comments

The contested pension reform has become French law, but some unions (CFDT, CGT, FSU, Solidaires, Unsacette) and other opponents to the measure are insisting that the strikes must go on. But it likely won’t have any important impact, except for annoying commuters and parents. However, traffic will not be nearly as disrupted as other days. It has been a long road of reform and protest, as France24 writes.

Le Volontaire has a list of strikes organized around France, by départment (and city).

Left-wing newspaper L’Humanité unsurprisingly calls this an “unjust reform” and supports the strikes, with a list of cities participating (similiar to the one above, with some variation). In Paris, the action will start at metro Opéra at noon, pass by la rue du Quatre Septembre, la Bourse des Valeurs, palais Brongniart and finish at place de la Bourse around 2pm.

On the other side of the political spectrum, business newspaper Les Echos (like the French Wall Street Journal) is calling this the “last-ditch stand” (baroud d’honneur) of unions.

According to the SNCF’s site, TGV, Téoz and Intercité trains will not be affected. However, certain regional TER trains could be (look by region). So far the Paris area RATP website is not updated with strike information, but will likely have delays on certain bus lines that go to métro Opéra.

THIS JUST IN: The following bus lines will be interrupted with irregular intervals between about noon and 2pm tomorrow in Paris: 20, 21, 22, 27, 29, 39, 42, 48, 52, 53, 66, 67, 68, 74, 81, 85, 95 and Roissybus. This is especially important for those planning on taking Roissybus from Opera to CDG Airport. If you think this may disrupt your plans, you can opt for RER B at about an equal cost (around 9 euros), or taxis will run you about 35-40 euros. The

For updates on RER suburban line trains, you can see this site. Lyon’s TCL transport system will not be affected. For updates on other cities’ transport systems, you can check this link from a previous strike day. You can check the status of trains in major stations at this site.

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