Tag: European Union

Cyprus has agreed to confiscate a percentage of the savings of large depositors in order to satisfy demands from the European Union creditors..

10:10 am

The day of reckoning looms: Cyprus has agreed to confiscate a percentage of the savings of large depositors in order to satisfy demands from its European Union creditors..

This is only a hint of what’s coming for us here in the U.S. Like the European Union, eventually the federal government is going to go bankrupt, and when that happens it (being the politicians in charge) will then decide that the savings and pensions of private citizens will have to save them somehow.

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More budget battles in Europe over $16 billion fusion reactor project

4:58 pm

The budget battles continue in Europe over funding a $16 billion fusion reactor project.

Now the three statutory bodies of the European Union have agreed to cobble together €360 million from anticipated unspent funds in the still-to-be-decided 2013 budget. Another €840 million will be found by shifting money from 2012 and 2013 budget lines for farm and fishing subsidies, rural development, and environment, into the ones covering research. The remaining €100 million had already been allocated to ITER in the 2012 budget.

Sounds to me as if this whole thing has feet of clay, and is going to fall apart long before completion.

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