Word: fiscality
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...January report, Barclays Capital argued that the cost of the crisis on the U.S., the U.K. and Japan would be spread over many years and is therefore less scary than it may appear. "We do not believe that the global crisis is a watershed for the long-term fiscal sustainability" of those countries, the report said. (Read "Greek Tragedy: Athens' Financial Woes...
...restrained by the budget cuts necessary to narrow deficits and reduce borrowing. The effect could be felt for a protracted period. Jean-Luc Schneider, a deputy director of the economics department at the OECD in Paris, says some countries will take as many as 10 years to reduce their fiscal deficits to more sustainable levels. And since the deficits of so many nations will have to shrink simultaneously, the impact on developed economies is likely to be amplified. "Doing it all at the same time will be more painful," Schneider says...
...their countries' finances in order. In late January, S&P warned that it could downgrade Japan's sovereign rating if the new administration of Prime Minister Yukio Hatoyama doesn't rein in the deficit. In his January State of the Union address, President Barack Obama pledged to freeze discretionary fiscal spending for three years starting in 2011. "Like any cash-strapped family, we will work within a budget to invest in what we need and sacrifice what we don't," Obama said. (See pictures of retailers which have gone out of business...
...That help has a price. European ministers are insisting that Greece implement a severe austerity plan to quickly reduce its fiscal deficit. Papandreou has already promised pay cuts for public employees and tax hikes, but his European counterparts are demanding an even stricter program. That presents a huge test to his regime. Government workers have already staged strikes to protest Papandreou's plans. So far, he's held firm. A recent poll showed that two-thirds of Greeks believe the Prime Minister's measures are necessary; only 41% think they go far enough. "The government has seen the problem...
...great power. Proposition 98 requires California to spend 40% of the state budget on public schools, which places enormous pressure on other state programs, such as higher education and the courts. These and numerous others have put California government in something of an ever tightening straitjacket. (Read "California's Fiscal Crisis: The Legacy of Proposition...