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    Europe’s oldest economies.

    According to the latest news from Portugal , fraud is practiced by local authoraties, government and international companies such as oil companies on a daily basis!!!
    Everyday the world faces serious economic difficulties, unemployment, more and more companies closing down, massive layoffs, sales dropping, production levels at the lowest ever, but somehow the Portuguese government and oil companies like Galp,BP,Cepsa and Repsol take upon themselves to on a weekly basis increase the final consumer price at the pump sometimes two or three times per week....
    Its measures like these that have placed the world economy in a recession, Portugal has one of the worlds most expensive consumer oil prices, even now as oil prices slipped below $78 a barrel as investors grappled with the prospect that global growth will be slower than originally feared. Oil prices have fallen about 67% in four months, plunging from a record $147.27 in mid-July 2008. However this decrease in crude prices does not affect one of Europe’s oldest economies...Portugal...were prices continue to be one of the highest in the world, even when crude prices where at a three-year low Portugal continued to have final consumer prices one of the highest in the world...Oil consumption in Portugal last year dropped more than 14% and all tendencies indicate that it will continue!!!
    The consumer price in Portugal is 20% more expensive than in Spain...
    This dishonest attitude is lead by the so called national oil company Galp Energia...there is no reason for the increase except greed, the Portuguese Government is also involved in this apparent corruption scheme as the more the companies charge the more taxes the government obtains... This scheme is called "Robin Hood Tax" the more you charge the more Tax I (government) have... As is also tradition one company increases all others follow behind, the prices are also certainly combined between all involved... This arrogant attitude by the oil companies (GALP,BP,REPSOL,CEPSA) and government will no doubt continue as they sink Portugal further into recession.


    Labels: , , ,

    written by ABSTRACTMIND @ 3:24 pm, ,

    Volatility again

    Stocks plunged around the globe, the euro slid to the lowest level since May. Benchmark equity indexes for Portugal and Spain plummeted the most in 15 months. Oil lost 5 percent, the biggest drop in six months, and gold tumbled the most since 2008 as a stronger dollar curbed demand for commodities, some European nations will struggle to finance their budget deficits.
    There will be a dramatic increas in volatility again... Even Warren Buffett’s Berkshire Hathaway Inc. was stripped of its last AAA credit rating by Standard & Poor’s.
    Greece’s ASE Index lost 3.3 percent, Portugal led declines in government bonds, with the premium investors demand to hold the nation’s two-year securities instead of benchmark German bunds widening to 156 basis points, the biggest margin since 1997. Confidence in Portugal was shaken yesterday when it cut an issue of 12-month bills to 300 million euros ($417 million) from a planned 500 million euros.
    Credit-default swaps on Portugal’s government debt soared 27 basis points to a 223, the most since at least 2004, according to CMA DataVision prices. Contracts on Greece jumped 14 basis points to 411.5, approaching the record 422. Spain CDSs increased 13 basis points to 165, Italy’s were up 7 at 138 and Ireland climbed 6.5 basis points to 169.5.
    The focus is shifting toward Spain and Portugal, where the deficit-reduction plans have now been introduced, in the case of Portugal to finance their budget deficits they must also reduce and freeze the salaries of the "government" employees that number above 700 thousand public servants, some frinch benefits should also be stopped.
    Energy companies should restrain from constantly incresing consumer prices such as Galp, BP, Cepsa and Repsol, there is no reason for Portugal to have one of the highest final consumer prices for petrol in the world, crude oil for March delivery fell 5 percent to $71.14 a barrel, however consumers are paying a price equivalent to $92.14 a barrel.
    What these companies dont realise is that unemployed people don’t spend money....

    Labels: , ,

    written by ABSTRACTMIND @ 11:21 am, ,


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