The controversial introduction of mandatory cashpoint charges still requires approval by the European Central Bank but is expected to amount to €1 for every €1,000 transaction. While the measure is unlikely to impact on day-to-day withdrawals, Greece hopes it will deter citizens clearing out their bank accounts. The news comes as the EU upgraded its growth outlook for the eurozone on the back of cheaper oil and a weak currency – but a sudden worsening of Greece cast a pall over the brightening situation.
Germany, Europe’s economic powerhouse, is expected to grow by 1.9 per cent in 2015, above the EU average, helped by domestic demand and an improving labour market. Even Italy and Portugal saw modest growth, while Ireland – which recently left an international bailout programme – had the fastest growing economy in the region. Cyprus however is stuck in recession three years after its bailout and will not return to growth until next year, the Commission said.
But the gloomiest prognosis is for Greece, due to the drawn-out battle between the new leftist government of Prime Minister Alexis Tsipras and the debt-hit nation’s EU and IMF creditors. New charges at the ATM: As the Greek economy teeters on the verge of bankruptcy, millions of panicking citizens have completely cleared their accounts – pulling more than €28 billion out of banks.
Deflation can be dangerous, risking a spiral of ever weaker demand, slowing the economy and pushing up unemployment.
If we didn’t stop the commies dead in their tracks, there would be a domino effect, and ALL of Asia would fall to them.
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