“We didn’t predict this situation during election” – Tonio Fenech

It seems Gonzi PN and Assoc does not predict and plan anything right. After 21 years with the PN in government we have disasters everywhere. mention it...education, energy, finances, healthcare waiting lists, inflation, roads and traffic, government entities losing money....etc...

It all just sweet talk and vision 2015 but in reality meta tghasar ma isib xejn...just holes and holes in our pockets. Now we have the new windfarm project-wara ma nafx kemm il-U turn mill prime u l-ministri.

During election the price of crude was over a 110 dollars...today it is below 70 dollars. So what GozniPN afforded and promised before the election is more affordable now. The minister is trying to find an excuse to go back on his words. Would his propaganda machine succeed as usual? It seem that this is the only thing that really works around here?

Don't blame the international scenario - as Joseph Muscat said: governments are bailing out the economy and not the people bailing out the government. Why should our government act differently?

Yes I expect to get a very good NET cut in my taxes in the coming budget......mhux nifranka euro u Gonzi jahtafli tlieta minn xi taxxa ohra.

HA HA HA HA pathetically predictable Mr.Fenech. NOW you're saying that you did not predict this situation AFTER THE ELECTION!! HA HA HA well tell it to the ppl who voted for ya! half malta is not that dumb!

I want the promised income tax cut. If this does not happen soon or latest before the next election as promised, the PN is doomed to at least 20 years in opposition

Karl Abela seems to be a newbie on such commentaries. He's being to amusing!! Hahaha

You're showing that you weren't even born in 1997 when saying such half truths. The present w&e tariffs have broken any record. Austin promised that they will be revised as soon as the price of oil fall below 85 dollars. The price of oil is back to 77 dollars and we're still paying such hefty bills.

Remember that Dr,Austin is messing around with the most important sector for the Maltese economy - tourism. It was Labour in Government who started this industry and continued with the cruise liners investments during Alfred Sant's days.

I remember when the oil prices were just USB15 per barrel but the MLP government had set the electricity tariffs at todays rates. It was simply outrageous!

By comparison, whatever other less informed people think, today's government is doing a pretty good job at containing these challenges when taking everything into consideration.

At least Watch this Mr.Fenech, don't mind the stickiness of Joe Vella

http://en.wikipedia.org/wiki/Price_of_petroleum

Countries prevailed such conditions from the early years of the millenium and then Minister Fenech comes out that his predictions failed!!

@ Alexander Morana

First you state that the price of oil is effected by supply and demand; then in the same breath you state that it is effected because Countries which are oil exporting producers will demand a higher price for their oil because they are paid in petro-dollars.

I do agree that the fundamental price of a barrel of oil is influenced mostly by supply and demand like everything else barring some natural disaster or unforeseen event. The fluctuation in the US Dollar make it either cheaper or more expensive for the purchasing country. When the price of oil was at $ 147 the real cost for any EURO zone country was much less because of the Euro's strength at that time. Today, since the Euro devalued VIs-a-Vis the US$ ,like most world currencies did maybe with the exception of the YEN, These countries are not having the full benefit in the drop in oil prices.

Joe Vella.

The price of a barrel of oil vis-à-vis to the Euro will be around $90-96, (Depends on demand and consumption) do the currency conversion, Joe, i.e. if both the US dollar and the Euro keep falling, and the Central Banks around the world lower interest rates? Australia just did to-day 100pts!!!!!!

You don't have to be a rocket scientist or work at the MLP media bureau to figure out this. A falling US dollar and a falling Euro will cause inflation. The Banks are not going to raise interest rates now when there is a financial mess right now. Countries which are oil exporting producers will demand a higher price for their oil because they are paid in petro-dollars (Most) thus the vicious cycle of inflation.

Coming back to our dear Minister's statement, normally, the price of oil is predicted for a couple of months ahead from the date of purchase. Your main concern should be why is it that your energy bills are going up now when the same Minister way back in July – when oil was at $147 per barrel said that Malta had already purchased her fuel needs before this price?

My sympathy goes to Dr Gonzi, whom I hold as a 'straight' guy and doing the best he can under the prevailing storm. We have lived a lie for the past 10 years(at least) and he is reaping the fruit or not of his predecessors. All is not rosy ,as was depicted in the pre election campaign.
Oil went up: we payed for it the next day. It seems that our 'finanzi' were not so much 'fis-sod' as with every burst of thunder we had to use OUR umbrella. Now that lightening is flashing we have to go under.
I would ask Dr Joseph Muscat and his team to come up with some short and medium term solutions and Dr Gonzi and his boo hoo squad to step down before they all put us into poor misery.
What a poor show by Austin Gatt yesterday. His power was giveth by man and shall be taketh by man. Stop bullying all and sundry, efficient management is one thing, understanding and comforting is another. You are abdicating from your responsibilities. We do not need to pay taxes for the likes of you to take such arbitrary decisions. Any which way we lose.

It seems that the tax cuts promised are gone with the wind. We were also promised a revised pension scheme to meet today’s needs and cost of living; is this also gone with the wind?
Before the last elections Dr Gonzi, in one of his meetings for the “lost sheep” he promised a revision of the pension scheme, stating that this was introduced in the Mintoff era. The PN has been over 20 years in government after the Mintoff era. What did they do in that time – nothing! Are they going to do something now?
Dr. Gonzi, “il-babaw” i.e. Dr Sant is now longer a threat now – remember it well and keep it in mind in your next budget.
If you will mistakenly forget the pensions; next time round in the elections many will forget you and your party.

Excuse me Mr. Fenech,

If you did not predict this barely 6 months ago, when this crisis first showed its first few rays of lights over 14 months ago, than you are not worth to be our member of parliament let alone minister, let alone finance minister

What about the labour party promising to cut down by HALF the surcharge???If that isn't taking for a ride the electorate, when all indicators were showing increasing trends in the price for oil...Or another example can be taken when in 2003 Alfred Sant promised that once elected in government he would cut two months income tax for all maltese and gozitans??Are these serious proposals? In fact the electorate wasn't that stupid, and kept the MLP in the oppostion for good. In 2003 we also used to hear about Il-HOFRA u krizijiet!!!And then the 'soon to be prime minister' goes promising 2 months of no income tax!!!Who would have benefitted from this measure? The weaker families that were already not paying LM1 in income tax or the rich guys that may even pay LM300 monthly in income tax...???

No wonder Joe Vella seems to be living in a foreign land. We are talking about politicians and more than that economists. Each and every economist in the world knew about the future negative effects on the worldwide economy.

Gonzi was previously warned by the social partners that budget 2008 was going to lead us to failure. PN persisted with its stupidity in order to catch votes. Now they are turning again onto the taxpayers to make good of this situation. The Pm and Tonio Fenech are no longer in a position to grant better condition. The inflation around us which is one of the highest in the Eurozone, is the result of an economy who's not following real growth and diverging from the usual equilibrium system.

But at least we have Austin Gatt admitting that we own a HOFRA!!!

Joe Vella you are very right, no one can tell what the price of oil will be, even like you said the prediction of the next hours are very difficult, ....but then I ask you what about the Hon Minister Fenech...He did no know or is it that only intelligent people like yourself knows about this ....but our Government don't....I think like everybody here it was to get your Vote...then after the election no one gets anything...like all the previous PN governments...promises and no delivery

@ Alex Morana

For your information interest rates in Malta are set by the EU Central Bank and not this Government or any other Government for that matter.

So before you shoot you might want to aim first.

Not knowing is not excuse if you'r a Finance Minister... The Economist has been predicting the housing bust (and ancillary problems) in the US as well as the rising commodity prices and for more than 18monhs now...

Hon Fenech we are not kids and we know promises were a political move before elections
.

@Joe Vella, The price of oil is as of today around 90 US dollars a barrel. Prior to the election it was at about 100 US dollars a barrel and rising. Thus I can t really see what sort of point you re trying to make with your last comment. Could it be that you re merely 'mimicking'' as you put it the nationalist media?

To all the nay sayers and the gloom and doom that mimic the labour media; can any one of you tell me what the price of oil or the US$ are going to be vis-a-vis per barrel or the Euro respectively, never mined in the next 3 to 6 months, but a month from now.

Sometimes I wonder whether I live in the same country BEFORE elections and AFTER elections.
Before elections tons of sweet promises and after hmm...sorry can't keep up with the promises (I'm ruling now so what the hell!)...

@ Hon Tonio Fenech

I urge you to stop treating us like fools. I like so many even those who voted your party knows that you did predict everything before election but you gave so many too good to be true promises to gain votes and now you are withdrawing those promises through many mean of ways

Well, then you shouldn't be ruling this country, Mr Fenech. You deceived the electorate. If you have such a miopic political vision of barely a few months how could we ever trust you and your government with a vision of excellence for this country of 2015! You used to call others downers and moaners whilst you professed that your party instills faith trust and courage. Now who is the downer? Whatever happened to the finanzi fis-sod gimmickry? What about the overspending galore act of incumbency in the pre election run up you permitted all Ministry to incur with our public coffers? Deficit has slipped from your hands thanks to this illicit economy blunder and we have to pay for your maladministration of public funds. You had been reported to have said that the electoral promise of tax cuts is not entrenched in stone but your same prime minister had said, voice on tape, that as from this budget we are to have such a fiscal measure. Can we now deduce that your being elected to office is likewise not entrenched in stone but fruit of a gross act of deception!!!

I do understand that the economic situation is an ever changing one but the prices of oil were already increasing and Dr. Gonzi said that he could not understand how Dr. Sant was proposing to cut surcharge. So let's be honest Mr. Minister. It seems to me that we are to pay for the inefficiencies of the government corporation. What is the government paying for its electricity bills, any real plans to reduce this? Mr Minister, be careful not to put too much pressure on the industry, we were the 56th in the last polls for competitiveness. Jobs might be at risk. Try not to put too much on the middle class we have enough on our backs to pay for.....as usual we are the one to pay are pockets are getting empty.....as the lower earners are exempt from practically everything and benefit from everything, for the rich ones lets not go there....

We didn't see that coming ha ha!

So listen to this and don't forget it.

With the financial problems in Europe we shall DEFINITELY have much less tourists this winter and especially next summer, if any tourists at all!

Now don't come back next year and say that no one told you about it or that you could not see the TSUNAMI coming!

By the way, don't go crying to the EU to hold your hands either - Remember finanzi fis-sod to be re-elected?

Thank God you inherited your own mismanagement and incompetence.


The question remains: WILL THE GOVERNMENT GUARANTEE ALL OUR SAVINGS IN OUR BANKS?

If he can't keep his promises, Fenech should just resign and that's it.
Economists predicted this situation, so what is he saying????? It's been ongoing since last year (northern rock for instance).

We need technocrats to run this government not people like Tonio Fenech.

@ A. Daley, for this government to guarantee all the people's savings like the Irish government did, Interest rates have to go through the roof, while having a run-away deficit, a 3 billion Euros debt and an inflation rate of 5%!!
The writing is on the wall for all to see.

Something has got to give. Now what is it going to be? High interest rates and grinding the economy into a recession or pumping more money into the system raising inflation and your life savings become worthless?

@Mr.Martinelli
Once again all you are doing is to divert the attention from the real subject, and it is not what would have Labour done had it won the elections. There are too many if`s and but`s. The only issue here is what is the GonziPN actually doing today. Once again i tell that if you cannot bear that your party has taken even you for a ride than try some other forum.....Promises Promises and only promises.....

As if the election was held three years ago!!!!!! In February and March the world was ''predicting'' that this year one barrel of oil would have cost $200. It is now below $100.
That wasn't predicted either!!!!! Sorry, not justified. I won't give you this now.

If Mr. Tonio Fenech did not predict this situation, neither he nor who put him in such a hot seat can be trusted to do a good job. Please resign, both of you, and make room for your betters, who should not be difficult to find, given your track record.

Is Gonzi going to guarantee all our savings in the Banks like what other EU countries are doing?

So, what is the EU position in this crisis? KULLHADD IHAWWAD MIL-AHJAR LI-JISTA! Where was Gonzi to have his say in last week's meeting between Britain, France, Germany and Italy? Where was he?

INSINIFIKANTI!

All those PN apologists, can you now realise that the EU is big farce. Please don't mention MLP, about joining the EU, as it was PN that fed all the EU fantasies before joining and not Labour. Labour is only accepting what the public decided - end of. The buck stops with PN and PN only!

We want all our savings guaranteed by the state like what the Irish did. Where are those par idejn sodi? Finanzi fis-sod?

Come on, what is the Government going to do about it, otherwise we might as well put our savings in a Bank where it is guaranteed by the state!

Is it not a free market? Freedom of movement, freedom of wealth movement, freedom of investment!

Who is going to guarantee that we do not die of hunger in a year's time?

J Martinelli:
HAVE A BREAK!!!!!

Do PN frantics really believe we are ALL a bunch of idiots? NO thank you. It is useless talking & moaning about past electoral measures ... sorry but I am living in 2008 & a promise is a promise .... oops, sorry I forgot that PN is now well-known about not keeping his promises. Well ... it iseems to be a tactic that worked well in the past. It became a part of the party's history, one could say, ey! A typical characteristic. But ... people change & floaters could give a better reply in few years' time.

Continue with your dirty political tricks & GONZIPN will only reap what they are sowing!!!!!!!

@ Marlene Pullucino

Welcome to the real world. Is it common sense that Governments around the world to push the most unpopular legislation early in their mandates.

You did not predict this will happen??? I cannot understand you are the Minister responsible for Finance! Even the smallest of Business does a plan for the coming year.. Sorry Mr Minister but you’re running the countries finance and it’s your responsibility to predict such situations. You’re a smart guy so please find some another alternatives but do not Tax the people any longer because they are losing confidence now.

@ Philip Grima.

Just seen your comment on mine.... You started by giving us a lesson...(!!!!), in how the now ailing American economy is going to negatively effect us, and so Tonio Fenech & Company, are now justified of going back from their electoral `VOTE CATCHING` promise of IMMEDIATELY reducing Income Tax bands....!!!!

However, My Friend, in your 2nd paragraph, YOU yourself have shot your above arguments down, by saying that, and i quote.." We only have to be thankful that our financial system IS NOT directly tied to the US, otherwise we would have been blitzed by now.."

So you see Mr. Grima, your argument was a bit confused and holds no ground AT ALL.... Just like those of the GonziPN & Co.

@ G. Hoare. Aren't you the same person that commented in another column that lives on 122 Euros. I suppose the promised tax cuts would not have affected you anyway.It is easy to tell people to go and live somewhere else if they don't like it, when the broken promises don't effect you.
http://www.timesofmalta.com/articles/view/20081003/local/mcesd-rejects-proposed-power-tariffs

Just like the previous 5 year administration, the tax cuts would be for the 2 budgets prior to the general elections... and just like the previous administration the first 2/3 years would be hard.
The surplus would almost be reached in the last budget before the next election with the present international eceonomic situation to blame.
PN never mentioned when then tax cuts would be.
I am not trying to excuse the government but one needs to read between the lines prior to voting.

@marlene pullicino - Exactly!! We'll be in a crisis for the first 3 years, then in the 4th we'll be not so bad and giving out some candy, then in the last year its the cherry on the cake. With all the sugar in that period we'll be too blind to see (again) ;)

Well done @ RITA SPITERI! Your(3) comments are the best I have heard so far. I fully agree with what you say.

He's right "THEY PREDICTED THIS SITUATION LONG BEFORE THE ELECTION" but of course that was just a mere detail!

What rubbish! Politicians think people are little children. Everyone knows that the only reason taxes where reduced before the election after years prior to imposing taxes was due to the election. The problem was however that there was no real choice during the election and that was one reason why many people did not go out to vote.

Mr. Fenech do not treat us like fools. Prior to this banking crises the tax increases were accredited to oil prices rising a fact that did not change during the election period. In fact when oil prices did go down the taxes imposed due to these increases according to you did not go down.

Admit it what you want is as much of what we earn as possible as you have no other income.

Unfortunately when I see such statements, it keeps making me realize one simple thing. How easy for these few to control so many, they literally pull the majority from their noses & barely need to keep us line as we do so by ourselves, now a huge fear is being instilled in us so that they can speed up these changes they have in mind as they're having it so easy now, try imagining such statements say 10 years ago. We're growing closer to an Orwellian state without knowing it, faster by the day.

@ Maltese

They did not "predict this situation" when the writing was on the wall and the same will happen if they sign that immigration pact. We never learn but if the government does not use the veto, mark my words, Malta will be 'game over'.

Joe Vella, we not only believe in gloom and doom, we are in it...look at the way your PN wants our electricity and water bills.... and for the unemployment going down month after month, what a joke....who keeps the statistics' the PN government does. Then you mentioned foreign investment...like the one that had to employ what 600 persons or so, and left before they even started a few months ago....LOL..get alive

WHAT is Tonio Fenech talking about? If anything the price of oil has gone down, and he himself is stating that our banks are very far from any impact. Then what on God's earth is the problem, why no tax cuts as promised? Could it be that the election is now over so there is no need to give out (or promise in this case) sweets to the Maltese.

PLEASE SOMEBODY PINCH ME, THIS IS A BAD DREAM!

@A DALEY If you live in Malta and you are finding so many problems with the government why not move to somewhere were you would be better off .Politics are the same everywhere you choose to live , i lived abroad my self and i find nowhere better then Malta , from what i can see from you , you are intelligent person you follow what is going on allover the world , how about you give us a tip,, where is the best place to be or live , i know i done my choice, MALTA FOREVER.

At the next defeat we will hear Prime Minister Gonzi, weeping his eyes out, face full of sorrow,telling us all that the government needs to listen to the people more and that it has learned from past mistakes. Well Mr. Gonzi, stop saying that you want to get a surplus by 2011 or whatever and stop coming up with these austerity measures. Because that is what they are at the end of the day. With what you are coming up, it is clear that you have lost heart into governing, lost the road ahead, and you are in awe when faced with tough decisions. You are resembling by the day, the Dr. Sant 1996-1998 government, which is when the country went to the dogs. My only regret is that your opposition is a kiddo, call me Joseph and love her cause she loves you, cause had it been Dr. George Abela, your government days would be numbered as had been Dr. Sant's record (in disgust) government.
Long live Malta.

Eddiejan u kburi

Correct if i'm wrong, I believe that before the election, Mr Lino Spiteri said on television that neither the Labour party could half the surcharge and neither could the nationalist party half the taxes. How come did Mr Lino Spiteri predict what was coming and the parties didn't ..........

It is true that world financial problems have escalated unpredictably. HOWEVER there were seious indications before the election, especiallly the price of oil. Long before 8th March we knew the price of oil - one major problem - is escalating quickly and unpredicatably.

However, though AD kept insisting on investing in alternative energy (for a long time) the PN just did negligible effort on that.

@ ap grech

If you (and others) don't know how, why not let the government do its best to solve the problem?
You also voted in Alfred Sant in 1996 on the promise to remove the VAT. CET, higher and more confusing was introduced - and failed. Oil was $12 a barrel and the electricity tariffs went though the roof! You may need a new memory chip.

@ k Abela

Aha! Labour did not win - so they did not have to keep their promises. We will never know whether they would have kept them but...see above.

Those who could predict the price of oil to peak at $145 a barrel and that the United States (and the rest of the world) would face a financial crisis of monumental proportions, please stand up.

Dr. Sant and Joseph, both touted as being economists should have seen a red light somewhere. And if Dr. Sant was the leader of the MLP and had an inkling of what's to come, was he not irresponsible to promise cutting the surcharge in half?

Maybe it was another case of not informing his colleagues as he did not inform Lino Spiteri of his VAT scheme?

Excellent interview by Tonio Fenech. Why is everyone so shocked that the pn is showing no intention of keeping its pre-electoral promises? Thats PN strategy tried and proven again and again.Take any necessary unpopular measures at the beginning of the legislature,lose a couple of not so significant local council elections,rally your resources in the last 15 months of your tenure,adopt an impeccable marketing campaign and secure another 5 years at the helm.Global financial crisis or not,the pn government had no intention of honouring its promises........at least not so early in the day .

@ Mr Martinelli

I can't understand your line of thought. So are you happy with such an excuse? I am not anymore interested with MLP would have done. I was only interested in that before the election to compare. Now the PN is in ~Government and so I judge the PN not MLP. Please wake up and stop being politically blind.

@S.Abela

You are very right in your comments but in the end il-passat huwa garanzija tal futur...Because it simply history repeating itself. Promises,promises and more promises.......

@ Mr.Martinelli.
Why do you always end up trying to shift the argument to what would have the MLP done if it had been elected. Here we are not talking about if`s and but`s but on promises being broken. The story starts and ends there. If you can`t bear the reality that your party has taken even you for a ride, than go and start giving your contributions elsewhere. You cannot judge what the labour would have done because labour did not win the elections and you can only think what they would have done. And judging from your so politicised view i bet you are wrong on that also.

@ J Martinelli. Most of us here cannot tell you HOw. You see, we are not in parliament because we're not able to plan the economics of the country but unfortunately, we have elected people who claimed they have the knowhow and they are proving they were wrong.

What puzzles me is that we had seen this deceitful attitude many times before by this supposedly experience government and the dumb Maltese voted them in.

It would help a lot if the government resigns and call another election because by the time they finish the term, Malta is going to go several years backwards and people are going to suffer enormously. We started suffering already.

@ J.Martinelli



Let me remind you that PN won the elections of last 8 th March and now its they ,that must face the music not the MLP !

Next time I suggest they write the following in the last pages of their Electoral Manifest
" Il-Passat mhux garanzija tal-Futur "

To all nay sayers and those who only believe in gloom and doom

What I know is that the unemplyment rate in Malta continue to go down month-over-month and that more foreign investments keep pouring in day-after-day.

And now ladies and gentleman Mr Fenech is admitting that economic and international problems couldn't be predicted!

These were heralded before the March election.

One of these was the unnecessary change from the strong Maltese Lira to the monopoly money called Euro. That was heralded before and every level headed person realised that cost of living was going to reach newer highs!

Does Mr Fenech think that the voters believe him?

Can he be credibile?

To be responsible is to resign.

You either deliver what the slight majority of people voted for or own up and admit you got it all your wrong by promising unattainable promises!

The only option available is for your Government to resign as you have created a long list of massive problems that can't be solved due to the great incompetence that you have showed throughout the years.

The people cannot take this anymore.

WE are stuck in the mud and most of all sleazy crap!!!!!!!

As someone stated, everybody knew that problems would arise in 2008 and 2009, so. I assume the MLP knew as well. How would they have proceeded?

Cut the surcharge in half?

Reduce taxes? Freeze wages?

Improve services? Cut deficits?

Tell us how! Don't just waste time and space - admit for once that your election programme was devoid of any solutions, made undeliverable promises, was full of errors and included promises of programmes which had already been implemented by the previous government.

And now Joseph speaks about credibility! Was he not part of Sant's team? Did he not campaign for reopening the Accession Treaty and negotiate with the EU for continuance of subsidies to the shipyards? Of course, before becoming leader, he did not quite know how the EU works. Now he knows! Better late than never, I suppose.

One thing the NP never hid from the electorate - that subsidies were a thing of the past and that includes the shipyards, water and electricity and a host of other direct and indirect subsidies.

So, if the Finance Minister will have to postpone/cancel lower taxes so be it. Better be prudent than paying a higher price later.

The key word here is ACCOUNTABILITY: you the minister are accountable to your employers (i.e. the people of this Country).
The buck stops with you. No excuses, ifs or buts.

You either perform or make way for someone who can.

But I just remembered - this is Malta. Accountability? Malta? Altro che'....

Given that Tonio Fenech could not predict this turmoil, how can we believe him that the maltese banks are safe? It could be another slip in his predictions. I do not think that then Tonio will come and reimburse us the losses from his own pockets.
Gents, go and get your savings out. because up till now the opposite happened to the so called predictions.
rgds
CC

@Tonio Fenech
Jahasra you didn't predict that the world situation would be as it is and that's why you cannot reduce income tax AS YOU PROMISED US ON TV SO MANY TIMES! How cruel the voters are to expect you to keep your promises! But the world keeps changing every day, not every month, jahasra! That's why promises can't be kept, not because you were pulling people's legs before the elections. To those who believed gonzipn before March, lie back and enjoy the results of empty promises and naive voting. LOL!

@Joseph Galea
Hon Tonio Fenech has more than once stated in recent articles that the US crisis will not hit us, cause banks are well equipped here. So if he is proved wrong yet another time, this will cause yet another problem to Maltese citizens. A grave one for that. However there are other things which could have been predicted and which could have been addressed earlier and for these gov seems to have no plans and is lacking ideas. Infact one has to be aware that gov. may start pinning all the other failures to this international situation and pretend that ppl buy it.

VERY INTERESTING AND CONVENIENT EXCUSE DEAR PRIMEMINISTER!!!
NOT THE LEAST RESPECT TO US WHO BLINDLY, AND I REPEAT BLINDLY, VOTED FOR A PAR IDEJN SODI FIT-TMUN...... DAWK FINANZI FIS-SOD EHH!!

Amazing how many of the commentators on this blog believe that the Prime Minister or any politician for that matter - irrespective of what colour he is - could have foreseen the financial crisis that started because of the sub-prime mortgages in the US and has since spread to England, Europe and the rest of the world. Nobody foresaw this mess created by the greed of American financial institutions. Any responsible politician would reassess election plans and promises in the light of the new circumstances. To move ahead with plans that, in the current economic climate, would amount to economic suicide would be beyond irresponsible. Such situations, where tough, unpopular decisions need to be taken distinguish the political men from the boys.

@Joe Vella

If there is anyone , NOT FACELESS but double faced - it is certainly Gonzipn with the 2008 pre-Election Budget and the double face Gonzipn of Pre and Post March 2008 Election .

Since the last election, which as we all know was not that far, here are the 10 commandments which GonzO..my..god has promised to abide too and which he has since, consistently and systematically been breaking...
1. Mepa reform:ODZ applications still being processed
2. Tax deductions: ...TF is now preparing for a rethink
3. Reduction of Water & Electricity charges, through suitable schemes: ...
4. Though Dockyards have long been indicted for failure, he promised to keep them:
5. Transport problem: ...stalemate..tutto fumo niente arrosto...
6. More child care centres: ...malta is the least equipped with these in recent survey
7. JPO: ...wahda kbira...cannot even make this guy quit...idejn tat tafal mela sodi
8. Better education: ...stalemate over the new University agreement
9. Illegal immigrants pact: ...no one knows who will share the burden and to what extent...issa iffirma illejla qabel ghada
10. Better life for everyone: I'm not feeling this...ARE YOU?

@ Hon Tonio Fenech

pls put your shoe into the average and low earning worker. these tariffs cannot be afforded by these workers or by pensioners. ONLY with your kind of salary can.

(ctd) 5. Some people ask why the taxpayer should always be made to bear the brunt? Who else? Even when a goverment 'foots the bill' it's the taxpayer who is actually paying. 6. Some bloggers believe they have been let down - promised tax cuts in particular. Unless there is a propensity to purchase goods and services, tax cuts will hardly benefit the economy. Because of the credit crunch people are more likely to hoard savings. 8. Some wonder how some politicians have a knack of changing tack after elections. This is nothing new; Churchill once said that a good politician can convince people that something is white today and black tomorrow. 9. As some bloggers pointed out, Malta forms part of the world and therefore since the current situation is not of Malta's choosing, it doesn't make any odds whether we have the MLP or the PN in power. 10. However, history has shown that whatever the world climate, Malta has invariably fared better during PN adminstrations. Our quality of life has never been so high and with some luck we should weather the storm if we all work together for the good of the country.

Though volumes have been written, and there are diverging opinions, it looks to me that there alot of opinions common to most bloggers. 1. That the current world economy situation is no surprise and was predicted more than a year ago. Gonzi was aware of this and did say several times before the March election that tough times are ahead - hence the PN slogan ' flimkien kollox possibli' 2. That the PN is introducing the unpalatable measures in the first years of its administration, leaving the sweeteners for later. Which political party in the democratic world acts otherwise? Can anyone here mention just one? 3.Most bloggers say that everybody was aware that the world would go thro' hard times in 2008 and 2009 . It follows that Malta will face the same situation, whichever party is in power. The good thing is that Malta being so small might be lucky, as has been the case so far, not to be so hard hit. 4. Most seem to agree that the majority of the public is gullible and naive, which is a fact; no revelation here either. (ctd)

All of the MLP proposals have to scrapped as the people didn't choose them

During the past few days I have been posing myself 2 questions:
(a) Why are electoral promises e.g. fixing the W&E surcharge at 50% blah blah, forgotten so blatently without so much as the bat of an eyelid?
(b) Why are voters so gullible and naive to believe all the pre-electoral drivel dished out in days leading up to the polls?

Well I guess it must surely be a case of choosing the lesser of 2 evils

'Nice' comment Joe Vella! With 'open minds' like your own it s no wonder the country is in the state its in today.

We are in this situation because of lack of foresight.

@!J.Vella. I don't think you need the MLP's advice. You're Party in Government is doing quite well ruining our country's economy. Keep it up. Maybe sometime in the future the Maltese people will learn who wants good for the country. As for the MLP on economy,1971 from a country a debt ended up with over 400 million pounds in the coffers. After 1987, 20 years of Nationalist government, we ended up with over 3 billion euros in debt and over 100 million euros deficit. How's that for the lessons in economy?

But Alfred Sant is not in power so no more if's and but's

Pre electioneering political rhetoric comes cheap and sounds catching. The aftermath may be very very costly – to the extent of landing with an incompetent administration. People, do not grumble unduly – it is your votes that brought us to this situation.

Dear Minister, your statement is the best possible example why I did not vote in the last election, and will never do so for the rest of my life.

The MLP giving us advice on the Economy? It is like the Devil giving advise to God. These people are really faceless and have no SHAME

Sunday, 5th October 2008 - 07:48CET
“We didn’t predict this situation during election” – Tonio Fenech

I had to read and re-read the above statement - It just beggars belief!!!!!!

So, the whole world has been facing economic crisis for quite some time.....except this little haven in the med!! (sic) To our dear Politicians, it seems to have been totally oblivious!! Should we laugh....or cry?

Bunch of promises which were NEVER meant to be kept.... Reminds me of a mother who will promise her kids ANYTHING (with no intention of doing so) for the sole reason of keeping them QUIET and off her back for a while!!!

MIchael Spiteri ...I think Mr.P.Schembri is very right in his predictions, as every Tom, Dick, and Harry knew...of course with the exception of our Hon. Minister Fenech...now pull my other leg so I can laugh. As to Finland please check your info as they bought shares in the Uk much bigger than their own Gross product.
As for taxes yes he should give us the cut, it was a promise before the election, but like they wrote before me they only promise so as to vote for them.

And finally if it was a Labour Government, what would you have said....!!!!!!!!!!!

Don't worry people.In 3 and a half or 4 years time the situation will change. And then light will shine for 6 months. After that another 4 years of darkness and "Houston we have a problem" will be heard again. I remember a certain person saying ... " Min iwieghed u ma jwettaqx mhux ta min jafdah" .... ooooops ... did this change too? or was "Min" referring to one side only?

Once in the 1930s a politician said "Its really lucky for politicians that people don't think". Here we go again.... History repeats itself........and idiots don't change.

Enjoy now for the joyride and from here i wish to thank Mr. Bush for the pathetic solution of his bailout. Poor the American taxpayer. Now whatever company was risking will continue risking.The worst move that could have ever been done. May God help us now.

Reuters continues:

June 20 - Two Bear Stearns-managed hedge funds announce double-digit losses through April after making bad bets on securities backed by subprime loans. They sell $4 billion (1.97 billion pounds) of assets to cover investor redemptions and expected margin calls. Merrill Lynch sells off assets seized from the funds.

--

July 10 - Credit ratings firm Standard & Poor's said it may cut ratings on some $12 billion of subprime debt. U.S. firms Home Depot Inc and D.R. Horton Inc issue warnings about the housing market. Credit spreads measured by the iTraxx Crossover index, a widely-watched barometer of credit sentiment, jumps 20 basis points to 270 -- up almost a percentage point from record lows under 188 basis points on June 1

--

July 17 - Bear Stearns says two hedge funds with subprime exposure have "very little value"; credit spreads soar

--

July 19 - S&P slashes ratings on some top-rated mortgage bonds by eight notches.

--

July 26 - Credit spreads leap above 380 bp as loan deals for some key leveraged buyouts such as Alliance Boots are put on ice. Japan's yen surges as risky high-yield currency plays start to unwind amid generalised market stress.

PN believes in lower taxes and greater individual independence and has a 21 year track record to prove this.

The government will continue to bring tax rates down, perhaps not this time, but in following budgets. We may be close to a world recession and consumer confidence (all over the world) has gone down in the last six months. For our economy to benefit from a tax cut, tax payers must be in the ‘mood’ to spend more, generate more jobs and increase. If businesses and consumers are in a recession ‘mode’, then a tax break will be more expensive to implement.

As taxpayers, we have had to fork out an additional €68 towards the early retirement scheme at the drydocks, which will no longer be a strain on our economy. The government also needs to ensure that an emergency fund is available in the event that some financial institution may need assistance. Mr Fenech is definitely not in an enviable position. I feel that the government’s stand is correct and although disappointing, should be supported.

It's unbelievable how tha majority of the maltese people keep believing whatever the nationalist party in government says. we were promised heaven on earth before we joined the Eu but I ask the middle class people, are you truly living a better life since you joined the EU? did your standard of living truly improved? And we all know that the answer is NO. we have a big problem with deficits and public debts which amounts to 3.5 billion euros and we all know that the EU will never help us to solve such problems.
Now we have this minister telling us that he did not predict this situation during the election and you still find people in this blogs who keep believing him..simply UNBELIEVABLE. Where is the governor of the central bank? he did not predict this situation either?

Oh no!!! no tax-cuts!!! So does this mean that I will not get the energy-saving bulbs?? Another pre-election promise down the drain!! What does the minister think we are fools!!! at least those who believe him are...he did not predict the situation...it really shows the kind of people we elect...power mongers. For the sake of getting the votes they promise heaven and we now have to shoulder their irresponsible management...shame on you!!!

READ AND LEARN Tonio dear!

LONDON (Reuters) - The severe financial market credit squeeze that emerged in early August had been brewing all year. Even though many bankers say the worst of the crisis has passed, policymakers warn of longer-term consequences for the world economy.

Following is a timeline events:

2006 - U.S. housing market slows after 2 years of steady increases in official interest rates. Delinquency rates on subprime loans rise to 13 percent from 10 percent seen in 2004 and 2005, leading to a wave of bankruptcies at subprime lenders. Interest rate spreads on Collateralised Debt Obligations, repackaged bonds and loans which included subprime mortgage debt, widen sharply in December and January of 2007

* Feb 8, 2007 - HSBC says more funds will have to be set aside to cover bad debts in U.S. subprime lending portfolios. California's New Century Financial Corp -- the U.S.'s third-largest subprime lender -- said it expected Q4 2006 loss. Spreads on non-investment tranches of home equity CDOs widen more than 200 basis points in the two days that follow

* Feb 27 - Global equities plunge as jitters about U.S. housing combine with 10 percent drop in China's main stock index.

The credit crunch was already looming over Europe sine April 2007.

In America we had been hearing about the Credit Crunch since February 2007.

In the United Kingdom, it was the media's focus since March 2007.

It is precisely the reason why the MLP only wanted to reduce the now infamous surcharge which finally even PN agree should to be abolished completely.

Labour did not want to reduce Income Tax at the top end, because it did not have a clear picture of the Government finances, and did explain that the situation in America was of much concern.

PN were saying that Labour is scar mongering.

Seven months down the line we all agree that we are not at the end of the cliff, but literally somersaulting downhill in all spheres of the economy.

Lies and deceit. That's what we had during these last 17 years.

Lies and deceit, and now we have PN saying that they did not see this coming.

All you had to do dear Tonio, was to type in (Credit Crunch) on your PC and see the misery looming all over the place.

To all you moaners and whiners:
Ahseb u ara if Alfred Sant was in power!! OMMI MA!!! Do you really think that he would have reduced the surcharge by half as he had promised in his electoral campaign??? If he was in power and he really kept his promise then enemalta/government would have raked up millions of debts more that we already have.

Given the current situation I believe that the government is doing a decent job in damage limitation. Just switch on CNN and see the panic in other countries. If I were Joe Muscat I really would try my best NOT to be in government at least for the time being when considering the huge challenges that this country has.

who is the hon fenech taking for a ride? Does he really believe that the average maltese is so gullible and that we are an insulated lot living in a parochial environment? haven't we all been following the debates going on the the shrine of capitalism. haven't dr fenech heard what barrack obama had to say regarding the proposed $700 billion bail-out....the financial crunch was not a flash in the pan catastrophe, it was not a misfortune that occurred overnight, this was brought by financial mismanagement over the years the writing on the wall was there all the time. dr fenech and his boss who are better placed than us should have been aware of what was happening, especially with 'par idejn sodi' . go tell it to the marines dr fenech.

It amazes me how politicians always find that excuse that "gets them" out of their pre-election promises. Then it amazes me much more that people actually vote for these people....one side or another.....

9 Jan 2008 - The World Bank predicts that global economic growth will slow in 2008, as the credit crunch hits the richest nations.
21Jan2008 - Global stock markets, including London's FTSE 100 index, suffer their biggest falls since 11 Sept 2001.
10Feb 2008 - Leaders from the G7 group of industrialised nations say worldwide losses stemming from the collapse of the US sub-prime mortgage market could reach $400bn.

The above are just some news from the Financial Markets in the weeks preceding the Gen Election. But poor Hon T Fenech did not manage to see dark clouds looming ahead. my guess he was too busy with the PN campagning and petty issues like the Orlando saga, Reception class, and all the bla bla bla during those weeks.

Dear Hon T Fenech - please admit your incapability and resign immediately. You are not fit to be a Finance Minister.

Mr. Minister, now we voted for you and you are a happy man. You let us down big time with all this and what is happening in the country.
You talk like this because the elections are 4.5 years away (you think!). So enjoy it what you have left.

kif spiccaw tal-PN?! hlief negativita ma tismghax min ghandhom.

This legislature is going to be the biggest con in Malta's history - JPO affair, Promises which were made and the opposite happened, and winning by 1,000 votes when all of us know that they bought votes and got thousands of expatriates to vote from abroad.

What is amazing is the fact that anyone with some intelligence should and did see this coming, only the minister and the administration he's part of didn't see it ! No they didn't want to admit the mess the put the country in while in government the last 10 years, and wanted to hold onto power at all costs, hence all the pre election promises , the devilling of the MLP. If this were another country, unions etc would be organizing protest rallies for next week and the opinion writers would be calling for the resignation of the minister and the government seeing they lied their way to win the election ! But people here are too gullible and partisan , and the opposition maybe too scared to move because of the way the PN so well organized spin machine will twist it to !
GonziPN if you can't keep your promises, resign, stop fooling around ! Every one and their dog knew this time last year that the world was going to face financial difficulties and if you didn't see it coming then you should not be in the seat you occupy !

If he truly did not predict this situation before the election, then even more reason for them to be unfit to govern.

could we then ask for fresh elections?!

The minister should at least admit his comments were pre-mature.

Every good loving maltese citizen loves a government that is understanding, big spender on budget days, economical throughout the year, a good administrator, holier than St.Francis, limited authority , promotes virtuous behaviour, has unparalleled foresight, miracle worker.

But the law allows only one government.

People give up listening to politicians these people they don't understand economics because if they did they would be acting pro-active not reactive. The ECB Cental Bank President warned there are risks in the market about 2 years ago which I assume were ignored.

Who on earth didn't know what the world would be going through in the following months, during the March general election??? Please don't give us more of this crap. You knew what you were promising. And Hon. Fenech if you weren't able to foresee such economical predictions, I highly doubt your ability to run the country's finances.

@ Mark Bonello - Just say that you are a diehard nationalist because comments like yours make people sick. Of course people like you would always vote for your party even if before the election they promised to kill you. To say that there wasn't a credible alternative to government you are ONLY ridiculing yourself. You could have simply abstained if you were not confident in alternative parties.

@ Hon Tonio Fenech - You mention taking the right decisions at the opportune moment. That would indeed be ideal. But to date we have only seen you taking the wrong decisions at the least opportune moment.

Don't blame it on the PM or Minister, they did their HW very well, it was the public who didn't do his HW well. The same situation was during the EU campaign many things where promised and instead of removing the injustice tax such as car reg, travel, etc , EU implemented more tax on us and subsidies will be gone.

And how come no one asked were the money from the tax cuts would be coming from before the election, like they did with all of MLP's proposals

I should like to thank J.Agius for supporting my line of thought. Even if it is of small comfort of either of us. I must say I also admire Albert Leone Ganado for his brief but entirely correct exposition on the absurd thinking indulged in by the powers that be. I can only marvel at the pigheadedness of certain opinion makers who obstinately continue to support the Government regardless of the blatant errors it commits.

ahseb u ara kemm il labour kienu ha jnehhu s-surcharge!!!!!

We didn't predict this situation...I guess our ministers should put on the radio more often on english radio (BBC) as they have been predicting this situation for many months and even before the election. This would have been much cheaper then employing the usual 'Experts' whom if they do wrong predictions are not accountable for. When you do prediction there is a percentage of failure but this percentage should be in an acceptable margin ie not gambling at a local casino. The world is changing every day but the local government aren't its always been the same they make mistakes and we pay.

I can have all the confidence in the economy ... But if I don't have money in my pocket that counts for nothing

@I.Galea. They were too busy laying out their cannon when Labour gets elected in Parliament. The obvious would be. "Look, as soon as Labour is in Government, deficit has increased, inflation is up, oil increases, tariffs, etc." "Labour Government is a curse to the Maltese. See whom you have elected." We know the story now. It happened in 1996 when they ridiculed the"hofra hrafa" and would have happened again if Labour got elected.

Hon. minister....if you think that people will believe your excuses it shows that you're really out of touch with reality!!!

@mike magri,

Can you not see how the US will decrease its consumerism due to their crisis? Can you not see that this decrease in US spending will filter down to the rest of the world? Can you not see that this will slow the economy down in all countries? Can you not see that Malta will suffer as a result of less tourists and less investment simply because of the impending world recession?

Like everyone else I would like to see income tax rates being cut to a more moderate level. We only have to be thankful that our financial system is not directly tied to the US otherwise we would have been blized by now.

Or is this rocket science?

And hey!! All the Big Boys in the USA diddn;t see it coming!!! Why do you expect Tonio Fenech to have seen it?

In such a situation does the Hon. Tonio Fenech think that it is time that MPs started shouldering some of the burden like for instance capping their pensions like the rest of us people? and what about the six months wages given to all unelected MPs after the last elections? is that not money down the drain knowing that all of them had a job waiting for them?
@ kevi Abela Oh you are so wrong! IT is OUR problem because w are the ones who will have to lift the load.

I couldn't agree more with V. Micallef. It is not Alfred Sant or Jason Micallef who are paying for the con trick they suffered but you and me and every man, woman and child on this idiotic island. It makes one sick to think how stupid we Maltese can be to allow ourselves be tricked in such an obvious manner.

How fortunate our Minister Tonio Fenech is that he faces such a gullible public that hear only what their Nelsonian ears want them to hear and have eyes that are more blinkered than those of a short sighted donkey with tunnel vision.

In any other country your political head would have been right now on the axeman's block.

As for myself even before the elections I reflected rationally and both then and now are of the opinion that the tax cuts you proposed make no sense and are just economic madness .

My consolation is that at least now we both think along the same line and that you now agree that swingeing tax cuts make no economic sense and just lead to ruination for the sake of poilitical expedience.

@Mary Pace. Why do you think that the Docks were always in the red these last 20 years? why all that financial injection then? One thing is for sure. It's wasn't the workers' fault that the enterprise flaundered. It was the government's and the authorities formed to make the dockyard viable again that are at fault. The workers always did their job diligently. Why not ask the Dockyard Managements where all that money went? How about having an inquest as the GWU wished to see who's at fault here? Of course the government doesn't wish to make an inquest because ugly things will be unearthed, and am sure some of them may be unprofessional.

Of course people of Malta how you pretend to get the promised tax cuts when your goverment didn't achieved to lower the deficit even when there was a higher income generated from any kind of taxation during the current year?
To buy a house borrow,to buy a car borrow,to go on holiday borrow,to governor a country borrow ! Isn't this after all the problem for this Credit Crunch!
Dak li tizrgha tahsad wara kollox!

Imma kif ma tafux tisthu ?

Of course they didn't.
They thought that they were going to lose and were not ready when they won against all odds.
Now it's the PEOPLE who are facing the music.

no problem Mr. Minister, we're used to this...

What is really frustrating is that the whole population has to pay for allowing the Gonzi-Saliba duo bring in so many ex-pats to vote for the biggest con-man act in recent Maltese history. To add insult to injury Saliba has now made a disappearing act leaving us all in the lurch. Now it's too late to remedy the situation. All we can do is weep over the spilt milk. We will never learn.

With all the undivided respect ... What do you expect the Minister to say? that we have a crisis landing aboard? The only enemy of us can only be us ... it's just a matter of confidence in the economy ... if you lack confidence and murmor against the economy and markets then we would be shooting our foot.

Of course leaders have to think positively ... imagine what might happen if they don't.

Oh Boy..... Oh Boy.... Oh Boy... Mr. Minister..... So NOW you are saying that you did not predict this situation, ehhh.....!!!!!!!!!!!!!!!!!

What situation, Hon. Minister..... ??

Mela before the elections, the finanzi mhux veru kienu FIS-SOD, and under (..!!!!!) A PAR IDEJN SODI of GonziPN when you PROMISSED AN IMMEDIATE CUT IN INCOME TAX for 2008.......!!??!!?? Haaa.. Haaa... Haaa...

Mela... The situation of the price of oil before the elections, mhux much worse than it is today was, and you STILL PROMISED A CUT IN INCOME TAX.....!!??!!??!! Haaa... Haaa... Haaa...

Mela... Were Where your experts when you decided TO PROMISE IMMEDIATE INCOME TAX CUTS, in your elctoral manifest...!!!???!!!??? Haaa... Haaa... Haaa...

Mela... Mr. Minister... Since the price of oil has gone DOWN, and the recent dangereous banking crises, AS YOU SAID, is ".. Very, Very Far From ANY MAJOR Impact.." on our economy, in these cases, the `Bad Predictions` do not exist, as they both are in our favour and thus you should be `happy` with this situation, no... !!??!!??!! Haaa... Haaa.. Haaa...

COME ON GonziPN...... STOP TREATING US LIKE A BUNCH STUPID IDIOTS....

Minister you are being politically expedient or you made a fiscal miscalculation. First you knew that the Gas, water & power subsidies had to be removed as per the EU directive. The oil market was already in motion, not to the full extent, but never the less the signs were visible. The housing market crisis was already predicted, for instance in the UK the slum in the housing property was forecasted in 2007, while there was already decline in the value of property.

The cost of the social & tax goodies were calculated. The cost of the fossil fuel was the only uncontrollable variable. So the budget deficit must be the sum of the forecasted and actual oil purchase difference plus the difference of the estimated income from the direct & indirect taxation!

Were the tax cuts given as assistance to the cost of living or as another source of government income? If it was a combination of both but of negative income to the balance of payments then the minister have to be honest and come clean about the issue, otherwise the tax payer will assume that he was taken for a ride!

I must emphatise with the Goverment for not anticipating this International crisis and avoiding his promise of tax cuts in the next budget. Because after all, this is just a prelude to next budget's hard measures, compared to last budget in which the Government flooded our economy with cash surpluses given out in children allowances and elderly benefits. This was not a healthy strategy inspite of a very grim election coming up.

The adoption of the Euro did have it's impact wether we would like to admit it or not. Government induced inflation coupled with imported inflation through the rise of crude oil and the weakness of the dollar have inevitably put the Maltese ecomomy in a very delicate position. Inspite of all this however, the Goverment decided to pay a redundancy packet which cost the taxpayer some 150 million Euro to the dock workers after they have been fleecing our ecomomy dry for decades.
Nobody paid the textile workers a cent when they were laid off, and nobody pays any other employees who loose their employment through the process of Globalization.



Is the the promise of better accountability???

If "The world is changing everyday ''what's to say that our Maltese banks are “very, very far” from any major impact tomorrow

Well, It appears that we have another economist on the line.
Forecasts and forecasts, runrates are runrates.. thanks God that the economic situation in our Country is still stable.
Mr Fenech is mixing up everything into one pot, but you must know that the Dollar lost its strength against Euro for the simple reason that Europe has generated accelerated growths in the €-zone since 2001, and took necessary steps in controlling firmly inflation. This is evidenced by the stubborn UK, who are non-EURO and know they are facing the same crisis as in the US. The credit crunch is only 9 months old and to date EURO zone has remained integral. The forecast shows that we still have another 9 to 12 months in the same situation, unless US have a drive to quality and make their economy resilient.

However, if every situation in your life ties itself to votes.. then there is no argument to convince anyone that the current situation is not a happy one, and that yes it is painful to live in such a situation at the moment.

.....Bla Bla Bla
If there someone responsable for Bad fiscal decisions,
should be you & PM. Not us the tax payer.
Have you ever consider a pay cut from your salary than.

The Prime minister did say "gej il maltemp" but I do not see how he could have known that it would be this bad, one thing my dad always said was , wen the USA sneezes Europe catches a cold and in this case it is worse. Blame Mr Bush and his incompetence, as for the high cost of living well does any one of you know the extra cost for importing 1 container has gone up?thats just the tip of the price escalation.Even China quotes prices of metal with a reservation these days.

Dr T Fenech - if you are now trying to convince the Maltese that you are now acting responsibly, you should also try to convince the Maltese that you acted IRRESPONSIBLY before the last election making such conveniently electoral promises before the March election. If this is the truth, what kind of a serious politician are you, making such promises before the election without doing any homework? All the world knew about the economic situation, but you didn't. UNBELIEVABLE. I pity those persons who voted for such promises. Kemm ghad hawn min hu MAZZUN!!!!!!

What about all this whining?!!!! Did this government act differently from the other nationalist ones. To regain power they promise heaven and after a couple of months always the same convenient excuse.......“We didn’t predict this situation during election” !!!

As EFA always said.....IL-POPLU JKOLLU GVERN LI JIXRAQLU. U hekk hu!!!

Lets all face it, there wasn't a credible alternative to the government of the time of the promises.
If the PN had said that water and electricity would have been free of charge after the election, no more tax to be paid and that we would all be receiving our salaries at home without having to go to work, PN would still have been elected.
So lets not all blame Tonio, but lets blame Alfies band for not providing a much needed serious opposition for this country..................................................Maybe Joe will, but i have my sincere doubts!
And besides we should be screaming about the waste going on in all sectors rather than cry about the not possible.

Unbelievable....but I guess if come five years time and they would promise the same thing, the gulible Maltese electorate would vote them back in power.....maaaaa I guess its not only a section of the population are chicken heads (remembering a quote from Daphne) but the majority are......WEEP MALTA WEEP

Sure we are part of this world but Mlchael Spiteri....didn't you predict that the whole world was facing this crises....I'm sure you did cause you do live in this world....but unfortunately our government lives (or lived) in a world of there own. We poor commoners have to live with false promises, lies and have fuel charges

@ Caruana and Spiteri. Wasn't the price of oil rising before the election? Or you didn't see the news at the time of the electoral campaign because maybe you were too busy campaigning? Maybe I'm imagining things. But while other countries foresaw the rise of prices of oil and the financial crises looming on the horizon, our intelligent Prime Minister and Finance parliamentary secretary, now promoted to Minister, didn't foresee those problems. Come on, now pull the other one.

IPOKRITI

If "The world is changing everyday" why promise issues like tax cuts in the first place ?

If we can believe this - we can believe anything Mr. Tonio Fenech. The international economic situation has been tumbling for years. As you SHOULD have been aware for many years, the economy of the United States has been on the blink for several years and you fully know what happens when America sneezes. The American dollar has been falling like a stone, unbridled competition from the Far East has been eroding European competitiveness and the price of oil was soaring well before the General Election. The debilitating war campaigns in Iraq and Afghanistan, as well as the rise of international terrorism in general, have continued to erode investment and expansion opportunities. And if YOU were not aware of these things, then whoever had the foolishness to make you Finance Minister?

The truth is that the PN blurted out every kind of promise BEFORE the General Election in order to cling to power and now they cannot back their mouthing with the goods they promised. It's as simple as that.

I do not know if I laugh or cry......so you come and tell me that you did not predict such a situation.....ok so please can I revert my vote and my families and most of my friends cos we did not predict that we had to have such an arrogant goverment.....could you please reply????
Or what's good for the goose is not good for the gander in this island of ours!!!!!!

The crisis that is hitting the world heavily is the sub-prime credit crunch in US, UK and now shoring the EU, and the oil pricing is not major issue. Even yesterday watching the Bloomberg there was a statement by the Finnish Government that his Banking sector is in tilt , and that they are facing major setbacks in their economy.
Lehman Bros, AIG, Merril Lynch, and now another major leader such as Fortis and Unicredit are selling assets. Nice scenario where we reduce taxes hej!!!
In this situation, I admire Hons. Tonio Fenech in proving himself responsibly cautious in managing the future and safety of our country's economy, than a Labour partisan or a Euro-Sceptic. He is working in the lines of his peers around the world, so you should be more realistic in your comments.
Malta is an island on its own, but the reality is that Malta is not a country on its own, as Labour fanatics may want to conveniently assume.

Anyone remember the little boy's song "mhux jien,.. mhux jien ma ma"
This is what all this reminds me of........

Typical maltese.......

it reminds me of an old Mina song....Parole, Parole, Parole


go tell it to the marines

Very convenient. Why don't you say that your only interest was to regain power!

It has nothing to do with oil.

The rest of the western world was aware of a recession for over a year but Tonio was not. I know we live of a mediterranean paradise but this is taking it a bit far :D

Ups Dr. Fenech..... we didn't know about the crisis, bla bla bla...... so how come (just to mention one) did you endorse KPMG some 5 months ago with the task of studying the possibility of revising the power tariffs?

P Gauci, i remember the prim saying also that we're going to have a surplus in our books, amongst the other crap he fed us during the election campaign....

Sorry but that is your problem what and what you did not predict dear Hon Minister..... It shows that your either did not do your homework correctly or !!!!!!!!!!.

Before any election you never "foresee" any problems and you dedicate yourselves to give us empty promises. The last election campaign was based on such empty promises and deceit.

We saw tons of negatives things happen since last March - higher food costs, higher electricity bills, higher taxes - everything except better cost of living.

And the problem is that many people believed you and here we are in a monumental mess.

You conveniently overlooked it. Everybody knew that an oil crisis was on the horizon. And it was in the news everywhere.

Here come the (predictable) excuses.

"The World is changing everyday"

But I do remember the Prime Minister saying 'gej il-maltemp.'

Invent another excuse.