Friday, 10th July 2009 - 14:55CET
Council of Ministers confirms Commission's position on Malta's deficit
The Council of Ministers has confirmed the European Commission's position on Malta regarding excessive deficit and public finances, Labour Party spokesman Charles Mangion said.
He said Malta was the only country that was requested to correct its position by 2010. The Commission's position confirmed that the Prime Minister had lost control of public finances and Maltese families, workers, the middle class, students, the self-employed and businesses were suffering as a result. The commission was insisting that Malta's situation was not the result of exceptional measures because of the economic crisis.
Dr Mangion said that the Prime MInister was denying the economic realities when, in spite of the fact that debt had exploded in the first three months of this year and continued to rise to over 300 million euros up to May. This was while the gross domestic product shrank by 3.3 percent or by 4.6 per cent if the shipyards' early retirement schemes were not taken into account.
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When Mintoff froze wages he also froze PRICES John.
Eddie Fenech Adami and Gonzi allowed the market (or rather the sellers) to control prices so that all prices exploded. Even government services have EXPLODED John, so how do you and other blue-blinkered apologists expect the workers not to DEMAND an increase in their wages/salaries?
The adoption of the euro was one of the worst things that could have happened to us as we have lost all control of our currency and everything is dictated by the ECB. The ECB only allowed Malta to adopt the euro not because we were really ready for its adoption but because it wanted to have total control of our economy and it knew that Gonzi was manipulating the economy so as to appear that we were fulfilling the criteria for the euro adoption which we were not. The results can be seen by anyone without blue blinkers.