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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lgalea
Jul 11th 2009, 08:32
John Azzopaardi, Joe Vella
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.
Joe Vella
Jul 10th 2009, 18:50
@ P. Cassar You and the rest of the Gloom and Doom Messengers please take note that Malta was only given till 2010 because Malta's situation is not as bad as the other countries and as you want it out to be. Malta's deficit was under control and below 3% of GDP. Proof of this is in that Malta was allowed to adopt the EURO. P. cassar, once the World recession and the World financial crises passes, the world economies will once be expanding; and hence creating jobs; hence more revenues for Governments, less outflow of funds in the form of social benefits, etc. The deficit by in large will take care by itself. It seems that the Messengers of the Gloom ans Doom that doesn't know what is happening out there. Al\so, perhaps you should be reminded that the highest unemployment in Europe is found in Countries which are Governed by your brothers in arms, other Socialist parties.
P.Cassar
Jul 10th 2009, 17:23
i.e. all PN apologists please note that the Council of Ministers is putting most of the blame for the downward trend in Malta on Gonzipn mismanegement. Sounds practically like what the PL is saying or the Council of Europe has also turned red!!!! In private enterprise (for Gonzi) this means firing out.
John Azzopaardi
Jul 10th 2009, 16:35
The PL's better half, ,the GWU continues to insist that government should give full cost of living increases. People my age remember that Mintoff's solution was to freeze wages. Now GWU wants to continue to burden the country's finances which they and the PL say are out of control. Of course a wage freeze is not the solution, never was. But neither is being oblivious of the economic situation and continuing to make ridiculous demands.