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Economy
In reply to the discussion: Weekend Economists Revelations and Reviews April 26-28, 2013 [View all]xchrom
(108,903 posts)41. Luxembourg Is Not The Next Cyprus
http://www.businessinsider.com/luxembourg-is-not-the-next-cyprus-not-yet-but-2013-4
The Grand Duchy of Luxembourg, with a population of just over half a million, smaller even than the other speck in the Eurozone, the Republic of Cyprus, ranks in the top three worldwide in per-capita GDP.
In a Eurozone wealth survey, it had the highest average household wealth 710,100. Only Cyprus, a former off-shore banking center in the Eurozone, came close.
Yet Luxembourg is threatened with ruin.
It has 141 banks bank companies, not ATMs. One bank per 3,808 people. Most of them do private banking. The financial sector added 38% to GDP in 2010 and contributed 30% to the countrys tax revenues, according to the Luxembourg Bankers Association (ABBL). All due to bank secrecy and tax laws.
Read more: http://www.testosteronepit.com/home/2013/4/26/luxembourg-is-not-the-next-cyprus-not-yet-but.html#ixzz2RlF5lP3c
The Grand Duchy of Luxembourg, with a population of just over half a million, smaller even than the other speck in the Eurozone, the Republic of Cyprus, ranks in the top three worldwide in per-capita GDP.
In a Eurozone wealth survey, it had the highest average household wealth 710,100. Only Cyprus, a former off-shore banking center in the Eurozone, came close.
Yet Luxembourg is threatened with ruin.
It has 141 banks bank companies, not ATMs. One bank per 3,808 people. Most of them do private banking. The financial sector added 38% to GDP in 2010 and contributed 30% to the countrys tax revenues, according to the Luxembourg Bankers Association (ABBL). All due to bank secrecy and tax laws.
Read more: http://www.testosteronepit.com/home/2013/4/26/luxembourg-is-not-the-next-cyprus-not-yet-but.html#ixzz2RlF5lP3c
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I see someone noticed that we noticed they were not posting bank failures, well done.
kickysnana
Apr 2013
#17
Our new Chair of the Florida Democratic Party was a lobbyist for ChoicePoint in 2000.
Fuddnik
Apr 2013
#31
Also ex-mployees who have survived the worst will not do anything to keep their jobs.
kickysnana
Apr 2013
#18