Spectator on facebook

Spectator on facebook

Reader feedback: Creative bookkeeping?

Re: Coalition agrees on state budget, Flash News, October 6, 2005

Former EU Commissioner Frits Bolkestein fears that the euro will not be able to withstand the games being played with the criteria to keep the currency stable. Joaquim Almunia, EU Monetary Affairs Commissioner, claims that many euroland countries are hiring large private banks (financial engineering and creative bookkeeping appear to represent an undisclosed source of income for them) to assist them to show that they are complying with the Maastricht Treaty.

Berlin has broken the pact since 2002, and is expected to record borrowing close to 4 percent. Italy and Portugal are already facing action under the pact, and three other countries will be issued warnings.

Regardless of whether the quoted 2.9 percent deficit (0.1 percent under the 3 percent the Maastricht Treaty allows) of Slovakia for 2006 is indeed a true reflection of what is likely to be, aiming to adhere to the Maastricht Treaty is one [good] thing, but rushing into the euro may be quite another.

Oscar,
Radošovce, Slovakia

Top stories

Námestie Slobody gets facelift Photo

The architectural tender will gather ideas for the redesign of the biggest square in Bratislava

Námestie Slobody will be redesigned into a kind of living room in the city.

When the state can’t keep a secret

A selective leak has tarnished President Kiska’s reputation. But he must continue to speak out about corruption.

President Andrej Kiska

Fundamental values explored at Divadelná Nitra 2017

This time round, the Slovak, European and US ensembles at the theatre festival focus on #fundamentals, i.e. basic values and the essence of all things.

Nature Theatre of Oklahoma: Pursuit of Happiness

Foreign rocket engines for North Korea: Why?

For Russia, the path to a weakened China could be through a major nuclear accident in North Korea.