Thread: European Voters Are Revolting; France Warns Situation Is Grave For Europe Borg Hive

France Hikes Taxes, "Wildly Inaccurate Projections" Hilarity Ensues

Submitted by Tyler Durden on 05/28/2014 10:04 -0400

Having suffered a dismal confidence-sapping defeat in last weekend's elections, Francois Hollande's French government is at the center of another embarrassing faux pas this morning. Somewhat famously, Hollande has raised income tax, VAT and corporation tax since he was elected two years ago... and government forecast EUR30bn of extra tax income. As The BBC reports, the actual amount gained... EUR16bn (leaving a EUR14bn black hole) and forcing The Court of Auditors to proclaim that "forecasts of tax revenue in 2013 were so wildly inaccurate that they cast doubt on its forecasts for this year." Mon Dieu... they lied?

As The BBC reports, the French government faces a 14bn-euro black hole in its public finances after overestimating tax income for the last financial year.

French President Francois Hollande has raised income tax, VAT and corporation tax since he was elected two years ago.

The Court of Auditors said receipts from all three taxes amounted to an extra 16bn euros in 2013.

That was a little more than half the government's forecast of 30bn euros of extra tax income.

The Court of Auditors, which oversees the government's accounts, said the Elysee Palace's forecasts of tax revenue in 2013 were so wildly inaccurate that they cast doubt on its forecasts for this year.

Of course, the French are not the only egregious liars projecting and forecasting any old crap to justify their bloated expenses... just look at what the IMF propjects for Ukraine's V-shaped recovery...(more on that later)

http://www.zerohedge.com/news/2014-0...ilarity-ensues

A Quarter Of Europeans Are At Risk Of Poverty

Submitted by Tyler Durden on 05/29/2014 20:37 -0400

Wondering why the extreme left (we are not happy and need moar bailouts) and extreme right (this European 'union' thing is not working out so well for us) have become so euro-skeptic? Perhaps the following chart from Bloomberg Brief's Niraj Shah will clear up any questions. The ratio of people at risk of poverty or social exclusion in the EU increased by 0.5 percentage points in 2012 to 24.8% or 124.2 million people, according to figures updated this week. The risk increased most in bailed-out nations Greece and Cyprus, where the rate rose by 3.6 and 2.5 percentage points, respectively. The Netherlands had the lowest risk at 15%.



Source @economistniraj


http://www.zerohedge.com/news/2014-0...e-risk-poverty