Posts Tagged ‘Global Economic Crisis’

The Extinction Protocol

November 1, 2012 GAZAFor the best part of the past 16 months, the Palestinian Authority failed to pay on time the wages of more than its 200,000 public-sector employees. The delays in salary payments are caused by delays in the transfer [to the Palestinian Authority] of emergency aid funds and Palestinian tax revenues collected by Israel on behalf of the Palestinian Authority. The economic implications of the situation are far-reaching and disastrous, argues economist Yitzhak Gal in a report prepared by him for the monthly e-newsletter Iqtisadi (September issue, published by the Tel Aviv University Moshe Dayan Center for Middle Eastern and African Studies under the heading “The Palestinian Economic Crisis: A Loud Wake-Up Call.” The situation is liable to have dangerous [social and political] consequences due to the fact that the Palestinian public-sector employees, including the security establishment personnel, account for [well] over a…

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The Extinction Protocol

November 1, 2012LONDON — Unemployment in the 17-country eurozone hit a record high of 11.6 per cent in September, official figures showed Wednesday, a sign the economy is deteriorating, as governments struggle to get a grip on their three-year debt crisis. The rate reported by Eurostat, the EU’s statistics office, was up from an upwardly revised 11.5 per cent in August. In total, 18.49 million people were out of work in the eurozone in September, up 146,000 from the previous month, the biggest increase in three months. While the eurozone’s unemployment rate has been rising steadily for the past year as the economy struggled with a financial crisis and government spending cuts, the United States has seen its equivalent rate fall to 7.8 per cent. The latest U.S. figures are due this Friday. With the eurozone economy fading, most economists think unemployment will keep increasing over the coming…

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