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I do not think Europeans understand the implications of a systemic banking crisis…. When all banks are forced to raise capital at the same time, the result is going to be even weaker banks and an even longer recession – if not depression…. Government intervention should be the first resort, not the last resort.

HMRC is a law enforcement agency which has a strong cadre of Criminal Investigators responsible for investigating Serious Organised Fiscal Crime. This includes all of the previous HMCE criminal work (other than drug trafficking) such as Tobacco Alcohol and Oils smuggling. They have aligned their previous Customs and Excise powers to tackle previous Inland Revenue criminal offences. They are responsible for seizing (or preventing the loss of) billions of stolen pounds of HMG’s revenue. Their skills and resources include the full range of intrusive and covert surveillance and they are a senior partner in the Organised Crime Partnership Board.

In the twentieth century, spending on consumer durables rose significantly. Household debt rose as living standards rose, as consumers demanded an array of durable goods (commodities). This included major durables like high-end electronics, vehicles, and appliances, that were purchased with credit. Easy credit encouraged a shift from saving to spending.

The sixth austerity package and reforms were framework outlined already in the March 2012 bailout agreement (which also outlined the fifth austerity package with measures for 2012). Initially, the package only dealt with those €13.5bn of measures (comprising €10bn spending cuts and €3.5bn tax hikes) initially being accepted and signed by the Greek politicians for implementation in fiscal year 2013 and according to the March 2012 plan, the measures should have been passed by the parliament in June 2012, but due to two elections and a subsequent political call prompted by a worsened recession to ask for a 2-year extension of the bailout programme, along with the politicians conducting stubborn and slow negotiations to settle the exact content of the measures in the package, it was only finalised in all details at 29 October 201Basically the package is just a continuation of the 89 austerity and reform requirements outlined by the March 2012 bailout program. Some of the main elements are: Bank recapitalisation, Tax reform, Labor market reform and the “Midterm fiscal plan 2013–16”. The latter element is an extension of the initial package, as it contain the framework for additional €5.3bn of measures (primarily tax hikes) to be implement in 2015–16 along with the €13.5bn of measures for 2013–1The extension (and framework agreement for that) will likely be covered in more details by a new third bailout program in November 2012, and could perhaps also be descriped as the seventh austerity package, as it will likely only be defined in full details around summer/autumn 2014 where the Greek parliament is required to pass it as final law.


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