There has been some speculation that rates could be cut below one percent, in order to restore faith in the euro. For now, the ECB will remain at 1 percent. Banks are encouraged to borrow as long as they can prove they have the collateral to support their debt. This is where Spain went wrong, as the Spanish Banks are the largest holder of Spanish Bonds. A country whom derived most of their debt from plunging real-estate values allowed their banks to invest much of their assets in Spain's debt. Now neither the Spanish Banks or the Spanish Government have the collateral to support thier debt. They may wish to follow the Greeks in their avoidance of debt collectors.
When a represenitive from the Greece Financial Crime Unit arrived the Greek island of Naxos in search of tax evadors, a local radio station tipped off the people with his license plate number. It was a quiet day on the island, proving to be one of the best for folks to remain indoors. It should come as no suprise that even when those who owe money surface, they don't have the money to pay. Salaries throughout Greece are taking cuts of up to 50% while tax rates are constently rising. Perhaps they should have followed the Polish.
The Polish are leading the EU as being the only ones in the European Union to increase borrowing costs this year, but they will also remain steady for the time being at a rate of 4.75%. Poland faces a high unemployment rate, and high inflation. However, out of the countries that make up the Euro Zone, they have proven to be the strongest. Poland is expected to continue its growth, even if its at a slower rate.
With all the destruction that continues to deflate the Euro Zone, China is concerned that its economy may suffer from reports of it air quality. The particles that reside in smog may be linked to cancer or respretory infections, so bring on the tourists. Chinese officials have ask that those who reside in the nations outside of China stop with the tweets of their air data. They argue that there are areas of China that wouldn't feel like a razor blade slicing through the lungs, but the air in those areas never gets included in the reports. They argue accurate information can't come from the reading of just one machine.