MC "Hit Hard By Crisis" & "Deficit Worse"! Jul 6, 2011 9:24:32 GMT -5
Post by MyAdia on Jul 6, 2011 9:24:32 GMT -5
The Minister of State announced yesterday very damaging news - the country's deficit is worse than expected - 96 million euros ($137,625,600) which is much greater than than 78 million euros ($111,820,800) deficit of last year. They are again asking everyone to be prepared for some drastic cuts. Well, everyone except Princess Charlene who cannot wait to wear her new tiara (one of two very expensive tiaras that she had especially made - not including the other pieces that she had made just for the wedding). Can you imagine that after the people hearing this news they will be faced with Prince Albert and Princess Charlene having another lavish party for 400 people. From Monaco Telecom:
State budget: the crisis still heavier
By B. Ulrich
July 6, 2011
The government yesterday delivered the first digits of draft amending budget for 2011 on which the board. The verdict is final, the Principality has been hit hard by the crisis, the mini-boom seen the end of 2010 was not confirmed.
It's a bit cold shower after the excitement of the wedding festivities. The government yesterday presented its draft amending budget for 2011 and the least we can say is that it is not folichon. The deficit is 96 million instead of the original 94 million. In 2010, he was "only" 78 million. But the plot thickens when you consider that on that amount, 27 million was spent on redemption reserve fund constitutional grounds of the building Athena. So for 2010, is 58 million deficit. "The actual deficit has almost doubled," says Marco Piccinini, Government Counsellor for Finance and Economy in the columns of Nice-Matin. But optimizing the timing through the progress of projects - without challenging projects - helped to stem the numbers down. " So many projects will see their calendar spread or change. Like the market for mezzanine Condamine which will be delivered in a raw state, private entrepreneurs will make their own planning.
On the revenue side, they would be 779 million euros. Better than 2010 and 760 million altogether, but well below the original budget forecast which projected 843 million! Expenses have also lowered (phew!) And amounted to 875 million euros instead of 937 million planned.
In short, more than ever, the government will have to optimize costs while limiting them, an exercise of perilous balancing act that will not please everyone ...