Its not just Cypriots who were worried about the possible imposition of a whopping tax on bank deposits. Analysts and economists were also concerned that the tax will set a bad precedence for the Eurozone as a whole.
The ongoing fiscal year has brought about mixed fortunes for various sectors of the telecom industry - while the mobile telephony sector has remained under stress, the LDI telephony sector has been mostly gleeful. But the overall industry performed better between July 2011 and June 2012, as seen in the statistics released by the Pakistan Telecommunications Authority in Annual Report 2012, last week.
Where the political carcass of the country eagerly needs a caretaker government, those who are unanimously selected need to bear one thing in mind amongst others: the energy sector baggage that will tag along.
It appears that Pakistan’s external account situation is getting grimmer with the passing months. Thanks to a hefty, $596 million current account deficit for the month of February; the overall current account deficit stood at $700 million for the eight months ending February 2013, SBP’s latest statistics show.
Intentionally or unintentionally, Germany’s latest announcement about spending cuts for a more balanced budget sets precedence for other eurozone countries where growth and austerity are usually at odds.