Feb 18, 2010

Bricks and mortar, fleecing Greece, grog goes with Coke

Weak figures from the construction sector, new reasons to hate Goldman Sachs, everyone's are back on the booze, why debt is about to peak, and more business briefs.

Glenn Dyer — <em>Crikey</em> business and media commentator

Glenn Dyer

Crikey business and media commentator

Bricks and mortar. Production of clay bricks, concrete and pre-mixed cement are very good indicators of the health of the construction sector. It was weak in the last quarter of 2009. Figures today from the ABS tell us that the December quarter saw 335 million clay bricks made, the lowest figure for that period for years. It was down on the 385 million for the same quarter of 2008. The first home buyers new home construction tax breaks must have cushioned a bigger fall. Pre-mixed concrete production was likewise weak, 5.905 million cubic metres, down from 6.419 million in the last three months of 2008. It did however top the 5.625 million cubic metres reported in the same period of 2004. Beer production didn’t change from the December quarter of 2008 at 488 megalitres. That was above the 473 ML for the December, 2007 period. Gas production was up on the same quarter of 2008, electricity production was lower.

Fleecing Greece. Who’d be a master of the universe these days? Bagged for almost destroying the world economy, bagged for getting paid gazillions before the crash and afterwards, now they are being fingered as the ‘Vampire squid” who are destroying the euro, Greece and life as we know in inside the eurozone. According to The Financial Times, “German chancellor Angela Merkel has sharply criticised global investment banks that may have helped a number of Greek governments to disguise mounting budgetary problems over the years. “It would be a disgrace if it turned out to be true that banks that already pushed us to the edge of the abyss were also party to falsifying Greek statistics.” The FT also published a very good backgrounder under the headline “Anger grows over Athens arrangers“.

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2 thoughts on “Bricks and mortar, fleecing Greece, grog goes with Coke

  1. Gollum

    Liquor labelling is supposed to stop binge drinking? Lets see. The purpose of binge drinking is to get drunk fast? How to do this? Drink liquor that contains a high percentage of alcohol. How to find this out? Why, you look at the percentage of alcohol! The higher the better! Damn, it’s not rocket science.

  2. Malcolm Street

    So investment banks were the key to enabling the previous Greek government to conceal its mounting debts, which are now a major threat to the euro and the Eurozone, which doesn’t take the same hands-off attitude to said banks as the Anglo world. Stuff-up or conspiracy? Whatever, it’s convenient.

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