Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Bill Clinton Scandal - SANITY CHECK -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (16971)	12/3/1998 2:57:00 PM
From: sea_biscuit	Read Replies (1) \| Respond to of 67261

Its no fun when you dont catch any fish. That's no big deal, really! There have been ARMIES of Independent Counsels and their staff that have fished for AGES and caught absolutely nothing!!!! ;-)

To: Lizzie Tudor who wrote (16971)	12/3/1998 3:05:00 PM
From: Les H	Respond to of 67261

Japan deficit set to outpace Brazil's at 10% of GDP By Edwina Gibbs TOKYO, Dec 2 (Reuters) - Japan is heading for a budget deficit larger in relation to the size of its economy than Brazil's and has a growing debt problem that makes Italy look like a model of fiscal restraint, official estimates showed on Wednesday. Finance Ministry data showed Japan's general government fiscal deficit is expected to reach 9.8 percent of gross domestic product this financial year. ''Ten percent of GDP is rather extreme,'' said a Finance Ministry official. ''Even in Brazil, the budget deficit is only seven percent,'' he said. The general government figure includes the central government and local governments but does not include the social security account. The official said while the United States and Canada were doing a good job of balancing their budgets and many European countries had budget deficits that were within three percent of GDP as they moved towards monetary union, Japan's fiscal position continued to worsen. Japan's government is digging itself deeper in debt in attempts to prop up its waning economy, as economic stimulus package after economic stimulus package means greater reliance on public bond issues. Additional public bonds issues for this financial year will come to 34 trillion yen ($280 billion). This fiscal headache was a key factor behind the downgrade in Japan's credit ratings by Moody's Investors Service last month. The Finance Ministry also estimated gross general government debt at 111 percent of GDP for this financial year. This puts it ahead of all except Italy among the G7 when compared with OECD figures. The OECD predicts Italy's gross debt will fall to 116 percent in calendar 1999 from 118.5 percent this year, but the official was not as optimistic about Japan. ''In Italy, the trend is for improvement but on the other hand, Japan's numbers are deteriorating at an alarming pace,'' he said. The official also produced sobering forecasts for tax revenue growth. With expenditures expected to exceed tax revenues by 30 trillion yen in an average fiscal year, the Finance Ministry had calculated that even with two percent nominal GDP growth, tax revenues would grow by only one trillion yen. Of that amount, 700 billion yen would be left for the central government's general account, less than the 800 billion yen needed for debt servicing costs. ''Even if we did not increase any expenses such as social security and defense, then the deficit would not decrease,'' he said.