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Europe – EU nations push for deficit cuts to tame crisis, Dow Jones: Greece shows weakest performance among PIGS, 600,000 wealthy people expected to leave UK in 2010 says tax expert, Swiss town Lucerne makes tax offer designed to attract expected exodus from the City
Tuesday, May 18, 2010

EU nations push for deficit cuts to tame crisis From AP: EU nations are pushing for deep deficit cuts Tuesday to restore confidence in European governments' ability to tame the debt crisis and keep it from derailing the economic recovery.

Investors fear that European countries will not be able to reduce mounting debt and avoid years of slow economic growth despite a euro750 billion ($1 trillion) rescue package agreed last week to help eurozone nations avoid default.

EU Economy Commissioner Olli Rehn told reporters Tuesday that finance ministers would negotiate tougher budget rules because "it is now very important to reinforce confidence in the euro economy." … full article: Source

Dow Jones: Greece shows weakest performance among PIGS As of Friday, May 14, 2010, Greece is the worst performer of the so called “PIGS countries” Portugal , Italy , Greece and Spain . Year-to-date through May 14, Portugal is down -24.62%, Italy -25.25%, Greece -37.35% and Spain -31.61%.

In the same time frame, Europe, measured by the Dow Jones Europe Total Stock Market (TSM) Index, is down -12.56%, outperforming the Eurozone, which is down -18.13% as measured by the Dow Jones Eurozone TSM Index. The Euro was down -12.83% year-to-date as of May 14.

… The year-to-date performance of the six indexes mentioned above is a departure o......................

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