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Re: Euro go-ahead

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  • Martin Votruba
    ... As to Slovakia, here are a few price-to-salary comparisons -- how much a given item cost a Slovak with the average income in 2007 by comparison to the same
    Message 1 of 18 , May 3, 2008
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      > To back up the argument for statistics and perception

      As to Slovakia, here are a few price-to-salary comparisons -- how much
      a given item cost a Slovak with the average income in 2007 by
      comparison to the same in 2002 (a minus means a drop):

      bread, butter: the same percentage of income as in 2002
      pork (a popular cut): -42%
      chicken: -31%
      beer: -23%
      TV: -65%
      small Skoda car: -33%
      bank account charges: +39%

      The Slovaks' rising incomes have substantially outpaced the rising
      prices of the listed items. On the other hand, an opinion poll among
      the gainsaying Slovaks might suggest that everything is 2-3 times more
      expensive now and that they are reduced to borrowing money to take the
      bus to work.


      Martin

      votruba "at" pitt "dot" edu
    • skeeter
      The American laborers average purchasing power has been mostly oscillating rather than rising for about three decades now. I was watching the news last
      Message 2 of 18 , May 4, 2008
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        "The American laborers' average
        purchasing power has been mostly oscillating rather than rising for
        about three decades now."

        I was watching the news last night (I don't remember which network) and they said the average American CEO's salary has gone from 40-times the laborer's salary in 1980 to 433-times the laborer's salary today. The rich get richer, and the little guy gets screwed. That might explain some of it.



        ----- Original Message -----
        From: Martin Votruba
        To: Slovak-World@yahoogroups.com
        Sent: Saturday, May 03, 2008 4:46 PM
        Subject: [Slovak-World] Re: Euro go-ahead


        > To back up the argument for statistics and perception

        Thanks, Ron. It was refreshing to see no blame on the euro for that.
        Since the collapse of communism, not only that part of the continent,
        but also Western Europe has been slowly moving towards the large gap
        between the top incomes and the middle- and lower-middle-class incomes
        that has been typical of the US. The American laborers' average
        purchasing power has been mostly oscillating rather than rising for
        about three decades now.

        The gap is already quite large in Slovakia -- fewer than 30% of the
        population, a large segment of them in Bratislava, have salaries above
        the country's average, 70% earn less than average salaries. A
        specific post-com situation that fosters social discontent is that,
        broken down by age groups, the highest average salaries are earned by
        the 30-34-year-old Slovaks. By comparison, the people in their 50s,
        whose incomes are the highest in most societies, which gives many of
        them a sense of accomplishment and deserved status, are making about
        10% less in Slovakia.

        At the same time, while the gap between the middle-class and the top
        earners has been opening faster in the post-com countries than in the
        older European democracies, the purchasing power of all the employed
        has been growing in Slovakia, and substantially so. A recent article
        has worked out that the Slovaks were able to buy about 6.2% more with
        their salaries by the end of 2007 than when the year began, an
        exceptional year, but part of a trend. Of course, that's not what the
        doom-and-gloom Slovaks say in opinion polls.

        Martin

        votruba "at" pitt "dot" edu





        [Non-text portions of this message have been removed]
      • Martin Votruba
        ... Yes, Skeeter, that s part of the difference between the European and American societies that I mentioned. That ratio has traditionally been 1:10 to 1:20
        Message 3 of 18 , May 4, 2008
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          > the average American CEO's salary has gone from 40-times
          > the laborer's salary in 1980 to 433-times the laborer's
          > salary today.

          Yes, Skeeter, that's part of the difference between the European and
          American societies that I mentioned. That ratio has traditionally
          been 1:10 to 1:20 in the European democracies, but it has started
          moving faster in the direction of the US since the collapse of communism.


          Martin

          votruba "at" pitt "dot" edu
        • Martin Votruba
          As expected the European Commission has recommended today that Slovakia adopt the euro on Jan. 1, 2009. A report is below. Martin votruba at pitt dot edu
          Message 4 of 18 , May 7, 2008
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            As expected the European Commission has recommended today that
            Slovakia adopt the euro on Jan. 1, 2009. A report is below.


            Martin

            votruba "at" pitt "dot" edu

            x x x



            EU: No Country But Slovakia Meets Euro Adoption Criteria

            DOW JONES NEWSWIRES, 5/7/2008 -- No other country but Slovakia meets
            the criteria for euro adoption, the European Commission said Wednesday
            in its latest convergence report, giving a green light to Slovakia's
            bid to join the euro zone.

            The commission, the E.U.'s executive arm, along with the European
            Central Bank, reports at least once every two years on the progress
            made by E.U. member states in fulfilling obligations to achieve
            economic and monetary union.

            Slovakia received recommendation from the European Union Wednesday to
            join the fifteen member state-strong euro-zone, and is lined-up to
            become the fourth country in two years to join the club after Slovenia
            did so on the first day of 2007. Cyprus and Malta entered at the
            beginning of this year.

            Poland, Hungary, the Czech Republic, and the Baltic states of
            Lithuania, Latvia and Estonia joined the E.U. along with Slovakia in
            May 2004, while Romania and Bulgaria were the latest to join the
            twenty-seven member free-trade block in January 2007.
          • J Michutka
            So how is the word euro declined in Slovak--like mesto? e.g. jedno euro, dva eura , sedem .... eur??? Or is it not declined, and just remains euro
            Message 5 of 18 , May 7, 2008
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              So how is the word "euro" declined in Slovak--like mesto? e.g.
              jedno euro, dva eura' , sedem .... eur??? Or is it not declined, and
              just remains "euro" regardless of number? And what do they call the
              "cents" in Slovak?

              I really miss having different and interesting monies from country to
              country, but on the other hand, it will be so much easier....no
              looking for a place to get the local currency every time I cross a
              border, or having to plan ahead and carry multiple currencies.

              Julie Michutka
              jmm@...


              On May 7, 2008, at 9:20 AM, Martin Votruba wrote:

              > As expected the European Commission has recommended today that
              > Slovakia adopt the euro on Jan. 1, 2009. A report is below.
              >
              >
              > Martin
              >
            • skeeter
              It s not just in Europe. I ve traveled to Canada (Canadian dollars) and Mexico (Pesos), and had a hassle converting them back into US dollars when I got home.
              Message 6 of 18 , May 7, 2008
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                It's not just in Europe. I've traveled to Canada (Canadian dollars) and Mexico (Pesos), and had a hassle converting them back into US dollars when I got home. I should have just kept them -- their currencies are much more attractive than ours.

                ----- Original Message -----
                From: J Michutka
                To: Slovak-World@yahoogroups.com
                Sent: Wednesday, May 07, 2008 10:07 AM
                Subject: [Slovak-World] declining the euro


                So how is the word "euro" declined in Slovak--like mesto? e.g.
                jedno euro, dva eura' , sedem .... eur??? Or is it not declined, and
                just remains "euro" regardless of number? And what do they call the
                "cents" in Slovak?

                I really miss having different and interesting monies from country to
                country, but on the other hand, it will be so much easier....no
                looking for a place to get the local currency every time I cross a
                border, or having to plan ahead and carry multiple currencies.

                Julie Michutka
                jmm@...

                On May 7, 2008, at 9:20 AM, Martin Votruba wrote:

                > As expected the European Commission has recommended today that
                > Slovakia adopt the euro on Jan. 1, 2009. A report is below.
                >
                >
                > Martin
                >




                [Non-text portions of this message have been removed]
              • Martin Votruba
                ... Yes, Julie (_dve_). ... _Cent_ [tsent] (masc., hard pattern: 2 centy, 5 centov). ... Since Slovakia is surrounded by countries that aren t meeting the
                Message 7 of 18 , May 7, 2008
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                  > how is the word "euro" declined in Slovak--like mesto? e.g.
                  > jedno euro, dva eura' , sedem .... eur???

                  Yes, Julie (_dve_).

                  > And what do they call the "cents" in Slovak?

                  _Cent_ [tsent] (masc., hard pattern: 2 centy, 5 centov).


                  > no looking for a place to get the local currency every time
                  > I cross a border, or having to plan ahead and carry multiple

                  Since Slovakia is surrounded by countries that aren't meeting the
                  criteria, this will not be different any time soon for the Slovaks who
                  mostly travel to Poland, Hungary, and the Czech R. When they joined
                  the European Union in 2004, all three were saying they would adopt the
                  euro by 2009-2010, but have failed. The current very tentative
                  estimates are that they might meet the criteria to adopt the euro by:

                  Poland - 2012
                  Czech R. - 2012
                  Hungary - 2014

                  Only the Slovaks' second major summer destination, Greece, has the
                  euro, and Austria and the countries west of it (except Switzerland).


                  Martin

                  votruba "at" pitt "dot" edu
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