Saving lifes

Hello and greetings!

On this very faithful Monday, my team should have been given a new task from our supervisor. But the thing is, our supervisor was not around so our Monday was ruined and no one can save it. Why? When you were anticipating something to come in your way but it turned our to be something else, it is going to be very frustrating, isn't it?

Talking about saving somebody's day etc. it is often related to bailing out in business terms. The word 'bail-out' is also used in judiciary system when you want to take someone out of police custody.

note: I am not a qualified economist to talk about this. My intention here is just to share everything that's happening here and outside Malaysia.

Bail-out measure is doubted as unpopular steps in economic terms as you are helping a helpless entity for it to stay alive if not profitable. In May this year, several EU countries and IMF approved a rescue package to help Greece's ailing economics. Greece is suffering from 300bn euro debt, equivalent to 115% of its GDP.

In return for the rescue package, the Greek government agreed to cut salary increase and bonus payment for public workers, increase VAT (or GST in Malaysian terms) from 21% to 23% and more taxes here and there bla bla bla (stuffs for normal citizen like us would hate).

Today, another country made to the headline on BBC news. Irish Prime Minister was quoted as saying "We are now in a position to apply for assistance" and EU-IMF pact will negotiate with Irish government on the rescue amount while the Irish Finance Minister believes it will be less than 100bn euro.

Let's consider our situation. According to a source, Malaysian debt stood at 34.3% to the GDP or RM233.92bn last year and one of the government officials said the Malaysia will go bankrupt if something is not done.

Another fact, Malaysia has been approving deficit budget since the year 2000 while several neighboring nations including Thailand, Indonesia and Singapore gained surpluses a few times.

(deficit means: you spend more than what you earn)

I am not promoting bad perception on my beloved country, no seriously. I am just giving some awareness on what is going on and pray that we will not end up becoming Greece (or Ireland) of South East Asia.


ProfitM: make sure you start saving now $$