Thread by @venkatesh_Ragu

Italy approved an aid package worth some $14 billion to shield firms and families from surging energy costs;

https://twitter.com/venkatesh_Ragu/status/1570762345630281729?s=20&t=aO1d7fCVoh4EKpgPI_kC0w

#Europe's fertilizer production shutdowns as an outcome of high natural gas prices;

#UkraineWar

https://twitter.com/venkatesh_Ragu/status/1573022384050708480?s=20&t=dORE5pJIW1-gaB3fFYDclw

Europe got into the cross fire and suffering enormous loss;

Like - Useful Idiots they are playing along;

😐

https://twitter.com/venkatesh_Ragu/status/1574475921100222464?s=20&t=dORE5pJIW1-gaB3fFYDclw

"It's not just #Germany, the whole of #Europe is weakened, economically"

- German textile Industrial tycoon;

Eurozone manufacturing activity declined further during September due to rising electricity costs;

Fall in the UK Manufacturing PMI business activity index to 48.4 indicates a Recession in Britain;

Germany - Manufacturing PMI = 47.8;

EU - Manufacturing PMI = 48.4;

Europe De-industrialization : Eurozone Producer Price Index=43.3%;

Historic;

#Europe expects massive power outages this Winter;

#UkraineRussiaWar #sanction

rnd.de/politik/kommis…

More than 250,000 #British companies closed in the first half of the yr, due to high inflation and falling consumer demand;

- WSJ

Definitely a record;

Congrats!

https://twitter.com/venkatesh_Ragu/status/1578807212012498944?s=20&t=BZwda9Ex-iBlQOv4p7WYQQ

Total of 176 #Dutch companies have gone bankrupt in Sept 2022, the largest number recorded in two years;

Rise of electricity prices in Europe since Oct 8th;

Almost 40% of #German companies withdrew from international markets due to the energy crisis;

An open letter sent by the Community of European Railway and Infrastructure Companies (CER) to the EU Commission states that this yr the average price of electricity for railway operators will be about €420 per MWh, which is at least 3 times higher than in 2021,

and in some countries prices have increased 10 times.

Prices for 2023 may exceed 500 euros/MWh.

#Europe turns to logging vulnerable and protected forests to guarantee energy security amid its standoff with #Russia;

politico.eu/article/energy…

125 yrs old: German construction company Wolff Hoch- und Ingenieurbau insolvent;

130 yrs old: German confectionery manufacturer Bodeta insolvent;

156 yrs old: German automotive supplier Borgers insolvent;

170 yrs old: #German soap maker Kappus insolvent;

UK inflation rate rises to 10.1% - highest in 40 years;

Double-digit inflation is recorded in 18 EU countries;

🇪🇪24.1%
🇱🇹22.5%
🇱🇻22.0%
🇭🇺20.7%
🇨🇿17.8%
🇳🇱17.1%
🇵🇱15.7%
🇧🇬15.6%
🇸🇰13.6%
🇷🇴13.4%
🇭🇷12.6%
🇬🇷12.1%
🇧🇪12.1%
🇩🇰11.1%
🇩🇪10.9%
🇦🇹10.9%
🇸🇮10.6%
🇸🇪10.3%

Record industrial inflation in #Germany since 1949 - 45.8%;

132.2% - the increase in energy prices, largely due to anti-Russian sanctions;

259.8% - the increase in the price of electricity;

Gas prices increased by 192.4%;

Fertilizers by 113.5%;

Fuel oil by 84.4%;

#French and #Irish electricity systems are the most vulnerable this winter as #Europe is contending with its worst energy crisis in decades;

Poverty index(unemployment and inflation) in Europe has reached a historic high;

Eurozone's total debt jumped to more than 12 trillion EURO in the second quarter of 2022;

#Europe pays 10 times more for gas than their American and Chinese competitors.

#German industry collapsed due to the lack of cheap energy from #Russia and withdrawal from #Chinese markets;

- Former Greek Finance Minister Yanis Varoufakis

More than two million #UK households are in debt on their electricity bills;

People are already unplugging fridges, washing clothes by hand and skipping meals – with worse to come this winter, Citizens Advice warns;

theguardian.com/money/2022/oct…

https://twitter.com/venkatesh_Ragu/status/1584246000004173824?s=20&t=CXYpCJrpJlZ6G83z4g4e2Q

#Germany Heads for Recession, as Eurozone Slumps to Further Contraction;

Diesel is running out in some parts of Europe;

Loss of #Russian diesel supply, combined with disruption in fuel production in #France, ve left parts of #Europe short;

British Gas has just 9 days of supply left;

UK has some of the lowest levels for gas storage in Europe, while Germany stands at 89 days, France at 103 and the Netherlands at 123.

Annual inflation in #Germany in Oct jumped to a historical record 10.4%

It is the highest in 70 yrs;

#Germany is Dismantling a Wind Farm to Make Way for a Coal Mine;

oilprice.com/Latest-Energy-…

The largest aluminum producer in the #Netherlands has been declared bankrupt - due to high gas prices and lack of support from the govt;

Alleged US plan to make Europe - cannon fodder in #UkraineRussianWar;

https://twitter.com/ThePollLady/status/1586637095300464640?s=20&t=Rbv72_w-k8GTy0S2Ur1c5Q

Eurozone Inflation Jumps to Record 10.7% - Growth Slowed to 0.2% in Q3

- Polish Inflation Hits 25-Year High of 17.9%

- Inflation in Germany is expected to peak at 10.4% in Oct - Energy prices were 43.0% higher than this time last yr, & avg increase in food prices by 20.3%