EU residents flee 40-45% Income Tax and move to Russia with 13% Income Tax

As the eurozone sees a number of their wealthier citizens flee the unbearable tax burden and constant cuts of austerity, RT’s Sean Thomas explains what Russia has to offer new migrants.

Vatican Is 'Cash Only' As Bank Of Italy Blocks Electronic Payments Over Money Laundering Concerns

VATICAN CITY -- It's "cash only" now for tourists at the Vatican wanting to pay for museum tickets, souvenirs and other services after Italy's central bank decided to block electronic payments, including credit cards, at the tiny city-state.

Deutsche Bank Italia, which for some 15 years had provided the Vatican with electronic payment services, said Thursday that the Bank of Italy had pulled its authorization after Dec. 31.

The Corriere della Sera newspaper reported that the Italian central bank took the action because the Holy See has not yet fully complied with European Union safeguards against money laundering. That means Italian banks are not authorized to operate within the Vatican, which is in the process of improving its mechanisms to combat laundering.

The Vatican says it is scrambling to solve the problem for thousands of visitors who flock to its very popular Vatican Museums, which include highlights like the Sistine Chapel. The Holy See had no immediate comment on the Bank of Italy's reported reasons.

The European fiscal treaty is an enemy to democracy

Because no elected government would stand a chance of revoking this policy, I will vote against the ratification

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Spain's Mariano Rajoy, France's Francois Hollande, Germany's Angela Merkel and Italy's Mario Monti at a media conference in Rome ahead of next week's summit of EU leaders. Photograph: Franco Origlia/Getty Images

Germany's Chancellor Angela Merkel has been key in deciding the course of the European crisis policy. The fiscal treaty and the European stability mechanism (ESM) are an attempt to dictate this policy indefinitely to the countries in Europe. This strategy, however, ignores two fundamental facts. First, it was only after the worldwide financial crisis in 2008 that the state debts started rising. They did so because of a global recession and the bank rescue packages. It is not true that European countries had been living beyond their means. Second, Merkel's crisis policy ignores the fact that high spending cuts have a negative impact on economic growth.

At worst, this kind of policy leads to a recession. In Greece this policy has been carried to extremes. In recent years the Greek economy has slumped by 20%. This usually happens only in wartime. Youth unemployment in Greece, like in Spain, now runs as high as 50%. The result is a steep decline in tax revenues which leads to a mounting increase of the Greek state debt despite all spending cuts. This policy, in the meantime, has driven the entire eurozone into a recession. The EU commission predicts negative growth for 2012.