Posted on 02/06/2008 9:03:57 PM PST by TigerLikesRooster
Osaka gov. declares 'financial emergency'
The Yomiuri Shimbun
OSAKA--Toru Hashimoto, who became Osaka governor Wednesday, declared a "financial state of emergency" for the debt-ridden Osaka prefectural government.
At his first press conference as governor, Hashimoto said he would not allow prefectural bonds to be issued from fiscal 2008 in principle. He is expected to cut 240 billion yen from the initial fiscal 2008 budget.
However, he does not intend to review prefectural projects in a way that will degrade services for citizens in the prefecture. At issue is whether he will cut any of the prefecture's 900 billion yen a year personnel costs.
Earlier Wednesday, Hashimoto, speaking to officials of the prefectural government, said: "Be aware that you are employees of a bankrupt organization. The poor aspects of the prefectural government's administrative practices change today.
"I won't let the prefectural government pay a single yen for unreasonable projects," he added.
Hashimoto, 38 and the youngest governor in the country, arrived at the prefectural government's office at 9:30 a.m., where he was welcomed by about 500 officials of the prefectural government and prefectural assembly members.
During meetings with the prefecture's top officials, which started before he assumed the post, Hashimoto laid out a plan to maintain two prefectural libraries in Higashi-Osaka and Osaka but sell or abolish 81 other prefectural facilities to cut expenses.
The prefectural government says it has run a deficit for nine straight years since fiscal 1998. Since fiscal 2001, the prefectural government has covered the deficit by transferring a fund for repaying prefectural bonds into its general accounts as an emergency measure.
(Feb. 7, 2008)
Ping!
Well, I Kansai I like it very much, but what can you do??
: )
How about sending everyone a check for $600....that should take care of it.
Any chance he was born in America and feels like running for president???
They should borrow a bunch of money from the ChiComs like we do.
Probably they won’t. According to Wall St. geniuses, Japan is well behind the curve in adapting to global economy.:-)
They had better think about exporting some jobs. Borrow, borrow, borrow is the order of the day.
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