Tuesday, May 3, 2011

JPY:Japan takes emergency budget after the earthquake

The Japanese parliament passed an emergency budget amounting to 4 trillion yen (50 billion dollars) for economic recovery after the devastating earthquake and tsunamis that have befallen the country on 11 March 2011.
The bill, submitted by the Press in April, on Saturday received the endorsement of the lower house of parliament, and on Monday morning, was unanimously supported by the Budget Committee of the Senate.
The funds will go mainly to the construction of housing for those left homeless.
In addition, provided for and financing of companies and enterprises affected by the disaster.
According to the latest Japanese police confirmed the death of 14,704 people, 10,969 still remain in the list of missing after the earthquake and tsunami.
Fighting for low dengiKak said Japanese Finance Minister Yosihiko Noda, in addition to emergency budget in the coming months to rebuild the Japanese economy will be allocated additional funds. Ultimately, the damage inflicted on Japan by the earthquake and tsunami, according to analysts, could reach $ 300 billion.
In the emergency budget was diverted funds earmarked for pension funds, child benefits and discounts for travel on toll highways.
Emergency package supported the opposition, although, as expected, the government Naoto Kan will be harder to find further funds for reconstruction - combining borrowing with higher taxes.
Total debt of Japan is already twice the volume of its economy.
Conducted over the weekend opinion polls show growing public concern about the ability of the Prime Minister led the country in this crisis period, when exports of the country severely affected by disruptions to electricity supplies and accessories.
Attempts to return the system affected by the disaster NPP Fukushima-1, which because of the earthquake broke down reactor cooling system.
To cool the fuel rods in the reactor filled with water, but this method creates another problem - how to prevent leaks of radioactive water from the territory of NPP.
Now before emergency workers tasked to penetrate the building reactors for the recovery of refrigeration systems. On Monday, the station getting ready to install air pollution control installation in the building of a second reactor in order to reduce the level of radioactivity.
The company is the operator of nuclear power - Tokyo Electric Company Tepco - declares that it will take nine months to fully bring the situation under control.
On Monday, the official representative of the Government of Japan Yukio Edano said the government will not restrict the upper limit of financial liability company, as a natural disaster "was not something that was impossible to foresee."

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