What's the world coming to?
First, I read about American Express offering some of its customers $300 to close their accounts. (Note to AMEX: how come I didn't get the offer?). Now I see the same sort of thing happening in the immigration market.
Spain has decided to encourage return migration by paying some of its unemployed immigrants to return home AND not come back.
Non-European Union foreigners are being offered a deal: they can cash in their unemployment benefits for a lump sum of around 10,000 euros. In exchange, they go home and agree not to come back to Spain for at least three years.
The plan, however, has not been a sterling success:
But so far only 700 people in the whole of the country have been tempted to accept. For most Latinos, leaving is out of the question.
I'm not surprised. The present value of the gains from moving out of a low-income country far exceed the offer the Spanish government is making--even for unemployed workers.
(Witold: thanks for the tip).
(1999)
It's just a matter of time. Amex will be one of the first to fall in the credit card sector due to its lack of diversification. Even with its other financial services side, it merely front-ends third party products.
Posted by: Gregman2 | February 27, 2009 at 11:45 PM
It seems to be China & India will facing the same matter, but when and how still need consideration
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