Poland and Polish Discussion Group and Forum

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Poland and Polish Discussion Group and Forum
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LOT prepares major redundancies as losses mount!

The situation at the airline is "dramatic," an expert says

The Polish national carrier might face bankruptcy

Daily Rzeczpospolita has learnt that last year's losses of national carrier PLL LOT might be as high as zł.500 million, while the firm is negotiating laying off 250 of its 3,700 staff.

At the beginning of March the supervisory board will meet, and shortly afterwards the general shareholders meeting will be held and most likely directors' heads will roll, together with that of Jacek Kseń, the chairman of the supervisory board.

The national airline is suffering from turbulence, as in January its Atlantic routes carried out only 40% of the planned sales, while the result on domestic routes reached 70%.

"This situation is dramatic," said Adrian Furgalski, a transport market expert who believes the carrier might face bankruptcy.

In this situation, privatization of the airline would be an excellent move. But now even Lufthansa, which was willing to buy it, is postponing its plans.

Source: Rzeczpospolita (M.M.)

Re: LOT prepares major redundancies as losses mount!

The economy has fallen off a cliff.
I was mildly optimistic until last week that Poland would simply stagnate.

It's time to hit the panic button.
Step 1
Sell everything that isn't nailed down.
Step 2
Sell everything else and store cash wherever is safe.(!!)

Deflation and depression are coming. The US govt is encountering problems getting foreigners to finance its debt. After a short bounce the stock markets are going to plummet. This is going to be horrific.

Re: LOT prepares major redundancies as losses mount!

I would love to give some positive comment as to what may occur to Poland in the near future. Obviously governments got it wrong and were unable to predict the current crisis.
I am surprised that Poland is doing pretty well at the moment. I truly amazed at the rise of prices in real estate in Poland, Poles are optimists.

Re: LOT prepares major redundancies as losses mount!

Poles were slow to fall into the Great Depression too, but when they did they really got hit.

Re: LOT prepares major redundancies as losses mount!

Like I say, Poles are still buying real estate at very high prices. Daily living items are going up, but Poles are spending. I don't understand..

Re: LOT prepares major redundancies as losses mount!

Call me an optimist but I don't believe there will be a great depression. We live in a very different world now. Yes people will lose jobs but I don't believe there will be anything as disastrous as the 1930s. It's amazing that it has been pretty much caused by accounting presentation techniques.

Re: LOT prepares major redundancies as losses mount!

I can only hope you're right - but get ready for the FTSE to fall to 3400.

Re: LOT prepares major redundancies as losses mount!

No expert on the Polish stock exchange but in a spate of a few months the WIG20 has fallen from over 1800 to 1296.
Are things getting worse in the Polish economy?

Re: LOT prepares major redundancies as losses mount!

There is a big slowdown in industrial production, but we are not in the dramatic Iceland stage that the UK finds itself in.

goto http://www.marketoracle.co.uk
This will give you some real news, not the nonsense you get on TV

The Polish market is getting hammered as foreign investors are desperately hunting liquidity and Poland depends on hot money - 3 month bonds. No banks are bankrupt in Poland (though PKO SA might have problems due to its Unicredito owner) and the level of personal debt is low - the exact opposite of the UK and US, where virtually all the banks are bankrupt through betting heavily on the rising US real estate market.

Get ready for high inflation in the UK after the damaging deflation is through ... oh and economic stagnation for a decade or more. Oh ... and the pound might go down even further - GBP1 = USD 1

As for Ireland - they have gone bankrupt and its only the euro that stopped meltdown. Wait for their major bailout plan from Brussels, just in time for the referendum on the EU Constitution.