austerity measures

Portugal to slash 30,000 state jobs in austerity drive

Portuguese Prime Minister Pedro Passos Coelho announces new austerity measures. Photo: EPA

Portugal’s prime minister said on Saturday that the government aimed to slash 30,000 public sector jobs as part of a sweeping package of spending cuts to satisfy international creditors.

Saturday, 4 May, 2013, 4:15am

Italy’s anti-austerity vote provokes unease in Germany

Gaffe-prone Peer Steinbrueck irks Italians. Photo: Reuters

Dubbed an “anti-Merkel” result, the German chancellor has refrained from commenting publicly on the Italian elections’ outcome but two top-table officials stressed it was paramount for Rome to keep its reform course on track.

28 Feb 2013 - 2:53am

Grillo rejects Bersani's call for Italy coalition

Democratic Party leader Pier Luigi Bersani feels the strain. Photo: Reuters

To have any chance to govern, Bersani's bloc needs to bring in Grillo or join with former prime minister, Silvio Berlusconi, who lost to Bersani by less than half a percentage point in the lower house. No coalition was able to obtain a majority in the Senate.

28 Feb 2013 - 2:55am

EU agrees multi-year budget

European Council President Van Rompuy addresses a news conference after an EU leaders summit in Brussels. Photo: Reuters

EU leaders finally reached a seven-year budget accord Friday after marathon talks driven by sharp differences over the bloc’s priorities for the rest of the decade.

9 Feb 2013 - 6:02am

Mursi delays IMF loan amid austerity measures as crisis deepens

Supporters of the president raise their arms during a rally. Photo: AP

A vital US$4.8 billion (HK$37.2 billion) International Monetary Fund loan to Egypt will be delayed until next month, its finance minister said yesterday, intensifying the political crisis gripping the Arab world's most populous nation.

12 Dec 2012 - 3:38am

A generation sacrificed

A woman buys from a greengrocer's assistant at a market in Spain, which has been hard hit by the euro-zone crisis. Photo: Reuters

Crushed by an austerity squeeze and towering unemployment, millions of Europeans joined the ranks of the newly poor this year in a crisis that showed no mercy for the old, women or children.

11 Dec 2012 - 2:55am

UK finance minister says more austerity measures will avert disaster

Chancellor of the Exchequer, George Osborne. Photo: EPA

Finance minister George Osborne yesterday warned Britons that they faced an extra year of austerity measures, saying that reversing belt-tightening plans now would be a "disaster".

6 Dec 2012 - 5:01am

Can the US economy survive the fiscal cliff?

A vegetable for fiscal health.

One certainty about life, in addition to Keynes' death and taxes, is that everything changes. And no more so than in the financial environment. For a while everybody was fixated by the problems surrounding the US, then Greece, then concern moved to the PIGS, oh, and let's not forget Europe's banks.

14 Nov 2012 - 2:58am

UK government to slash welfare payments by another £10 billion

George Osborne addresses the party conference. Photo: AFP

Britain's government will slash the welfare bill by a further £10 billion (HK$125 billion) as it seeks to tame a massive deficit, finance minister George Osborne said yesterday.

Chancellor of the Exchequer Osborne also unveiled plans to allow British workers to give up their employment rights in exchange for shares in the company they work for.

9 Oct 2012 - 4:41am

Thousands in Paris denounce EU ‘austerity’ pact

Demonstrators march during a rally to protest against the austerity measures announced by the French government, in Paris, on Sunday. Photo: AP

Tens of thousands of left-wing protesters took to the streets of Paris on Sunday to denounce EU-driven austerity measures being pushed on member states.

1 Oct 2012 - 4:49pm

Italian unions strike against PM Monti's spending cuts

Workers gather on the Piazza della Repubblica in Rome to attend a protest march during a general strike on Friday. Photo: EPA

Two of Italy’s biggest unions marched through Rome on Friday to protest against Prime Minister Mario Monti’s cuts in public spending as opposition grows to austerity policies.

28 Sep 2012 - 9:30pm

France unveils toughest ever budget as debt levels soar

A woman waits in Pole Emploi, France's national employment agency. Photo: AFP

France on Friday unveiled action to plug a 37-billion-euro hole in its public finances with the toughest package of tax rises and spending cuts since the economic downturn.

28 Sep 2012 - 8:49pm

Greeks on strike as politicians finalise cuts

Graffiti on a street in Athens. Unions have called for a walkout that is expected to bring out thousands of Greeks to the streets. Photo: AP

Tens of thousands of Greeks marched through central Athens on Wednesday, as the new coalition government hammered out a package of 11.5 billion euros  in spending cuts.

29 Aug 2013 - 4:13am

Greece, lenders seek to bridge differences on cuts plan

Fotis Kouvelis, leader of the Democratic Left party, addresses the media after a meeting with Greek coalition party leaders in Athens on Sunday. Photo: AP

Greek Prime Minister Antonis Samaras sought on Monday to bridge differences with the country’s lenders over a near 12-billion-euro (HK$119 billion) austerity package, after they rejected parts of the plan that Athens hopes will unlock further aid payments.

10 Sep 2012 - 6:12pm

Spanish economy falls deeper into recession as austerity measures bite

The Spanish economy is falling deeper into recession and depositors are pulling their money out of the banks, figures published yesterday showed, while the economically important Catalonia region said it needed a rescue from Madrid.

29 Aug 2012 - 4:11am