Austerity

Tax protest to hijack Starbucks outlets

Police protect a Starbucks branch during an anti-cuts march last month after the company's low tax bill was reported. Photo: Reuters

Dozens of UK Starbucks branches will be turned into creches, refuges and homeless shelters, as direct action group UK Uncut hijacks the coffee outlets to highlight the chain's tax avoidance tactics.

Tuesday, 13 November, 2012, 5:59am

Athens explodes as Greek lawmakers ram through new austerity package

An armed protester in a cloud of tear gas in Athens' Syntagma Square during Wednesday night's violent protests. Photo: Reuters

Amid some of the most violent demonstrations in Greece in months, its Parliament approved a sweeping set of austerity measures early yesterday in a desperate bid to keep the country in the euro zone.

9 Nov 2012 - 3:27am

Greek transport and media workers start week of strikes

Fences have been placed around the Greek parliament, ahead of the 48-hour nationwide general strike, in central Athens. Photo: AP

Public transport and media workers began a week of strikes in Greece yesterday, contesting fresh austerity measures needed for a lifeline from creditors which are due to be presented by the government to parliament.

The metro in Athens was shut and only one tram line circulated yesterday, while taxi drivers halted services, severely disrupting traffic in the capital.

6 Nov 2012 - 3:27am

Spanish protesters try to besiege parliament

Demonstrators in Madrid oppose the government's hefty spending cuts. Photo: AFP

Thousands of anti-austerity protesters who marched to Spain's parliament were prevented from surrounding the building by metal rail barricades and a large police presence.

The Surround Parliament group had called on people to gather at Plaza de Espana and march on the legislature to oppose spending cuts and tax rises introduced by Prime Minister Mariano Rajoy's government.

29 Oct 2012 - 4:07am

Spain PM retains power in home region vote

Spanish Prime Minister Mariano Rajoy. Photo: EPA

Spanish Prime Minister Mariano Rajoy’s right-leaning party on Sunday retained power in his home province of Galicia despite recession and biting austerity measures, official results showed.

22 Oct 2012 - 5:16am

France backtracks on plan to impose supertax on art

French Prime Minister Jean-Marc Ayrault has agreed to make works of art exempt from the tax. Photo: Reuters

The French government will not impose a wealth tax on works of art following an angry backlash against the planned levy from the country's leading museums, including the Louvre.

22 Oct 2012 - 1:54am

European Union leaders divided by rift between France and Germany

The EU began a two-day summit meeting yesterday amid sharp French and German differences on how to deal with the three-year euro crisis, leaving Paris and Berlin at odds as European Union leaders considered what takes priority - tough austerity or measures to help euro-zone states cope.

19 Oct 2012 - 5:23am

IMF changes policy on troubled economies

The IMF meeting in Tokyo heard details of a new approach to addressing the problems of troubled nations' economies. Photo: AFP

It is hard for a leopard to change its spots. How much harder for the International Monetary Fund, prime deviser of the ABCD - austerity, budget cuts, conditionality, deficit reduction - regimen forcing indebted countries to swallow bitter economic medicine, to change its mind and suggest that sometimes it might be better to build up the strength of sickly countries than resort to blood-letting.

17 Oct 2012 - 3:31am

Greek demonstrators protest Merkel's visit of Athens

Demonstrators burn a Nazi flag during a demonstration against the visit of German Chancellor Angela Merkel in central Athens. Photo: Reuters

Athens ground to a halt yesterday for German Chancellor Dr Angela Merkel's first visit since the financial crisis began, as police fired tear gas to disperse protesters who tried to storm a barricade near Parliament. Two Nazi flags were draped on the steel fence near Parliament and set on fire.

10 Oct 2012 - 4:36am

Thousands join Paris protest against EU austerity

Protesters march through the streets of Paris. Photo: Reuters

Tens of thousands of left-wing protesters took to the streets of Paris to denounce EU-driven austerity measures being pushed on member states, a day after similar protests in Spain and Portugal.

2 Oct 2012 - 3:52am

Spain set to seek euro-zone bailout, budget and banking audit suggest

Despite rising anti-austerity protests, Spain appears poised to apply for a sovereign bailout.

After four years fighting the markets and a mushrooming economic crisis, Spain appears poised to cave in and apply for a sovereign bailout.

1 Oct 2012 - 4:26am

Spaniards rage against austerity near Parliament

Police shoot rubber bullets at protesters in Madrid on Tuesday. Photo: AP

Spain’s government was hit hard by the country’s financial crisis on multiple fronts on Tuesday as protestors enraged with austerity cutbacks and tax hikes clashed with police near Parliament, a separatist-minded region set elections seen as an independence referendum and the nation’s high borrowing costs rose again

26 Sep 2012 - 3:45pm

Rise of the pain pushers

As the pungent aroma of tear gas swirled around the Greek parliament, the government finally managed to push through a string of austerity measures demanded by its creditors. No one questions the amount of serious pain these measures will inflict, but will there really be any gain?

20 Feb 2012 - 12:00am

Should tertiary education subsidies be cut in countries like Greece?

Melody Cheung, 16, St Paul's Secondary School

Austerity measures are implemented to cut government spending in a country experiencing financial trouble.

When the governments of Greece and Britain announced they would reduce spending on education, students and teachers took to the street in protest.

8 Nov 2011 - 12:00am

Runaway growth reflects local leaders' tug of war with Beijing

IT'S BEEN FOUR months since President Hu Jintao kicked off the latest government crackdown on overinvestment. Yet, monetary and legal measures don't seem to be working, in large part because growth-hungry local officials are ignoring the dictates from on high.

What next?

12 Aug 2006 - 12:00am