Tag: austerity

King Salman of Saudi Arabia on Saturday ordered extra pay for Saudi government workers and soldiers after the implementation of value-added taxation. Pool photo by Olivier Douliery/UPI

Saudi Prince Fired After Criticizing Royal Arrests

Prince Abdullah bin Saud bin Mohammed was named president of the Saudi Marine Sports Federation in October. His tenure came to an abrupt end after three months on Wednesday, when he was sacked over his criticism of royal arrests seen by skeptics as part of Crown Prince Mohammed bin Salman’s effort to consolidate power.

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France’s Macron to Slash €13 Billion of Local Government Spending

PARIS, FRANCE (AFP) — The International Monetary Fund (IMF) on Monday hailed French President Emmanuel Macron’s “ambitious” reform program, saying his spending, labor and tax overhauls could go “a long way” toward tackling high unemployment and weak growth.

Prime Minster Theresa May

Tories Under Pressure to Ease Austerity

LONDON (AP) — Key government ministers are pressuring Conservative British Prime Minister Theresa May to ease austerity and remove a pay cap for public sector employees.

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PICS: Clashes in Greece as Thousands Protest EU Austerity

ATHENS, Greece (AP) — An anti-austerity rally in Greece’s capital turned violent Wednesday as a general strike halted flights, ferries and public transportation, and thousands joined protest marches across the country. A small group of protesters threw gasoline bombs and

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Nationwide Anti-Austerity General Strike Grips Greece

ATHENS, Greece (AP) – A nationwide general strike disrupted services across Greece Wednesday, as lawmakers were set to approve another batch of reforms that will impose years more hardship on austerity-weary Greeks. Unions called the strike to protest new belt-tightening

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Greece Considers Extending EU Austerity to a Decade

ATHENS, Greece (AP) — Lawmakers in Greece started a four-day debate Monday on whether to approve a new package of spending cuts that will extend the number of years Greeks have lived under austerity to more than a decade. Amid

MILAN, ITALY - NOVEMBER 17: The flags of Italy and the European Union are displayed on November 17, 2011 in Milan, Italy. Italy's new Prime Minister Mario Monti unveiled the country's new government yesterday, November 16, as the country steps up efforts to avoid being dragged further into the euro …

Italy Passes Austerity Package After EU Threatens Penalties

ROME (AFP) – Italy’s debt-burdened government approved a package of economic reforms Tuesday designed to cut 3.4 billion euros from its deficit this year, Prime Minister Paolo Gentiloni said, following pressure from Brussels.

Saudi Arabia camels (Mohamed Hwaity / AFP / Getty)

Saudi Arabia’s Social Stability to Fall Apart

Geopolitical Futures’ George Friedman has warned that Saudi Arabia’s inability to keep oil prices up to $90 a barrel will frustrate the kingdom’s effort to balance its books, meaning it is only a matter of time before “Riyadh’s unique social stability comes apart.”

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MEPs Take To Ivory Tower To Approve Massive €4 BILLION Budget Increase

Members of the European Parliament have voted to increase the European Union’s annual budget by an astonishing €4 billion next year, even as member states struggle with the fallout from Brussels-imposed austerity measures. The whopping budget rise is also a

MANCHESTER, ENGLAND - OCTOBER 04: People take part in an anti-austerity protest during the first day of the Conservative Party Autumn Conference 2015 on October 4, 2015 in Manchester, England.

‘End Austerity Now’: Tens Of Thousands March Against UK Government

Manchester (United Kingdom) (AFP) – Carrying placards reading “End austerity now” and “Cut war not welfare”, tens of thousands of protesters marched through Manchester as British Prime Minister David Cameron’s Conservative Party opened its annual conference on Sunday. Police and

Alexis Tsipras

Greek Prime Minister Alexis Tsipras Resigns

In a televised address to his people, he said he had a moral duty to resign, because he was elected (just over half a year ago!) as a staunch opponent of the austerity measures he now believes it necessary to impose, in order to keep Greece in the Euro and secure its future.

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Greek PM Tsipras Considers Early Elections, Struggles With Syriza Party Revolt

On Wednesday, Greek Prime Minister Alexis Tsipras floated the idea of calling for early elections in Greece to “bolster a parliamentary majority that has been strained by bailout reforms demanded by creditors,” as Reuters put it. Such is the chaos of end-state socialism in Greece that Tsipras really needs his own party to lose in those early elections. The Syriza party is coming unglued over the austerity components of Greece’s latest bailout package.

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Greek Parliament Approves Bailout as Socialist Syriza Party Comes Unglued

There was speculation Wednesday that the International Monetary Fund’s disapproval of the European Union bailout package for Greece would stiffen resistance in the Greek Parliament against it, but in the end, they voted in agreement with what Reuters describes as “sweeping austerity measures demanded by lenders to open talks on a new multibillion-euro bailout package to keep Greece in the euro.”

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Greek Bailout: Everybody Capitulated to Everyone Else

The seemingly final deadline for serious Greek proposals in the debt showdown was Friday morning, and some paperwork was indeed delivered on schedule, inducing some optimism that a Greek exit from the Euro would be averted. Depending on who you ask, the deal is either a stunning triumph or disastrous capitulation for either Greece or its creditors.

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China Worries About Greece as Everyone Worries About China

China is teetering on the edge of a 1929-style stock market meltdown, and Greece might be about to exit the Euro. China is worried about what the Grexit, or an even larger collapse of the Euro, might do to its house-of-cards stock market. Everybody else is worried about what a Chinese collapse could do to their markets, especially since Western socialists have sold so much of their own nations to China over the years.

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Socialists Across Europe See Opportunity to Spread Greece Chaos

Yesterday, as Greece’s debt negotiations entered a new hard-core round of brinkmanship mistaken by many observers for conciliatory gestures to Europe, observers warned that if Greece ultimately succeeds in squeezing more money out of its European creditors without making the necessary “austerity” concessions, their triumphant irresponsibility could go viral.

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Greek Meltdown Watch: Yanis Varoufakis Resigns as Finance Minister

As Greece breaks apart on the rocky shores of the European Union, the man who did so much to run his nation’s finances aground has decided to call it quits. The New York Times sees the sudden resignation of “combative” Finance Minister Yanis Varoufakis as a gesture of “conciliation” between the socialist Syriza government and a thoroughly fed-up European Union, but it might be premature to talk about Greece making peace with its creditors.

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Greek Nationals Flee to Australia to Escape Financial Crisis

In the wake of the growing financial crisis, thousands of Greek nationals are fleeing their homeland. Tens of thousands have ended up in Australia. It is the largest wave of migration from Greece to Australia since hundreds of thousands fled the march of fascism in World War II.

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European Debt Talks With Greece Fall Apart

The new socialist government of Greece is not having much success convincing its European creditors to forget about billions of dollars in debt, and then loan Greece even more money. Bloomberg News reports Commerzbank AG is doubling the odds of a Greek exit from the Eurozone to 50 percent, which sounds like a polite underestimation of the odds, given the sudden and acrimonious end of the latest debt talks.

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Greek PM ‘Comrade Alexis’ to Visit Venezuela As Thousands Rally Against EU in Athens

Venezuelan President Nicolás Maduro, whose socialist administration has been a staunch supporter of the radical leftist anti-austerity parties rising to prominence in Greece and Spain, claimed on a national broadcast last week that Greek PM ‘Comrade Alexis’ Tsipras has agreed to visit Venezuela and several other socialist Latin American nations.

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Spanish Budget Minister to Greece: Respect EU Austerity Rules ‘As We Did’

Spanish Budget Minister Cristobal Montoro has categorically rejected any attempts to “change the rules” regarding austerity measures imposed on Greece by European Union regulations. “Europe is a club of democracies, and entering is voluntary,” he stated, implying that, should Greece’s new government refuse to impose austerity measures, they can leave the EU.