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Portuguese opposition party challenges country’s austerity measures in court

Portugal’s main opposition party said Thursday it has challenged several austerity measures before the country’s constitutional court, which has tended to strike down cuts. The head of the Socialist Party’s parliamentary group said it disputed cuts salaries and retirement benefits to state workers, means-testing of widow benefits, and cuts to…

Top economist: U.S. economy can’t digest force-fed austerity

The U.S. economy cannot digest the austerity measures forced upon it by Congress, warned a top economist at Moody’s Analytics. Chief Economist Mark Zandi told the House Joint Economic Committee on Thursday that he believed the spending cuts and tax increases under discussion in the near term were overdone. “If…

After a ride to parliament in golden carriage, Dutch king declares end to welfare state

The Dutch government heralded the end of the welfare state on Tuesday as the fifth-largest eurozone economy presented an austerity-driven budget for 2014. “The classic welfare state is slowly but surely turning into a society of participation,” King Willem-Alexander told parliament, laying out the Liberal-led government’s plans for the year.…

Oxfam warns: Austerity threatening to impoverish 25 million more Europeans

Up to 25 million more Europeans are at risk of sinking into poverty by 2025 if governments push on with austerity measures, international aid agency Oxfam warned Wednesday, calling such policies “moral and economic nonsense”. “Europe’s handling of the economic crisis threatens to roll-back decades of social rights,” said Natalia…

Europeans slammed by austerity measures now enraged by political corruption

A wave of corrosive political scandals at a time of economic woe is exacerbating the outrage of European citizens, who are channelling resentment into street protests or at the polls. Italy, Spain and Greece have all been hit by fraud or graft cases allegedly involving the top brass. France joined…

WH budget director: ‘Time for austerity is not today’

In one of his several appearances on the Sunday talk show circuit, White House budget director Jack Lew expressed how issuing austerity measures would not be a good idea for the U.S. economy. Lew was asked by Meet The Press host David Gregory if massive government cuts similar to those…

Greek cabinet approves austerity deal amid resignations, general strike

Greece’s cabinet Saturday approved tough austerity measures demanded by EU and IMF creditors after the prime minister warned that a failed debt deal and default would spark “uncontrolled chaos”. The coalition government, hit by defections on Friday, approved the belt-tightening measures on a day that saw renewed street clashes between…

Greek unions unleash 48-hour anti-austerity strike

Greek unions Friday unleashed a 48-hour strike against new austerity measures to go before parliament and required by the European Union and the IMF in exchange for badly needed aid. The measures, dubbed “the grave of Greek society,” sparked a strike call by the CSEE and Adedy unions that together…

Greece faces hour of decision on austerity, rescue

Greece reached the hour of decision on Wednesday over more budget cuts demanded by the EU and IMF and a debt deal to obtain a second rescue and close a key chapter in the eurozone crisis. A finalised plan on new Greek aid that was hammered out with theEuropean Union and International Monetary…

Romania opposition supporters stage mass protest

BUCHAREST — Around 7,000 people joined a mass opposition demonstration in Bucharest on Thursday calling on Romanian President Traian Basescu to step down, one of a number of protests held across the nation. The opposition rally was organised separately from protests taking place for a seventh day across Romania against…

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