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IMF supports Cameron plan to slow pace of austerity
The International Monetary Fund on Tuesday supported Britain’s decision to slow the pace of tough austerity measures to lift the country’s growth amid major risks from the eurozone debt crisis. “The slower pace of fiscal consolidation this year is appropriate,” said IMF managing director Christine Lagarde at the release of the fund’s annual country assessment for Britain. The world’s…
Krugman tells austerity advocate Burnett: The debt is ‘not an urgent crisis’
New York Times columnist Paul Krugman once again pushed back on the notion that America needs to engage in massive suspending cuts now to deal with the country’s debt Friday evening. Appearing on CNN’s Up Front With Erin Burnett, Krugman rejected Burnett’s premise of advocating for austerity measures to tackle…
Greece faces new elections as left refuses to join austerity coalition
Greece’s socialist leader admitted Friday he had failed in a last-ditch bid to form a government, taking the nation a step closer to repeat elections amid intense EU pressure over its finances. Pasok chief Evangelos Venizelos’s announcement came after the key radical leftist party Syriza refused to join a pro-austerity…
Greece sinks in deeper crisis amid rescue deal doubts
Greece could be forced to leave the eurozone if it fails to abide by EU and IMF loan commitments, a government economic advisor warned Wednesday as Athens raised prospects of renegotiating a bailout deal. “If we say no to everything, we leave the eurozone,” said Gikas Hardouvelis, economic advisor to outgoing Prime Minister Lucas…
Greek leftists in bid to form anti-austerity coalition
Greece’s radical leftist Syriza party was set Tuesday to start trying to build an anti-austerity cabinet and prevent fresh elections, a day after the conservatives failed to form a coalition government. Syriza leader Alexis Tsipras will be summoned by Greek President Carolos Papoulias at 1100 GMT and given three days to form agovernment, with debt-laden…
Greek voters reject austerity, turn to radical parties of left and right
Governing parties backing EU-mandated austerity in Greece are on course for a major drubbing as hard-hit voters, venting their fury in elections, defected in droves, according to exit polls. In a major upset that will not be welcomed by the crisis-plagued country’s eurozone partners, the two forces that had agreed…
Krugman compares Republican economic plan to blood-letting
Nobel Prize-winning economist Paul Krugman said Saturday that Republican-backed austerity measures — such as cutting government spending and reducing public services — were self-defeating “We are very much like medieval doctors who thought the treatment for illness was to bleed you, then when the patients got sicker they bled them…
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…
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