austerity

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Eurozone Economy Shrinks
 Eurozone Economy Shrinks 
Feb 15, 2012 9:11 AM CST

Eurozone Economy Shrinks

Nine of 17 member states post a fall

(Newser) - For the first time since 2009, the eurozone economy contracted last quarter. The fourth quarter of 2011 saw the GDP shrink 0.3% compared to the third quarter; the last quarterly contraction occurred during the second quarter of 2009 when the GDP dropped 0.2%. Meanwhile, the GDP grew just...

Greece Axing 15K Public Jobs

Country caves to creditors' demands

(Newser) - As politicians in the US debate the merits of smaller government, Greece's creditors are forcing it to shrink its public sector. Greece has agreed to cut 15,000 government jobs by the end of this year, and 150,000—a fifth of the total—by the end of 2015....

Romanian PM, Government Resign

Emil Boc steps down in wake of austerity protests

(Newser) - The Romanian prime minister today announced the immediate resignation of himself and his government, saying he wanted to protect the stability of the country. Emil Boc said he was resigning "to ease the social situation"—referring to weeks of protests in Romania over austerity measures that he introduced...

Behind Europe's Economic Mess: 'Willful Amnesia'

Austerity measures violate basic economic tenets: Paul Krugman

(Newser) - Europe has been lauded for its commitment to austerity measures as a means of restoring its economies. But a quick look at the state of those economies reaffirms what any economist should already have known, writes Paul Krugman in the New York Times : The effort is backfiring. Krugman explains that...

Italy Passes Austerity Measures Amid Strikes

Furious unions protest with transport shutdown

(Newser) - The Italian government today easily won a confidence vote on its package of austerity measures in the lower chamber of Parliament as more protest strikes hit the country. Premier Mario Monti had called the vote in the Chamber of Deputies to speed passage of the $39 billion in extra taxes...

Dear Financial &#39;Experts,&#39; Check Out Iceland
Dear Financial 'Experts,' Check Out Iceland
paul krugman
Oct 28, 2011 12:16 PM CDT

Dear Financial 'Experts,' Check Out Iceland

It avoided harsh austerity measures and is doing better: Paul Krugman

(Newser) - Markets are thrilled that Europe finally cut a deal, "however vague the details and however inadequate it may prove," writes Paul Krugman in the New York Times . The deal is better than nothing, he writes, but it once again highlights the misguided doctrine he says is doing great...

Massive Strike Shuts Greece
 Massive Strike Shuts Greece 
Oct 19, 2011 7:01 AM CDT

Massive Strike Shuts Greece

An estimated 50K protest in Athens

(Newser) - Workers across Greece walked off the job today for a crippling 48-hour general strike, closing shops, schools, courts, ports, and more. A host of flights were canceled—though mercifully airline workers shortened their strike to just 12 hours—and public transportation was functioning with a reduced staff, according to the...

Greece Braces for 'Mother of All Strikes'

Prime minister orders garbage crews back to work

(Newser) - Don’t try to get anything done in Greece tomorrow: A coalition of unions representing roughly half of the country’s 4 million workers has called for a 48-hour general strike starting tomorrow to protest upcoming austerity measures, Reuters reports. One Greek newspaper has dubbed it “the mother of...

As Default Looms, Strike Paralyzes Greece

'We've lost everything,' says striker as thousands protest austerity measures

(Newser) - The biggest strike in months has brought Greece to a standstill and tens of thousands of workers are taking to the streets of Athens. The strike, organized by the country's two biggest unions, is in response to the tough austerity measures unveiled earlier this week , reports the Los Angeles ...

Greece Passes 2nd Austerity Bill

Final hurdle before receiving bailout funds now cleared

(Newser) - Greece has bought itself some time to deal with its crippling debt crisis after lawmakers cleared the final hurdle for crucial bailout funds to be released, which will prevent the country from defaulting next month. The EU and IMF had demanded Parliament pass two bills— an austerity law and a...

Greek Strikers Throw Yogurt, Firebombs

As police fire tear gas into crowd to push protesters away from Parliament

(Newser) - A rally of more than 20,000 protesters in Athens' Syntagma Square turned ugly today, as police fired tear gas into the crowd and protesters hurled rocks, firebombs, and even yogurt at them. There was also fighting amongst the crowd, with demonstrators clashing with a group of violent hooded youths,...

Lesson From Europe: 'Savage Austerity' Won't Help

Paul Krugman: Portugal, Ireland, UK learned the hard way

(Newser) - Just a few years ago, global leaders knew they had to focus on job creation before they tackled deficits. But that strategy “has been abandoned in the face of phantom risks and delusional hopes,” writes Paul Krugman in the New York Times . Now, it’s all about reducing...

Portugal Gov't Verges on Collapse

Country could soon go the way of Greece, Ireland

(Newser) - Today promises to be a tumultuous day in Portugal, with all signs pointing to the resignation of Prime Minister Jose Socrates and the collapse of his minority Socialist administration. The country’s parliament is expected to vote down Socrates’ austerity plan, a move the prime minister contends will force the...

Lesson From Wisconsin: Bleed Everyone
 Lesson From Wisconsin: 
 Bleed Everyone 
David Brooks
Feb 22, 2011 11:45 AM CST

Lesson From Wisconsin: Bleed Everyone

We need to agree to 'make everybody hurt': David Brooks

(Newser) - America is engaged in a massive fiscal battle, and nowhere is it more intense than in Wisconsin, where leaders “have done everything possible to maximize conflict,” writes David Brooks of the New York Times . On the one hand, Scott Walker was right: There’s a very good argument...

Merriam-Webster's Word of the Year: Austerity
Merriam-Webster's
Word of the Year: Austerity
best of 2010
Dec 20, 2010 6:20 AM CST

Merriam-Webster's Word of the Year: Austerity

Runners-up include 'socialism,' 'bigot'

(Newser) - Austerity measures announced by governments across Europe this year sparked a surge in civil unrest, and a surge in people trying to find out exactly what the word means. Merriam-Webster says that, based on search trends, the noun—meaning "enforced or extreme economy"—is its word of 2010....

UK Protesters Clash With Cops Over Tuition Hike

Costs have tripled and students are outraged

(Newser) - British lawmakers narrowly passed a law that will triple university tuition today—and students let them have it. Thousands gathered to protest outside Parliament, in demonstrations that occasionally became violent, the AP reports. Crowds had gathered even before the vote, throwing flares, billiard balls, and paint bombs, while officers, some...

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