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Federal Budget (U.S.) Austerity

  • ATHENS, Greece— Greece's economy has met its budget targets and there is therefore no reason for further austerity measures to be imposed as part of a deal with bailout creditors, the government spokesman said Thursday. Greece has been struggling for months to conclude negotiations with its creditors on spending cuts and reforms demanded by European...

  • LISBON, Portugal— Portugal's government has proved its critics wrong, slashing the debt-heavy country's budget deficit to its lowest level in more than 40 years despite warnings that its anti-austerity policies could spell financial disaster. Some other eurozone countries expressed alarm when the center-left Socialist government, with the support of...

  • ATHENS, Greece— Greeks "need to see a light at the end of the austerity tunnel," the European Union's financial affairs chief said Wednesday during a visit to discuss the bailout-dependent country's slow-moving negotiations with its international creditors. Pierre Moscovici said efforts to reach a compromise would continue in coming days, as he met with Greek...

  • BRUSSELS— The eurozone's top official said Tuesday that next week's meeting between Greece and its international creditors will not yet provide a full breakthrough on the country's bailout program because more negotiations on reforms are needed. Greece's creditors, including the eurozone countries and the International Monetary Fund, want Greece to...

  • ATHENS, Greece— Nothing is inevitable in financial markets— except perhaps the return of Greece as a source of concern. Greece's government borrowing rates have spiked higher, a sign investors are worried again about a potential default and Greece's exit from the euro— so-called Grexit. This time, the worry is two-fold: Whether European governments will...

  • SAN JUAN, Puerto Rico— Juan Camacho thought he would visit Spain, take a university literature course and get to sleep in more when he retired after nearly four decades as a teacher. Puerto Rico's economic crisis has left the public retirement system with a more than $40 billion deficit and that's pushing elderly people who depend on it back into the workforce.

  • In its annual review of Greece's economic policies, the IMF said most of its board directors favor a Greek fiscal surplus target of 1.5 percent of gross domestic product by 2018, while some directors favor the higher 3.5 percent target sought by Greece's European lender group. The rare split among IMF's directors reveals some divisions in their views of...

  • In its annual review of Greece's economic policies, the IMF said most of its board directors favor a Greek fiscal surplus target of 1.5 percent of gross domestic product by 2018, while some directors favor the higher 3.5 percent target sought by Greece's European lender group. The rare split among IMF's directors reveals some divisions in their views of...

  • *Argentina economy in recession, fiscal deficit high. BUENOS AIRES, Dec 26- Argentine President Mauricio Macri has asked Finance Minister Alfonso Prat-Gay to step down, cabinet chief Marcos Pena said on Monday, citing disagreements over management style and the structure of the team charged with handling economic policy. Macri has sought to close Argentina's...

  • BUENOS AIRES, Dec 26- Argentine President Mauricio Macri has asked Finance Minister Alfonso Prat-Gay to step down, cabinet chief Marcos Pena said on Monday, citing disagreements over management style and the structure of the team charged with handling economic policy. Macri has sought to close Argentina's gaping fiscal deficit, but the government has...

  • *Riyadh acts to protect poorer citizens, petrochemical sector. RIYADH/ DUBAI, Dec 22- Saudi Arabia said on Thursday it had succeeded in cutting a huge state budget deficit caused by low oil prices and would increase government spending in 2017 to support flagging economic growth. "The public finances haven't improved on this scale since the early 1990 s, following...

  • RIYADH, Dec 22- Saudi Arabia said on Thursday it had successfully cut into its huge state budget deficit this year and will increase government spending in 2017 to boost flagging economic growth. The financial challenges for Saudi Arabia stem largely from the fall in the global price of oil over the past 2-1/ 2 years. Riyadh slashed spending on infrastructure and...

  • DUBAI, Dec 21- Saudi Arabia's state budget for 2017, which is expected to be released on Thursday, will boost spending to support economic growth while raising domestic energy prices to ease the government's subsidy burden, sources told Reuters. The deficit totalled a record 367 billion riyals in 2015, and the original budget for this year projected a 326...

  • BRASILIA, Dec 13- Brazilian senators on Tuesday passed a 20- year public spending ceiling proposed by President Michel Temer to control a ballooning budget deficit, a crucial step in an austerity drive to rescue Brazil's stalled economy. Temer said the move to limit spending by constitutional amendment was unprecedented and will be followed by an equally...

  • BRASILIA, Dec 13- Brazilian senators on Tuesday passed the main text of a 20- year public spending cap proposed by President Michel Temer to control a ballooning budget deficit, a crucial step in his plan to rescue Brazil's stalled economy. Authorities braced for protests outside Brazil's Congress organized by labor unions and left-wing groups opposed to...

  • RIYADH/ DUBAI, Dec 13- Saudi Arabia's 2017 state budget is likely to show Riyadh has shrunk a huge deficit caused by cheap oil faster than expected, which may let it spend more to bolster a shaky economy. Growth slowed sharply and speculators bet against the Saudi currency as the government fought to curb a deficit that totalled a record 367 billion riyals in 2015..

  • Greek Prime Minister Alexis Tsipras

    Greece's Parliament has passed a budget of continued austerity as mandated by the country's creditors, but which forecasts robust growth for 2017.

  • MADRID, Dec 2- Spain's minority government has agreed to raise the minimum wage and regional deficit targets, seeking to placate the Socialist opposition in a bid to win Parliamentary support for the first step of the 2017 budget. The long-delayed budget, which will aim to bring down one of Europe's largest public deficits, was put on hold after two inconclusive...

  • BUENOS AIRES, Nov 30- Argentina's Senate on Wednesday approved the 2017 budget proposed by the new center-right government, paving the way for a lower fiscal deficit once President Mauricio Macri signs the bill into law. The Senate passed the bill 59-8, a sign Macri still has support in Congress even though his party does not having a majority and the economy has...

  • KUWAIT, Nov 27- Opposition candidates are estimated to have won around 20 seats out of 50 in Kuwaiti elections that saw most parliament members replaced, in a vote analysts said reflects anger at austerity measures to curb a budget deficit. Analyst Ibrahim al-Hadban said the election campaign had shown that some of the decisions taken by the government were not...