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Austerity

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  • LONDON— It may only account for 2 percent of the eurozone economy but Greece has a habit of punching above its weight when it comes to bruising the currency union. In the first quarter, Germany, Europe's biggest economy, is expected to have led the way, its export-heavy economy prospering from the fall in the value of the euro— Europe's single currency has fallen to...

  • BRUSSELS, May 8- EU finance ministers will debate on Tuesday whether the European Commission softened the bloc's budget rules too far through the back door by giving governments leeway on deficit reduction in return for planned reforms before they are implemented. Under the European Union's Stability and Growth Pact, states have to cut the public deficit by...

  • BRASILIA, May 7- Brazilian Finance Minister Joaquim Levy on Thursday defended unpopular austerity measures and floated the idea of setting a target to lower the country's ballooning overall budget deficit. In a narrow vote, Brazil's House of Deputies approved on Wednesday a watered-down version of a bill to cut unemployment benefits. Brazil's 12- month...

  • TORONTO, April 23- Ontario's Liberal government trimmed its budget deficit forecasts for the next two years on Thursday as it unveiled a budget that seeks cost cuts in education and healthcare, a move toward austerity that could spark labor unrest across the province. Ontario, Canada's most populous province, which accounts for about 40 percent of the...

  • BRASILIA, April 22- Brazil is considering freezing more than 80 billion reais in government spending this year, but some in the administration fear such aggressive belt-tightening could leave the economy in disarray, a senior official told Reuters on Wednesday. Faced with a stagnant economy, the government of left-leaning President Dilma Rousseff is...

  • Faber: 'Greece should default'   Friday, 17 Apr 2015 | 4:00 AM ET
    Faber: 'Greece should default'

    Marc Faber, editor and publisher at The Gloom, Boom & Doom Report, says a "Grexit" is more of a political issue than an economical one.

  • Greek MP discusses default fears   Wednesday, 15 Apr 2015 | 7:30 AM ET
    Greek MP discusses default fears

    Kyriakos Mitsotakis, Greek MP at the New Democracy Party, says he sees "no conceivable option" for Greece to default, as it would be "a completely catastrophic scenario."

  • Greek reforms: The risks ahead   Wednesday, 8 Apr 2015 | 11:00 AM ET
    Greek reforms: The risks ahead

    Edmund Shing, global equity portfolio manager at BCS Financial Group, discusses Greece's reform plans and the potential risks ahead.

  • BRASILIA, March 31- Brazil is prepared to raise taxes, Finance Minister Joaquim Levy said on Tuesday, to shore up investor confidence and preserve its investment grade credit rating as the country's economy moves closer to recession. Brazil hiked import, fuel and financial taxes in January to raise 20.6 billion reais this year and balance accounts.

  • BRASILIA, March 31- Brazil is ready to raise taxes further, Finance Minister Joaquim Levy said on Tuesday, warning that the country's investment grade remains at risk as the government's fiscal results underperformed expectations. Brazil posted a primary budget deficit of 2.3 billion reais in February, central bank data showed, against analysts' forecasts in...

  • Can Greece make up with Germany?   Monday, 23 Mar 2015 | 5:00 AM ET
    Can Greece make up with Germany?

    Greek Prime Minister, Alexis Tsipras, is due to meet German Chancellor, Angela Merkel, to discuss debt negotiations. CNBC's Annette Weisbach discusses what to expect.

  • Greece: When will the blame game end?   Thursday, 19 Mar 2015 | 12:00 PM ET
    Greece: When will the blame game end?

    Bob McKee, chief economist at Independent Strategy Ltd, discusses Greece in terms of what they can do to pay back their debt.

  • Riots at the European Central Bank Wednesday, 18 Mar 2015 | 1:57 PM ET
    A burning police car is seen during Blockupy movement protests against EUs austerity measures on the day the European Central Bank (ECB) headquarters official opening in Frankfurt am Main, Germany, on March 18, 2015.

    Rising tensions from anti-austerity moves in Europe came to a head when thousands of protesters rioted at the opening of the new ECB headquarters.

  • LONDON, March 18- British finance minister George Osborne sought to court voters ahead of a May 7 election by pitching an earlier end to austerity, faster economic growth and lower taxes in future. In his last budget statement before May's national election, Osborne said Prime Minister David Cameron's government had saved Britain's economy and would bring...

  • ECB protests turn violent   Wednesday, 18 Mar 2015 | 10:38 AM ET
    ECB protests turn violent

    CNBC's Annette Weisbach reports the latest on anti-austerity protesters blocking the inauguration ceremony of the new offices of the ECB.

  • LONDON, March 18- British finance minister George Osborne lowered his target for a future budget surplus and announced higher economic growth forecasts as he sought to show voters that the country's recovery is entrenched. Britain's independent budget forecasters said at the time of the previous forecasts that to reach the target, public spending would...

  • UK to target smaller budget surplus in 2019/20 - Osborne Wednesday, 18 Mar 2015 | 9:03 AM ET

    LONDON, March 18- Britain is aiming for a lower budget surplus by the end of the decade than it was just a few months ago, according to forecasts announced by finance minister George Osborne on Wednesday. Britain's independent budget forecasters said at the time that to reach that target, public spending would need to fall to its lowest share of GDP since the 1930 s.

  • Zingales: QE is too important   Monday, 16 Mar 2015 | 7:00 AM ET
    Zingales: QE is too important

    Luigi Zingales, Professor at University of Chicago, says that there's a "60/40" chance of a Grexit in the next 12 months, but adds that quantitative easing is more important than worrying about Greece right now.

  • Monti: Greek contagion is now less explosive   Monday, 16 Mar 2015 | 6:30 AM ET
    Monti: Greek contagion is now less explosive

    Mario Monti, former prime minister of Italy, says that the risk of a Greek contagion and a domino effect is much more under control and less explosive than in previous years.

  • LONDON, March 15- British finance minister George Osborne offered a sweetener to pensioners on Sunday, less than two months before a national election, but promised there would be no big giveaways for voters when he sets out his final pre-vote budget. While his hopes of delivering major tax cuts have been frustrated by slow progress in bringing down Britain's...