Austerity
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Vassia Hadjiyiannaki, a former TV director at Greek state broadcaster ERT, tells CNBC that the way the cuts to ERT were handled is causing resistance in Greece.
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WASHINGTON, May 30- A drop in government spending dragged more on the U.S. economy than initially thought in the first three months of the year, a sign of increasing pain from Washington's austerity drive.
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WASHINGTON, May 30- A drop in government spending dragged more on the U.S. economy than initially thought in the first three months of the year, a sign of increasing pain from Washington's austerity drive.
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*Data shows Hungary left recession in first quarter. *Hungary allowed out of EU budget sin-bin. Then, to complete what may be Orban's best month since he took power in 2010, the European Commission ruled this week that Hungary can leave the Excessive Deficit Procedure, a kind of sin bin for EU countries deemed to be spending beyond their means.
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ROME, May 29- Italy got some help from Brussels on Wednesday when the European Commission ruled Rome could go off its excess deficit blacklist but the new government will need much more leeway in order to pass the tax cuts it has promised.
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Steen Jakobsen, chief economist at Saxo Bank, tells CNBC that the European commission report into the health of the EU member states is a futile exercise in pretend-and-extend.
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Brussels will on Wednesday give its clearest signal yet that it is moving away from a crisis response based on austerity, allowing three of the EU's five largest economies to overshoot budget deficit limits. The FT reports.
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Juan Carlos of Spain wants to turn over his 136-foot yacht to the government "for austerity reasons." But it wasn't the government who gave it to him.
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Philippe Waechter, head of economic research at Natixis Asset Management, tells CNBC that austerity policies have not worked in Europe.
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David Stuckler, author of The Body Economics, explains how "austerity kills" and why countries that have not cut their health care budget as part of an austerity program have charted faster return to growth.
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Stephen King, author of When the Money Runs Out argues that the things we expect for tomorrow, like pensions, may be larger than tomorrow's resources.
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WASHINGTON, May 20- The International Monetary Fund on Monday said the United States was getting carried away with a government austerity drive, offering some of the institution's bluntest criticism yet of Washington's rush to cut its budget deficit. But there is very little risk of similar turmoil will ensnare the United States anytime soon, Cottarelli said.
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Thanos Vamvakidis, head of European G10 FX strategy at BofA Merrill Lynch Global Research, says Europe needs to stay on course with austerity and advises being short on Swiss Franc against the U.S. dollar.
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NEW YORK, May 16- U.S. companies are hiring more workers and home prices, stock markets and energy production are climbing. The Congressional Budget Office on Tuesday slashed its budget deficit forecast for the current fiscal year ending Sept. 30 to $642 billion, a massive $203 billion cut from its estimate in February.
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*Sees lower deficits and moderate growth next two years. WELLINGTON, May 16- New Zealand's government charted a more optimistic economic outlook on Thursday as it raised its forecast for budget surpluses on the back of moderate growth, and said it would start spending more on new policies.
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PARIS, May 15- European Commission President Jose Manuel Barroso said on Wednesday France needed to present a credible programme of structural economic reforms if the EU is to grant it two more years to bring its budget deficit down as promised.
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Peter Bofinger, economist from the German Council of Economic Experts, tells CNBC that he is concerned that the worst of the euro zone crisis is not over and it is spreading to the core.
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*CBO estimates could sap Congress' urgency for fiscal deal. WASHINGTON, May 14- The U.S. deficit is shrinking considerably more quickly than previously thought, the Congressional Budget Office said on Tuesday in a report that could sap Congress' sense of urgency to find further budget savings.
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*New CBO estimates could sap Congress' urgency for fiscal deal. WASHINGTON, May 14- The U.S. deficit is shrinking considerably more quickly than previously thought, the Congressional Budget Office said on Tuesday in a report that could sap Congress' sense of urgency in finding further budget savings.
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ATHENS, May 14- Ratings agency Fitch upgraded its sovereign credit rating for Greece by one notch on Tuesday, citing progress in cutting its budget deficit and the risk of a euro zone exit receding.
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CANBERRA, May 14- Australia's struggling Labor government on Tuesday used the last budget before national elections to delay a long-promised return to surplus, blaming a stubbornly high Australian dollar and lower commodity prices for a dramatic fall in revenues.
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