GO
Loading...

Enter multiple symbols separated by commas

Austerity

More

  • ATHENS, Greece— Greece's fraught bailout talks with its creditors took a dramatic turn early Saturday, with the radical left government announcing a referendum in just over a week on the latest proposed deal— and urging voters to reject it. The move radically raises the stakes in Greece's confrontation with its increasingly irate creditors, whom Tsipras...

  • Asian stocks fall on Greek standoff, China margin curbs Thursday, 25 Jun 2015 | 4:04 AM ET

    NEW YORK— Stocks edged lower Thursday as talks over keeping Greece solvent stalled and got extended into the weekend. But that momentum was soon lost and Greece worries turned the market lower in the early afternoon. The bitter standoff between Greece and its international creditors was extended into the weekend, days before Athens has to meet a crucial debt...

  • Time to face reality on Greece: Morici Wednesday, 24 Jun 2015 | 10:46 AM ET
    (L-R) French President Francois Hollande, Greek Prime Minister Alexis Tsipras and Spanish Prime Minister Mariano Rajoy attend a Eurozone emergency summit on Greece in Brussels, Belgium, June 22, 2015.

    Greece will never be able to repay all it owes—and the sooner its creditors accept that, the better for everyone, says Peter Morici.

  • *Romania has precautionary aid deal with IMF, EU. *Romania says deficit under control, can afford tax cuts. BUCHAREST, June 24- Romania's parliament defied the International Monetary Fund and the European Commission on Wednesday by approving a government plan to start cutting all major taxes from next year until 2019..

  • ATHENS, Greece— Looking tired and leaning on his cane, Fotis Theodorakopoulos watched quietly as other demonstrators gathered to discuss Greece's financial drama and chant defiant slogans outside the parliament. After six years of recession, Greece is offering nearly 8 billion euros worth of new savings. The pensions are based on a state-funded system and...

  • Greece defends 'harsh' reforms it promised creditors Tuesday, 23 Jun 2015 | 5:09 AM ET

    ATHENS, Greece— Greece's government on Tuesday defended the billions worth of "harsh" new budget savings it has offered in talks with creditors, as some of the governing party's own lawmakers spoke out against them. Greek Prime Minister Alexis Tsipras will also travel to Brussels Wednesday, for midday talks with European Commission President Jean-Claude...

  • BRUSSELS— Greece has finally offered economic reforms that creditors consider closer to being acceptable, giving Prime Minister Alexis Tsipras a few days to turn a spirit of goodwill into a deal that might keep the country from a painful exit from the euro currency and roil international markets. Even though a firm deal between Greece and its lenders to get...

  • Several European countries said openly they are getting ready for the possibility of Greece leaving the euro. And though there was no sign of panic in in the streets of Greece over that prospect, official say Greeks are taking money out of banks in growing amounts. The ECB could turn off that support if it thinks Greece is going bust, but that's not expected ahead of...

  • Eurozone leaders to hold emergency summit on Greece Thursday, 18 Jun 2015 | 5:28 AM ET

    Donald Tusk, who chairs meetings of European leaders, called them to Brussels on Monday evening to "urgently discuss the situation of Greece at the highest political level"— frustrated at the lack of progress less than two weeks before a big payment Athens has to make to the International Monetary Fund. However Lagarde's comment is interpreted, the decision to...

  • Greece, creditors dig in their heels on eve of meeting Wednesday, 17 Jun 2015 | 6:09 AM ET

    ATHENS, Greece— Greece and its creditors took shots at each other on the eve a meeting of finance ministers tasked with finding a way to keep the nation from defaulting on its debt and, in the words of its central bank, suffering "a dramatic decline" in income. And instead of carping about the proposals made by the creditors, Greece should offer a more realistic plan, EU...

  • TOKYO, June 16- Japanese Prime Minister Shinzo Abe's ruling party urged the government on Tuesday to cap spending for the fiscal year from April 2018, countering views within the administration that has stressed growth over austerity to mend public finances. The Liberal Democratic Party submitted the proposal to the premier, calling for intensive spending...

  • Austerity is a 'damp cloth' on growth Tuesday, 2 Jun 2015 | 11:35 AM ET
    Austerity is a 'damp cloth' on growth

    Philip Jennings, general secretary of UNI Global Union, discusses problems facing the economy and the drawbacks of austerity.

  • BRASILIA, May 27- Brazil's Senate on Wednesday approved an austerity measure that cuts pension benefits as part of President Dilma Rousseff's drive to reduce a widening fiscal deficit and regain investors' confidence in the once-booming economy. On Tuesday, the Senate approved a similarly watered-down version of another measure curbing unemployment...

  • RIO DE JANEIRO, May 22- Brazil will unveil a spending freeze of 70 billion reais on Friday, a government official told Reuters, limiting outlays to convince investors that President Dilma Rousseff is committed to saving the nation's investment-grade rating. Still, most analysts believe it won't be enough to meet Brazil's fiscal surplus goal of 1.2 percent of...

  • RIO DE JANEIRO, May 22- Brazil's government will disclose a major spending freeze on Friday aimed at convincing investors that President Dilma Rousseff is committed to saving the nation's investment-grade debt rating. A freeze of that size would be in line with market expectations and the biggest since Rousseff took office in 2011. Most analysts believe it...

  • LONDON, May 19- Britain's finance minister George Osborne is under pressure to spell out how he will slash government spending after getting the green light from voters to finish off what is expected to be, for many, a painful redefinition of the role of the state. "It really is a sea change in the way the government views itself," said Ian Jackson, an economist at...

  • Brazil must do more to meet key budget target -IMF Tuesday, 12 May 2015 | 5:34 PM ET

    BRASILIA, May 12- Brazil must do more if it is to meet its main budget surplus goal this year, and deep economic reforms are necessary to foster stronger growth in the future, the International Monetary Fund said on Tuesday. The IMF said further measures will be needed to meet this year's primary budget surplus target of 1.2 percent of Brazil's gross domestic...

  • 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...