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Austerity

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  • Greek budget forecasts strong growth next year Friday, 21 Nov 2014 | 6:48 AM ET

    ATHENS, Greece— Greece's government on Friday submitted its 2015 budget to Parliament, sticking with high-growth and low-deficit predictions that rescue lenders say are too rosy. The budget projects Greece's primary surplus— state income without taking into account interest payments on outstanding debt— will be 3 percent of gross domestic product.

  • Stimulus merits in focus as ECB weighs action Friday, 21 Nov 2014 | 1:11 AM ET

    FRANKFURT, Germany— Japan's return to recession has renewed questions about the effectiveness of its recent monetary stimulus— and how anything similar would help Europe's struggling economy. The European Central Bank is edging toward the same kind of large-scale bond purchases that the Bank of Japan has used. Yet Japan's recession underlines the limits of...

  • Belgian riot police used tear gas and water cannons to quell anti-austerity protests in Brussels on Thursday.

  • NEW DELHI, Oct 30- Indian Prime Minister Narendra Modi has ordered bureaucrats to forgo the luxury of flying first class and start paying for their spouses' air tickets as he tries to deliver on a promise to cut the fiscal deficit to a seven-year low. While Thursday's small-bore measures copy a playbook New Delhi has relied on since 2012 to trim a bloated deficit,...

  • BRUSSELS, Oct 28- The European Commission provisionally accepted the budgets of France and Italy, saying on Tuesday that no euro zone states had submitted deficit plans for next year that seriously breached EU rules for fiscal stability. A day after Paris and Rome amended their 2015 budgets in the hope of avoiding censure from the European Union executive, the...

  • BERLIN, Oct 19- Germany and France are secretly discussing a deal to enable the European Commission to approve Paris's draft 2015 budget even though it breaks past deficit-cutting commitments, German weekly Der Spiegel said on Sunday. In return, Germany would overlook France's repeated flouting of its pledge to bring its budget deficit inside the euro zone's...

  • Germany, France hammer out EU budget deal: Report Sunday, 19 Oct 2014 | 10:32 AM ET

    Germany and France are secretly discussing a deal to let European officials approve Paris's draft 2015 budget, a report said on Sunday.

  • BERLIN, Oct 19- Germany and France are secretly discussing a deal to enable the European Commission to approve Paris's draft 2015 budget even though it breaks past deficit-cutting commitments, German weekly Der Spiegel said on Sunday. In return, Germany would overlook France's repeated flouting of its pledge to bring its budget deficit inside the euro zone's...

  • Greek stocks slide     Wednesday, 15 Oct 2014 | 1:33 PM ET

    CNBC's Michelle Caruso-Cabrera reports on the performance of the PIIGS. Greece saw its worst 1-day loss since the height of its financial crisis.

  • BRUSSELS, Oct 8- France's Pierre Moscovici, the EU commissioner-designate who will take charge of policing budget discipline in the euro zone, said he was ready to step up disciplinary action against Paris for not respecting its obligations under EU budget rules. EU finance ministers asked France last year to cut its budget deficit to below the EU ceiling of 3...

  • ATHENS, Oct 6- Greece's government unveiled its 2015 budget on Monday, promising a second year of growth and tax breaks aimed at easing austerity imposed after the country sank into its deepest post-war economic crisis. The budget largely confirmed targets for growth and a budget surplus before interest payments set under Greece's 240 billion euro EU/IMF...

  • *France postpones deficit reduction by a further two years. PARIS, Oct 1- France laid down the gauntlet to EU partners on Wednesday with a 2015 budget setting out how it would bring its borrowing back to within EU limits two years later than promised, a retreat it blamed on a fragile economy.

  • Europe's austerity zombies: Nursing a dead theory Tuesday, 30 Sep 2014 | 10:51 AM ET

    Evidence is mounting that austerity isn't working yet Germany and other European nations have doubled down on it, says Nobel laureate Joseph Stiglitz.

  • A report from the Census Bureau on Tuesday showed the country's median household income edged up just $180 last year to $51,939, a gain deemed statistically insignificant. Congress and the White House raised taxes on most Americans in 2013 while cutting back government spending, and the austerity was a major factor holding back economic growth.

  • France 'needs to start austerity': Scor CEO     Wednesday, 27 Aug 2014 | 11:05 AM ET

    Denis Kessler, CEO of Scor, says the French cabinet reshuffle is an "historical event" but that it comes "very late" and that France needs to start an austerity program.

  • *France has until 2015 to bring its deficit to 3 pct of GDP. PARIS, July 22- France will not accelerate cuts in public spending even though disappointing growth could make it difficult to meet EU fiscal targets, President Francois Hollande said.

  • UPDATE 1-Spain to cut taxes to boost nascent recovery Friday, 20 Jun 2014 | 10:52 AM ET

    MADRID, June 20- Spain announced on Friday it would cut income tax and reduce corporate tax to 25 percent for large companies by 2016, aiming to speed up a nascent economic recovery.

  • MADRID, June 20- Spain will propose tax cuts for workers and companies as part of a fiscal reform due to be unveiled on Friday aimed at boosting the nascent economic recovery, according to a source close to the Treasury Ministry.

  • Did Spain do 'too much, too soon'?     Monday, 2 Jun 2014 | 2:15 AM ET

    Huw Pill, chief European economist at Goldman Sachs, says there is a need for further consolidation in Spain but argues that the country might have done "too much too soon".

  • The Ukrainian economy has collapsed says Pavlo Sheremeta, Ukraine's economy minister, adding that the country now needs to quickly design and implement an austerity program.