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Austerity

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  • 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.

  • France risks humiliating 'fail' in EU budget test Wednesday, 15 Oct 2014 | 9:24 AM ET

    France finds itself in the uncomfortable position of a student at the end of exams as it hands in its 2015 budget plans to European Union authorities for review. Wednesday's deadline for the bloc's 28 states to submit their budgets opens up a two-week window during which France and a few other countries who know they've missed key deficit targets must wait and...

  • Greece returns to market spotlight with nosedive Wednesday, 15 Oct 2014 | 9:00 AM ET

    Greece's main stock index closed 6.3 percent lower— having traded down as much as 9.8 percent lower earlier in the day. Yields on Greece's 10- year bonds also rose sharply, to 7.73 percent— up 1.10 percentage points on the day, a sign investors are more worried about default. Economist Megan Greene said investors were rattled by a combination of factors, with the...

  • Portugal to stick with austerity program in 2015 Wednesday, 15 Oct 2014 | 7:29 AM ET

    LISBON, Portugal— Portugal's government is extending into 2015 the main features of its unpopular austerity program, resisting the temptation to sweeten its policies for an election year as it battles to restore the weakened country's financial health. Portugal is still recovering from near-bankruptcy in 2011, when it needed a 78 billion euro...

  • Irish unveil growth budget, end 6 years' austerity Tuesday, 14 Oct 2014 | 3:57 AM ET

    DUBLIN— Ireland unveiled its first expansive budget Tuesday since the collapse of the Celtic Tiger economy six years ago, ending an era of austerity earlier than expected thanks to the return of Europe- leading growth. Measures unveiled in the 2015 budget will increase spending and tax breaks by a combined 1.2 billion, including a plan to build 6,700...

  • Ireland sells bonds at record-low yield Thursday, 9 Oct 2014 | 7:26 AM ET

    DUBLIN— Ireland's treasury sold 10- year bonds at a record-low yield of 1.63 percent on Thursday, providing the latest evidence of the country's strong rebound from a debt crisis and international bailout. Ireland is expected to exceed its deficit reduction targets for both this year and 2015, when the country is expected to post a deficit well below 3 percent...

  • 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".

  • LISBON, April 30- Portugal's government expects to have room to start reversing public sector salary cuts from 2015 while maintaining its budget deficit reduction targets after the end of its international bailout next month.

  • 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.

  • We have our own drones too: Deutsche Post CEO     Thursday, 23 Jan 2014 | 2:15 AM ET

    Frank Appel, CEO of Deutsche Post DHL, says the company has its own drones, after Amazon revealed it was testing drones to deliver packages last year.

  • Is it Asia's turn for austerity this year?     Tuesday, 7 Jan 2014 | 7:17 PM ET

    Rob Subbaraman, Chief Economist, Asia ex-Japan at Nomura, says Asia has seen a deterioration in fundamentals over the past five years and must implement painful supply-side reforms.