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Austerity

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  • ATHENS, Jan 21- After four years of economic sacrifices, Greece bet it could agree an early end to its international bailout. Greece triggered the regional financial crisis in 2009 when a far higher budget deficit than previously calculated emerged. The collapse of talks in Paris on Nov. 26 set off a month-long sequence of events leading to elections next week and...

  • FRANKFURT, Germany— Europe's economy could be sinking in deflationary quicksand. On Thursday, the European Central Bank is expected to throw it a rope— in the form of massive purchases of government bonds using newly printed money. That's what happened to Japan in the 1990 s— and they're still trying to climb out.

  • Malaysia slashes 2015 budget, cuts growth forecast Tuesday, 20 Jan 2015 | 12:19 AM ET

    KUALA LUMPUR, Malaysia— Malaysia on Tuesday cut its economic growth forecast for this year and announced a slew of austerity measures after tumbling oil prices forced the government to slash spending. Prime Minister Najib Razak said the government's 2015 budget, announced in October, was based on oil prices averaging $100 a barrel but this projection was no...

  • Malaysia slashes 2015 budget, cuts growth forecast Monday, 19 Jan 2015 | 11:13 PM ET

    KUALA LUMPUR, Malaysia— Malaysia cut its economic growth forecast for this year and announced austerity measures after tumbling oil prices forced the government to slash its budget. Prime Minister Najib Razak says the 2015 budget, announced in October, was based on oil prices averaging $100 a barrel but this projection was no longer realistic as global crude...

  • EU offers some budget relief to struggling nations Wednesday, 14 Jan 2015 | 8:39 AM ET

    BRUSSELS— The European Union is giving member states struggling with debt more leeway in their spending plans despite EU rules on deficits and debt. EU officials raised the possibility Wednesday for nations like Italy and France to contribute to a planned 315 billion euro investment scheme to spur growth and jobs in Europe, even if their budgets are already...

  • Spain's Rajoy backs Greek austerity before poll Wednesday, 14 Jan 2015 | 6:29 AM ET

    ATHENS, Greece— Spain's Prime Minister Mariano Rajoy on Wednesday defended Greece's tough bailout program, ahead of a general election here that could see his fellow conservatives lose power to leftwing challengers. Samaras' New Democracy party faces elections on Jan. 25 and is trailing in opinion polls to the anti-austerity, leftwing Syriza party, which is...

  • Greek PM Samaras vows tax cuts as leftists hold poll lead Saturday, 10 Jan 2015 | 10:46 AM ET

    At the helm of a coalition government since 2012, Samaras has pursued unpopular reforms as part of a 240 billion euro EU/IMF bailout to pull Greece back from almost crashing out of Europe at the height of the euro zone crisis. Opinion polls show radical leftist Syriza, which opposes Greece's international bailout programme, ahead of Samaras' centre-right New...

  • SAO PAULO, Jan 8- Brazil's government will limit spending to save up to 1.9 billion reais a month until Congress approves this year's budget, the planning ministry said on Thursday, in the latest austerity measure to improve its finances. President Dilma Rousseff issued a decree to limit discretionary spending to 1/ 18 of its proposed budget for 2015, reducing...

  • DUBLIN, Jan 5- Ireland's budget deficit is likely to have fallen by less than expected in 2014, a finance ministry official said on Monday, as a jump in year-end government spending prompted some concern that fiscal discipline may be slipping. Ireland's deficit fell to around 4 percent of gross domestic product at the end of 2014, John Palmer, a principal officer...

  • BRASILIA, Jan 1- Brazil's President Dilma Rousseff began her second term Thursday vowing to rein in government spending to curb inflation and pull Latin America's largest economy out of a four-year slump. The first steps of this journey are an overhaul of public accounts, increasing domestic savings, beefing up investments and improving productivity, "...

  • DUBAI, Dec 25- Saudi Arabia will lift state spending to a record in its 2015 budget while covering a deficit with its huge fiscal reserves, the government said, providing the first detailed look at how the world's top oil exporter aims to handle an era of cheap oil. But the budget, released by the Finance Ministry on Thursday, suggests authorities are confident of...

  • DUBAI, Dec 25- Saudi Arabia plans to raise government spending 0.6 percent to a record high in its 2015 budget while covering a large deficit due to plunging oil prices with its huge fiscal reserves, the Ministry of Finance said on Thursday. Some analysts believe Riyadh is content to see oil prices fall as a way to squeeze out competing producers in non- OPEC nations.

  • Greek uncertainty curbs European stock gains Tuesday, 23 Dec 2014 | 12:34 PM ET

    *FTSE up but pares gains as UK external deficit rises. LONDON, Dec 23- A fall in Greek stocks kept a lid on gains in European equities on Tuesday, as the Athens bourse was hit by the prospect of early elections that could put Greece's rescue package at risk. The Bank of Spain raised its economic forecast while Portugal's budget deficit shrank.

  • BAGHDAD, Dec 23- Iraq's cabinet on Tuesday approved a draft 2015 budget worth 123 trillion dinars which was made possible by better ties between Baghdad and the autonomous Kurdish region, but was constrained by plunging oil prices. By contrast, the 2015 budget is a symbol of growing goodwill between Baghdad and the Kurdish region as they both fight Islamic State...

  • SYDNEY, Dec 15- Australia's government expects its budget deficit to balloon to A $40.4 billion in the year to June as falling prices for key resource exports and sluggish wage growth blew a gaping hole in tax revenues. The deficit for 2014/ 15 had been forecasted at A $29.8 billion in the May budget, while the 2015/ 16 shortfall was now put at A $31.2 billion, instead of...

  • Stronger economy helps trim U.S. budget deficit Wednesday, 10 Dec 2014 | 2:00 PM ET

    WASHINGTON, Dec 10- The U.S. federal budget deficit narrowed in November, helped by a strengthening economy that boosted tax receipts during the month, Treasury Department data showed on Wednesday. Washington spent $56.8 billion more than it took in last month, which was less than half the deficit in November of 2013. It was also narrower than analysts'...

  • BRASILIA, Dec 9- Brazil's Congress approved late on Tuesday a controversial budget target bill whose passage opens the way for President Dilma Rousseff's new economic team to take office as soon as this week. A senior government official said last week that incoming finance minister Joaquim Levy would take office once the budget bill got passed so as to "avoid a...

  • Osborne said he was sticking to his promise to put Britain's budget back in the black before the end of the decade, hoping that his approach to fixing the public finances will return Prime Minister David Cameron to power on May 7. Osborne said Britain's deficit would be bigger than previously expected in the current financial year and in 2015/ 16 before improving...

  • ATHENS, Nov 21- Greece's government on Friday pushed ahead with plans for a near-balanced budget next year, ignoring objections from its international lenders who say Athens is set to miss its deficit forecast. The government and the European Union and International Monetary Fund have been at loggerheads over the projected 2015 deficit, with the lenders...

  • Brussels anti-austerity protests turn violent  Friday, 7 Nov 2014 | 1:45 AM ET

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