Austerity News From around the World

 

In our greed for ideology, we gorged on light-touch regulation

Irish Examiner
But there’s a problem with austerity. It dawned on me recently that I admire austerity. Some of my life-long heroes were austere. But they practised austerity, they didn’t impose it. When there isn’t a true, genuine, shared austerity, for a higher …
See all stories on this topic »

Ireland : No more austerity ( and dump the euro )
Forbes
Today, my wife and I are traveling to Ireland to visit the town where my grandfather grew up (and maybe have a beer or two–if we survive my driving!). The economy there presents a sad case study for the austerity programs being forced on economies …
See all stories on this topic »

 

An end to austerity will not boost Europe
Financial Times
The eurozone periphery is on a risky path to end fiscal austerity and accept larger budget deficits. Portugal is the most recent dramatic shift in that direction; Italy, Spain and even France are also abandoning plans to cut spending and raise taxes …
See all stories on this topic »

Civilians on unpaid leave in Pentagon austerity move
Reuters
WASHINGTON, July 8 (Reuters) – Civilian defense workers across the United States began taking unpaid leave on Monday in a Pentagon-imposed austerity move expected to save $1.8 billion through Sept. 30 by effectively cutting the pay of about 650,000 …
See all stories on this topic »Greek municipal workers riled by government’s austerity plans
Globe and Mail
Greek municipal workers riled by government’s austerity plans Add to … The Globe and Mail. Published Monday, Jul. 08 2013, 3:01 PM EDT. Last updated Monday, Jul. 08 2013, 3:28 PM EDT. Oops, something bad just happened, don’t worry, I’m sure it is our …
See all stories on this topic »‘Maariv’ management says paper won’t print
Jerusalem Post
The management of Hebrew daily Maariv announced Monday that the newspaper would not be printed for Tuesday morning, due to austerity measures. Employees were reportedly instructed to stop work on the current edition, but they instead decided to take …
See all stories on this topic »IMF, smokescreens and visions
The Express Tribune
There is nothing home-grown about the IMF austerity packages, which have delivered little in Europe or elsewhere. But, at least, the IMF has a vision. Some economist like Joe Stiglitz view it as immune to evidence and that is why they dub this vision …
See all stories on this topic »Portugal back from the brink, but risks loom
Sydney Morning Herald
The rift was all about the austerity that Portugal is being forced to carry out in exchange for its bailout from the troika of European Union, International Monetary Fund and European Central Bank. Vitor Gaspar, who was an architect of the cutbacks …
See all stories on this topic »Has Xi’s graft crackdown run out of steam?
South China Morning Post
President Xi Jinping has consulted retired party leaders on his anti-corruption and austeritycampaign, the Communist Party’s official newspaper reported on Monday – a move some analysts believe is a sign that the current leadership lacks the …
See all stories on this topic »

UAE royals eschew wedding feasts to set example of austerity
Financial Times
As Muslims across the region prepare for the start of the annual month-long Ramadan fast this week, the message is going out strongly from Gulf royals, mosques and the street that – theoretically at least – waste is out and austerity is in. It is a …
See all stories on this topic »

Indonesia: Draconian austerity amidst impressive economic growth
In Defense of Marxism
The fuel price increase in Indonesia is part of the capitalist austerity which is now being implemented all over the world. The capitalist crisis that exploded in 2007 has not subsided. On the contrary, it is getting deeper. For the capitalists, there …
See all stories on this topic »

Georgiades Says Cyprus Making ‘Good Progress’ Before Aid Review
Businessweek
Cypriot Finance Minister Haris Georgiades expressed optimism about the first review later this month of the government’s progress in meeting budget-austerity conditions tied to the international rescue of the country. “We are doing good progress …
See all stories on this topic »

Austerity Discredited, Not Defeated – Time to Fight for Jobs and Growth Truth-Out Cracked bank (Image: Cracked bank via Shutterstock)For four long years after the recession officially ended, conservative austerity policies have sabotaged America‘s economic recovery, condemning millions of Americans to unemployment and poverty. See all stories on this topic » Fighting Austerity Socialist Project Dan Gallin is Chair of the Global Labour Institute (www.global-labour.org), a labour service organization established in 1997 with a secretariat in Geneva. This is his speech at a conference co-organized by the GLI, Fighting Austerity: Rebuilding … See all stories on this topic »

Athens mayor ‘physically attacked’ over job cuts RT (blog) The incident happened as the mayor was leaving a Confederation of Greek Municipalities (KEDE) meeting, where he held discussions about the austerity measures and the way they affect thousands of municipal employees. According to reports, he was … See all stories on this topic »

Portugal general strike rejects austerity Workers World To satisfy a stringent austerity program, the government has cut social security, health care, education and other benefits, and reduced workers’ job security. The Portuguese working class answered these conditions with a political general strike on … See all stories on this topic »