Unemployment across the nations which make up the eurozone moved up during February, going from January’s figure of 10.7%, to 10.8%. The rate is now at its highest point since the euro was introduced in 1999. Spain had the highest rate of unemployment during the month, with 23.6% of people being unemployed. Portugal (15% unemployed), [...]
Spain is cutting 27bn euros from its budget in 2012 as part of one of its harshest austerity initiatives in history, the country’s government has announced. Changes are to include freezing salaries for public sector workers, and lowering departmental budgets by 16.9%. Spain’s Deputy Prime Minister, Soraya Saenz de Santamaria, said the country was in [...]
MPs in Greece have approved a controversial austerity plan, demanded by the IMF (International Monetary Fund) and eurozone in exchange for a 130bn euro (£110bn, $170bn) bailout. 199 voted in favour of the package while 74 voted against. Tens of thousands of members of the Greek public protested in Athens after the approval. During the [...]
Markets remained nervy during today’s trading, as the wait for a debt deal in the troubled nation of Greece goes on. Gold investors have been notably nervous because of the fact that Greece is still trying to secure a second financial bailout. Gold for April delivery closed down by $17.10 at the end of Wednesday [...]
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The new conservative government in Spain has set out 8.9bn euros (£7.5bn, $11.5bn) worth of new government spending cuts and tax increases, which have the intention of helping to lower the nation’s levels of borrowing. The announcement, which came as 2011 came to an end, was the first in a series of new austerity measures [...]
Today’s economic news has included revised growth figures for the US and UK economies being released, and news of austerity measures being passed in Italy. In America, the economy grew at a slower rate than formerly believed during the three months up to September’s end. Updated figures, released by the US Commerce Department, reveal that [...]
The new Italian government has adopted a new package of austerity measures, which have the aim of preventing bankruptcy for the country, and saving the eurozone’s single currency from collapse. The austerity initiatives were agreed upon at a recent cabinet meeting, which had to be held 24 hours ahead of the time it was originally [...]
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Ireland has been described as the “role model” for the other nations in the eurozone who have needed bailouts, by Juergen Stark, one of the board members of the ECB (European Central Bank). Dr Stark singled out the austerity measures used in Ireland for special praise at a recent event in Dublin, where he addressed [...]
Mario Monti, an ex-EU commissioner and respected economist, has been asked to put together a new government in Italy, to try and fight the debt crisis which led to the resignation of former-PM Silvio Berlusconi. Monti’s nomination for the role was backed by most parties, including Mr Berlusconi’s. Leaders of the EU meanwhile have hailed [...]
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The government debts of Italy and Spain have been downgraded by credit ratings agency Fitch. Fitch is the second agency to cut Italy’s credit rating, after Moody’s also downgraded the country’s rating earlier this week. Fitch has reduced Italy’s rating to A+ from AA- and Spain’s rating by two notches, to AA-. Fitch is alarmed [...]
Posted in Economy, Featured Post Tags: austerity measures, Auto, CREDIT, debt, Draft, fitch, government debts, italian banks No Comments »
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