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 [...]
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 latest official statistics for the Spanish economy indicate that it recorded zero growth during the third quarter of this year. This most recent growth figure comes after the country’s economy registered 0.2% growth in the second quarter of the year. Output figures for Spain meanwhile, between the months of July and September, remained unchanged [...]
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Official figures have revealed that the number of unemployed people in the UK increased sharply in 2011’s second quarter. 2.51 million UK citizens are now unemployed, after the total rose by 80,000 between March and June. The UK’s Office for National Statistics has said that the rise is the biggest in nearly two years – [...]
The Portuguese government has made plans to introduce its largest spending cuts in around half a century. The move has been described as “unprecedented” by Portugal’s finance minister, Vitor Gaspar. Mr. Gaspar has said that the centre-right Social Democratic Party, currently in government in Portugal, will lower public spending from the current level of 44.2% [...]
Silvio Berlusconi has announced that Italy will introduce a new round of austerity measures, in an attempt to reduce its deficit. The austerity plan, developed during an emergency cabinet meeting, will result in cuts of 45bn euros. The new measures aim to balance Italy’s budget by 2013, a year earlier than previously planned. A previous [...]
President Obama has signed legislation to raise the US debt limit and avoid a financial default after Congress backed a bipartisan compromise deal. The bill was approved after the Senate voted in favour of it by 74 votes to 26. The House of Representatives previously passed the bill on Monday. The law will put the [...]
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The President of the United States, Barack Obama, has said that Democratic and Republican leaders have reached a deal to raise the US debt limit and avoid a debt default. Mr Obama said the deal, announced yesterday, will cut $1tn worth of spending over the next decade. Congress still needs to approve the agreement however [...]
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