austerity

Recover the European dream

Javi López's picture

The upcoming European elections will define the direction of the continent for years to come. Citizens from Barcelona to Bucharest have the chance to vote for business as usual or for a change in direction.

Europe is currently governed by conservative technocrats. They have prescribed a combination of austerity (cuts to public services) and internal devaluation (cuts to wages) that have led to a significant increase in poverty and unemployment, especially against young people. Inequality has increased between the rich and the poor, between the old and the young, and between the north and the south. Citizens across the union are understandably upset, not just at what decisions have been made, but also how they have been made.

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Spain’s Deficit Targets For 2012

Edward Hugh's picture

Now You See Me, Now You Don’t

Things in Spain are never exactly what they seem to be. This is a painful lesson that even Angela Merkel must have learnt in recent days, especially since she put her credibility so much on the line in backing the country’s deficit reduction efforts. “Spain has really done its homework and I think it is on the right track,” is the message she has been trying to sell to the world. Finding out that the Spanish deficit was not the 6% of GDP she had been promised, but a minimum of 8.2% in 2011 cannot have been a pleasant experience for her.

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