Written by Foras Teamhrach
Source – World Socialist Website (WSWS): French President Nicolas Sarkozy has pledged to implement a severe austerity program should he win another term in next month’s election. He announced his intention of saving €53 billion primarily through mass layoffs in the public sector and cuts in health care. His opponent, Socialist Party candidate François Hollande, [...]
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Written by Foras Teamhrach
The leaders of the three parties in Greece’s coalition government are meeting Prime Minister Lucas Papademos to decide if they will agree to the terms of a proposed €130 billion bailout. Papademos have agreed to make further cuts this year equal to 1.5% of gross domestic product, they have yet to agree to measures [...]
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Written by Foras Teamhrach
“The debt is becoming excessive. It is inevitable that it will be reduced, so the debt is not transmitted to future generations.” [The CFDT’s (French Democratic Labor Confederation – WSWS]. * The measures include: * A hike in sales tax from 5.5 to 7 % on a range of goods & services: water, food, [...]
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Written by Foras Teamhrach
Italy October 27th Remarks by EU Heads of State: Greek Prime Minister George Papandreou: "We can claim that a new day has come for Greece, and not only for Greece but also for Europe." "The Eurozone has adopted a credible and ambitious response to the debt crisis," French President Nicolas Sarkozy said at a news [...]
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Written by Foras Teamhrach
Greek Prime Minister George Papandreou now says he is prepared to drop plans for a referendum on the EU bailout if he wins parliamentary support for the austerity package. The “change of heart” (RTE News), emerged after the conservative opposition – which had vehemently objected to the government’s loan agreements with the EU, ECB [...]
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Written by Foras Teamhrach
Greek Parliament – RTE News RTE News, 2:37pm 3rd November 2011 – Greek Prime Minister George Papandreou’s political future hangs in the balance on the eve of a confidence vote as his allies revolt against his plan for a referendum on the EU bailout. Finance Minister Evangelos Venizelos – a former challenger for the Pasok [...]
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Written by Foras Teamhrach
CNN News Almost unnoticed, it has become increasingly apparent that China will not come to the EU’s assistance in any substantial fashion. The fact that last week’s EU summit agreement was fixed on such a flimsy and ill-conceived objective is an indication of its prospects for the future. CNN – “But as Chinese President [...]
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Written by Foras Teamhrach
It appears that the EU leaders have been rather less than “frantic,” (RTE News), in their efforts to resolve the European debt crisis, at yesterdays Belgian summit. In fact, they appeared rather light-hearted, at least as far as the media audience were concerned. ZeroHedge comments on the Merkel / Sarkozy exchange concerning Italy during [...]
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Written by Foras Teamhrach
RTE News asserted tonight that “frantic” efforts were made at the EU summit to prevent the collapse of the EU currency, despite evident appearances. Nine News stated that the French plan to have the EFSF fund converted into a bank has been “shot down” by Germany, instead EU leaders are going to “examine” how [...]
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Written by Foras Teamhrach
European leaders have again ruled out tapping the European Central Bank’s balance sheet to boost the rescue fund and outlined plans to aid banks. Europe’s 13th crisis summit in 21 months discussed how to strengthen the International Monetary Fund’s (IMF’s) rescue role. The leaders excluded a forced restructuring of Greek debt, sticking with the [...]
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