austerity feeding public discontent in europe
Last Updated : GMT 06:41:18
Arab Today, arab today
Arab Today, arab today

Austerity feeding public discontent in Europe

Arab Today, arab today

Arab Today, arab today Austerity feeding public discontent in Europe

Brussels - AFP

Scenes of burning buildings and street battles in Athens offer a violent reflection of growing weariness among Europeans at the austerity-first philosophy sweeping Europe. Last week alone, firefighters doused the streets of Brussels with water to protest pension reform, thousands of public workers took to the streets of Madrid and thousands more in Lisbon waved banners saying “no to impoverishment.” Strikes and demonstrations have taken place across Europe in recent months, from France to Italy and Britain, as people demand jobs and policies designed to boost growth in a continent hit by chronic unemployment and the looming spectre of recession. More social action is planned in coming weeks, with the European Trade Union Confederation (ETUC) calling for EU-wide protests on February 29, on the eve of an EU summit, under the theme “Enough Is Enough.” “Greece is a now a highly combustible mix of economic collapse, political corruption, social discontent and human suffering,” said Sony Kapoor, head of Re-Define, a Brussels economic think tank. “While its situation is worse than that of other countries, it offers a glimpse of what may lie ahead for others if the EU does not change course,” said Kapoor, who has argued for a shift to growth-enhancing economic policies in Europe. But still hard-up governments are ploughing ahead with budget cuts, tax hikes and privatisation plans in a desperate bid to soothe markets and prevent the euro from collapsing under the weight of the Greek debt colossus. Leaders of the 17-nation eurozone and eight other EU nations agreed last month to create a new fiscal pact requiring signatories to put balanced budgets into law, a measure critics say will put Europe in a permanent state of austerity. The 25 governments will formally adopt the German-inspired pact at the March 1-2 summit, while Britain and the Czech Republic have chosen to stay out of it. One British official termed the pact “the death of Keynesianism,” while leading economists such as Nobel laurete Paul Krugman and billionaire financier George Soros have warned that Europe needed to shift away from austerity alone, or face the worst. “We have chosen a policy that is going in the wrong direction,” Daniel Cohn-Bendit, Green party leader in the European Parliament, told AFP. “We are increasing social injustice in a period of crisis.” Nearly 24 million people are unemployed in the European Union, a rate of nearly 10 percent. But it is even worse among the young, with 22.1 percent of people under 25 looking for work in December. Youth unemployment has soared to 48.7 percent in Spain and 47.2 percent in Greece, and in both nations around one in five people are unemployed. Defying a general strike and protests, the Greek parliament adopted new cuts demanded by foreign creditors overnight, including a 22-percent minimum wage reduction, in return for a new 130-billion-euro ($172-billion) bailout. EU Economic Affairs Commissioner Olli Rehn, whose auditors have scrutinised Greece’s budget for two years now, acknowledged that “there have been tensions both in Greece and within its partners” in recent weeks. He warned that it “will still take time and effort by the Greek society” to restore the conditions for growth and jobs. But he insisted that the measures were needed to put an end to the “spiral of unsustainable public finances and to the loss of competitiveness” in Greece. “Greek workers and citizens have been pushed to the limit of what is acceptable in terms of restrictions,” said Bernadette Segol, general secretary of the ETUC. “Successive austerity plans have plunged the country ever deeper into crisis. Labour law is being flouted and men and women are being crushed in the process,” she said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

austerity feeding public discontent in europe austerity feeding public discontent in europe

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

austerity feeding public discontent in europe austerity feeding public discontent in europe

 



Arab Today, arab today
Arab Today, arab today Skincare PR Performance Full Year 2017

GMT 10:35 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Arab Today, arab today New hunt for flight MH370 gets under way

GMT 02:36 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today France sanctions businesses linked

GMT 01:58 2018 Wednesday ,24 January

France sanctions businesses linked
Arab Today, arab today Turkey detains dozens more

GMT 02:09 2018 Wednesday ,24 January

Turkey detains dozens more
Arab Today, arab today
Arab Today, arab today

GMT 07:22 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 07:23 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 22:38 2018 Tuesday ,23 January

Bahrain Press headlines

GMT 20:34 2018 Saturday ,20 January

Bahrain press headlines

GMT 16:25 2016 Thursday ,22 December

Italian bank Monte Paschi edges closer to state bailout

GMT 06:03 2014 Wednesday ,09 April

Please .. Let Gaza breathe!

GMT 09:12 2017 Friday ,17 November

Gleam Futures represents Grace Beverley

GMT 04:18 2017 Sunday ,26 November

Bella magazine appoints celebrity writer

GMT 06:00 2017 Sunday ,29 October

Childrenswear brand Once appoints Dyelog

GMT 16:33 2014 Thursday ,13 November

Al-Ehtimam Bil Aakhareen

GMT 03:34 2017 Sunday ,05 November

Needle & Thread relocates press office

GMT 14:56 2017 Thursday ,21 December

Ryanair says formally recognises pilots' union

GMT 01:41 2017 Saturday ,12 August

Moroccan video sparks debate on sexual harassment
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday