Argentina's President Milei Pushes Austerity Plan despite Protests | DW News

Dec 21, 2023 | Argentina's newly elected president Javier Milei has announced that he plans to change the country's economic system by deregulating it using his presidential powers. He said he plans to change more than 300 regulations to lay "the foundations for the reconstruction of the Argentine economy and restore freedom and autonomy to individuals, removing the State from their shoulders. The goal is to start along the path to rebuilding the country," Milei said in a speech broadcast on television and radio. Milei has vowed to pull Argentina out of economic distress but has warned that economic "shock" treatment is the only solution. He has also warned the public that the economic situation will get worse before it will get better.

CBI Warns Rishi Sunak against ‘Doom Loop’ of Public Spending Cuts

THE GUARDIAN: Director general Tony Danker says it is vital new UK PM does not pursue path of austerity

The head of the Confederation of British Industry has warned Rishi Sunak against pursuing an austerity “doom loop” of cuts to public spending and tax rises amid fears over a mixed outlook for the economy.

Tony Danker, the director general of the CBI, said it was vital for the new UK prime minister not to repeat the mistakes made by David Cameron’s Conservative-Liberal Democrat coalition when billions of pounds were slashed from public spending. “Let’s remember, the 2010s began with some austerity and were then ensued with very low growth, zero productivity and low investment, right? It wasn’t a successful strategy for growth,” he told BBC Radio 4’s Today programme. » | Richard Partington, Economics correspondent | Tuesday, October 25, 2022

Jeremy Hunt’s Statement on Medium-term Fiscal Plan: Key Points at a Glance

The chancellor has announced mini-budget repair measures – here are the main points, with political analysis

Read the article here.

Jeremy Hunt’s economic plan turns the clock back to austerity: UK chancellor’s tightening of fiscal policy will lead to weaker growth and a deeper recession »

How Economists Invented Austerity & Paved the Way to Fascism

Clara Mattei discusses her new book "The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism"

ri Lanka Is "Grinding to a Halt" Amid Fuel Shortage, Inflation & Austerity, Prompting Mass Protests

Jul 7, 2022 Fuel shortages in Sri Lanka have triggered a wave of protests calling for the resignation of President Gotabaya Rajapaksa. This comes as Sri Lanka's government has forced the closure of all schools and announced plans to cut electricity by up to three hours a day, as well as stop printing currency to quell inflation. Meanwhile, Sri Lanka is also facing a dire shortage of food and medicine, and doctors say the country's entire health system could collapse. "There is no discussion on the part of the government on how we as Sri Lankans are going to come out of this crisis," says Ahilan Kadirgamar, political economist and senior lecturer at the University of Jaffna, who explains how the government's doubling down on austerity measures has devastated the working class.

Professor Steve Keen Explains Why Austerity Economics Is Naïve (2015)

In an exclusive interview with Every Investor, Professor Steve Keen from Kingston University has warned that politicians who promote austerity economics are naïve.

Does the Queen's Speech Signal the End of Austerity? - BBC Newsnight

Conservative MP Heidi Allen and Labour MP Andrew Gwynne join Evan Davis to discuss whether the Queen's Speech signals the end of austerity in the UK.

Greek Government Trades Austerity for Bailout, Again

The Greek Depression. Hostage to Austerity

Greece – Living with Austerity | DW News

The strict fiscal austerity measures imposed as part of Greece’s international bailout deal have been accompanied by continued crippling unemployment. DW speaks to young professionals in Athens about how the crisis has changed their lives.

‘There Is Austerity for People, But Not for Europe’s Economic, Political Élite’

Protesters in Frankfurt gathered to sabotage the opening of the European Central Bank’s new €1.3 billion campus. For many Europeans, the huge luxury offices built in the midst of an economic recession represent everything that is wrong with the institution. RT talks to Costas Panayotakis, an author and professor of sociology at the New York City College of Technology.

What Does Syriza’s Victory Mean for Greece and the Eurozone?

Greece must bow to austerity or go bust, says EU » Bruno Waterfield, Brussels | Monday January 26, 2015

'Hospitals with No Medicines, Graduates with No Jobs, Children with No Hope'

THE SUNDAY TELEGRAPH: Nick Squires witnesses unheard-of poverty and long-gone diseases return to Greece, the birthplace of the European ideal

On a dusty street corner in a grimy port on the outskirts of Athens, a public health crisis that has no precedent in Europe is unfolding.

After five years of unrelenting austerity, doctors working in a charity-run clinic are witnessing daily what they never thought they would see in their entire careers - children and adults suffering from malnutrition.

In Perama, one of the poorest parts of Athens, unemployment has reached 60 per cent and many families do not have enough money to put food on the table.

The town once prospered on the back of building and repairing ships but it has been hammered first by a drastic contraction of the sector and then by the unremitting tax rises, pension cuts and other austerity measures introduced by the government at the behest of its international creditors.

The health clinic was originally set up to provide free health care and medicines to the growing number of poor, but now it hands out emergency boxes of food as well. » | Nick Squires, Perama | Sunday, January 25, 2015

Greeks Hand Stunning Victory to Anti-austerity Syriza

THE SUNDAY TELEGRAPH: Greece on collision course with rest of Europe after handing general election victory to far-left party that has vowed to reject austerity

Greece set itself on a collision course with the rest of Europe on Sunday night after handing a stunning general election victory to a far-Left party that has pledged to reject austerity and cancel the country’s billions of pounds in debt.

In a resounding rebuff to the country’s loss of financial sovereignty, Greeks gave Syriza 36.5 per cent of the vote, according to the first official projections.

It means they will be able to send between 149 and 151 MPs to the 300-seat parliament, putting them tantalisingly close to an outright majority.

The final result was too close to call - if they win 150 seats or fewer, they will have to form a coalition with one of several minor parties. » | Nick Squires, Athens | Sunday, January 25, 2015

Greek Election: Rena Dourou of Syriza Poised to Sweep Away Austerity

Newly[-]elected governor of the wider Athens region
Rena Dourou, who was backed by leftist Syriza party,
waves to supporters in front of the University of Athens

THE DAILY TELEGRAPH: “Is it really right for thousands of people to commit suicide because of austerity policies?" asks Syriza's most senior politician ahead of Sunday's general election

After her mother’s pension was cut over 30 times, Rena Dourou knew that Greece could no longer cope with austerity.

Now, as Syriza, her political party, leads the polls ahead of the country’s general election on Sunday, she stands ready to reverse the five years of pain imposed by the European Union.

“Since the beginning of the implementation of the austerity policies, many people have had the experience of becoming second-class citizens, with no access to health care or education,” she said.

“We want to create a shield of protection for the most vulnerable.”

Ms Dourou, 40, is the only member of Syriza, a radical left-wing coalition, to hold high office. Since she was elected as governor of Attica, the vital region that surrounds Athens, last May she has increased the state’s budget for social welfare more than six-fold, from a mere Eu1.9 million (£1.46 million) to Eu13 million. It is a premonition of the huge spending splurge that Syriza has promised if it is elected nationally. » | Nick Squires, and Menelaos Tzafalias in Athens | Thursday, January 22, 2015

Mass Rally against Austerity Turns Violent in Rome

At least 80 people -- both police and protesters -- have been injured as street battles broke out in Rome, with rocks being flung and police deploying pepper spray

Austerity Push: Britons Struggle with High Hidden Debt

Consumer debt has hit record levels in the UK with many borrowing to cover basic necessities like rent and utility bills. And new information's now come to light, revealing the problem affects far more people than previously thought, as RT's Laura Smith now reports

Inside Story: Has Austerity Worked?

As Spain shakes free from its bailout, we ask if Europe is on the road to economic recovery.

Black Books: EU Shadow Economy Booms As Austerity Bites

As if austerity, rising poverty and joblessness weren't enough - the EU's facing another crisis from its own shadow economy. In Spain alone, up to 30 per cent of business is now hidden from government and tax inspectors. And, as RT's Tesa Arcilla found out across the bloc, it's getting worse.

'EU Faces Catastrophe with Pain, Suffering Equal to WWII’

The Red Cross says Europe is heading into a long period of mass unemployment, inequality and social despair. The organization believes austerity policies are to blame according to a report obtained by Britain's Guardian newspaper. It forecasts bleak times ahead for about 120 million Europeans living in, or close to, poverty. The report says those out of work for more than a year amount to 11 million. For more thoughts on Europe's sinking economy RT joined by Chris Clarke, a senior lecturer at Nottingham Business School.

Related »