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Tag: Austerity


Greece Submits Reform Proposals and Warnings to Eurozone Creditors

Their country would stop cooperating with creditors if negotiations failed and aid was not forthcoming, government leaders said as they submitted a long-awaited list of 18 policy reforms to eurozone administrators.

Posted on Mar 28, 2015 READ MORE



House Republicans Approve $5 Trillion in Budget Cuts

House Republicans on Wednesday night passed a budget that eliminates nearly $5 trillion from social welfare programs over the next decade and envisions regressive tax reforms and calls for the repeal of President Obama’s health care law.

Posted on Mar 26, 2015 READ MORE



Brain Drain Is Crippling Eastern Europe

Ivan Krastev, chairman of the Center for Liberal Strategies in Sofia, Bulgaria, notes that economic austerity is driving away his country’s best and brightest.

Posted on Mar 25, 2015 READ MORE



Protesters Assail Austerity Policies at Madrid ‘Dignity March’

Thousands took part in a “march for dignity” and against austerity measures in Madrid on Saturday on the eve of a closely watched regional election in southern Spain.

Posted on Mar 22, 2015 READ MORE


In Germany, Dozens Wounded and Police Cars Set Afire in Anti-Austerity Protests

Thousands participated in anti-austerity “Blockupy” demonstrations that turned violent outside the opening of the new headquarters of the European Central Bank in Frankfurt, Germany.

Posted on Mar 20, 2015 READ MORE



Ukrainian President: Enormous IMF Loan Won’t Help Ordinary Ukrainians

Petro Poroshenko admits that a $17.5 billion International Monetary Fund loan and its associated austerity measures won’t improve the lives of ordinary Ukrainians—but will help pay foreign creditors and fund the country’s ongoing civil war.

Posted on Mar 15, 2015 READ MORE



Addressing the Senate, an Anti-Austerity Economist Criticizes U.S. Budget Policy

There is much confusion, politically sown, about what debt is, what it does and what it costs. This includes the false ideas that the government deficit is unsustainable, that “entitlements” are bleeding us and that paying interest on the national debt displaces money that would otherwise be spent on public programs.

Posted on Mar 13, 2015 READ MORE



The Noose Around Greece: How Central Banks Harness Governments

It seems the European Central Bank has made good on a threat by Goldman Sachs to cut off liquidity to Greek banks in the event the nation elected an anti-austerity government.

Posted on Mar 11, 2015 READ MORE



Greece Can’t Do It Alone: Austerity Victims of the World, Unite!

For the anti-austerity struggle in Greece and elsewhere to become effective and sustainable, it must be raised from the national level to the international level.

Posted on Mar 6, 2015 READ MORE


Greek Finance Minister Varoufakis Wants Austerity ... for the Rich

“The finance ministers of Europe are not all in favor of balancing the budget if it has to be balanced by taxing the rich,” says economist Michael Hudson (not pictured) of the ongoing confrontation over the Greek debt crisis.

Posted on Feb 25, 2015 READ MORE



Europe’s Millennials ‘Suffered Disproportionately’ From the Financial Crisis and Austerity

Europe’s youths have shifted their views and feel increasingly powerless to effect change. In a world filled with so much socio-economic instability, can we blame them?

Posted on Feb 25, 2015 READ MORE



Scourge of the Greeks: German Finance Minister Wolfgang Schauble

After the financial troika triumphed over the Greek government in debt negotiations last week, Germany’s veteran minister “indulged himself with some patronizing comments,” observed economics correspondent Phillip Inman at The Guardian.

Posted on Feb 22, 2015 READ MORE



Can the Greek Tragedy Be Rewritten?

The world is watching to see if the anti-austerity party Syriza can turn things around for Greece. Success may inspire hope in the economically desperate across the globe—and fear among the elites.

Posted on Feb 19, 2015 READ MORE



From ‘Demos’ to ‘Podemos’: Popular Uprisings in Greece and Spain

Like Greece, Spain has been wracked by the global recession and could soon elect an anti-austerity government.

Posted on Feb 18, 2015 READ MORE



Kostas Koutsaftikis / Shutterstock.com

The Pro-Workers, Pro-Growth Experiment in Greece Is Under Threat

While the wealthiest 85 individuals on the planet own more wealth than the bottom half of the world’s population—and when the top 1 percent will soon own more wealth than the bottom 99 percent—the people of Greece and the anti-austerity party, Syriza, they elected to lead them are struggling to rebuild their economy so that ordinary people there can live with a shred of dignity and security.

Posted on Feb 18, 2015 READ MORE



How Germany and the U.K. Benefited From Greece and Spain’s Brain Drain

As Greece tries to come to an “honorable agreement” with austerity-loving eurozone finance ministers, let’s not forget who stood to gain the most from the financial crises in southern Europe.

Posted on Feb 17, 2015 READ MORE



Austerity’s Greek Death Toll: Study Connects Strict Measures to Rise in Suicides

The harsh economic policies implemented in Greece and other countries in recent years have been shown to have a detrimental effect on mental health and well-being.

Posted on Feb 4, 2015 READ MORE



Truthdigger of the Week: Yanis Varoufakis

The Syriza finance minister confirmed his party’s intentions to fight EU oppression by refusing to negotiate with representatives of Greece’s “hated troika of lenders.”

Posted on Jan 31, 2015 READ MORE



Trojan Hearse: Greek Elections and the Euro Leper Colony

Alexis Tsipras, the leader of Syriza, would like to pretend that austerity and the euro are two different things. Apparently, he’s blissfully ignorant of the history of the euro. The horror of austerity is not the consequence of Greek profligacy: It was designed into the euro’s plan from the beginning.

Posted on Jan 29, 2015 READ MORE



360b / Shutterstock.com

Enough of Germany’s Tyrannical Austerity

Years of trudging through an economic slough of despond, guarded by German warders, have left the states of the European Union’s south near to despair.

Posted on Jan 27, 2015 READ MORE


Russell Brand on the ‘Greek Revolution Against Corruption’ and the Fall of Capitalism

The host of the YouTube series “The Trews” takes a look at Syriza’s victory in Greece’s recent elections and considers whether capitalism has “finally crumbled.”

Posted on Jan 27, 2015 READ MORE



AP/Petros Giannakouris

A 21st Century Left Rises: Syriza’s Victory and Its Relevance for the U.S. and the World

A question looms large in the wake of the Greek elections: Can democracy defeat the rule of the 1 percent?

Posted on Jan 27, 2015 READ MORE


Greeks Respond to Syriza’s Election Victory

Voters across Athens, from Golden Dawn diehards to pragmatic communists, shared their thoughts and feelings as Greece’s anti-austerity Syriza party swept to victory in Sunday’s elections.

Posted on Jan 26, 2015 READ MORE


‘We Are Going to Destroy the Greek Oligarchy System’

Yanis Varoufakis, tipped to become finance minister of what may become Greece’s leading party, describes what Syriza will do if it takes power.

Posted on Jan 25, 2015 READ MORE



Greece’s Solidarity Movement: ‘A Whole New Model—and It’s Working’

There are accounts of Greeks pulling together to support themselves and each other ahead of an election that polls predict will result in a leadership firmly opposed to austerity policies imposed by the European Union.

Posted on Jan 23, 2015 READ MORE



Authoritarianism, Class Warfare and the Advance of Neoliberal Austerity Policies

Capitalism has learned to create host organisms and in the current historical conjuncture one of those organisms is young people.

Posted on Jan 11, 2015 READ MORE



EU Showdown: Greece Takes on the Vampire Squid

The Greeks have been threatened by the European financial troika with a “Cyprus-Style prolonged bank holiday” if they “vote wrong” in an upcoming presidential election that looks likely to favor the EU-skeptic, anti-austerity, leftist Syriza party. But they have been bullied for too long and are saying “no more.”

Posted on Jan 10, 2015 READ MORE



Study: IMF Austerity Helped Ebola Kill Nearly 8,000 People

Professors at three leading British universities say International Monetary Fund policies favoring the repayment of international debts over social welfare spending contributed to the Ebola crisis by inhibiting an effective response by health care professionals in the three worst-hit African countries.

Posted on Jan 1, 2015 READ MORE



‘The Most Powerful Woman in the World’

A New Yorker profile of German Chancellor Angela Merkel depicts a shrewd politician cut to the shape of leadership in our age: bland, personally reserved and entirely uninterested in challenging the prevailing neoliberal order.

Posted on Nov 27, 2014 READ MORE



Three Decisive Events for Europe in the Week Ahead

On Sunday, parliamentary elections in Ukraine and “stress tests” and reviews conducted by the European Central Bank will “determine the entire continent’s direction for years ahead,” financial economist Anatole Kaletsky writes at Reuters.

Posted on Oct 24, 2014 READ MORE



Austerity-Hit Britons Have Sex Less Than Once a Week

A British Observer survey found that the average British adult has sex just four times a month, a drop from a 2008 figure of seven times a month, prompting questions of whether the change has anything to do with the ongoing economic doldrums.

Posted on Sep 28, 2014 READ MORE



1000 Words / Shutterstock.com

Neo-Liberal Austerity Keeps Europe Down

Given the current dismal state of the European Union economy, which is now firmly under German control, one must ask why Angela Merkel and her government continue to champion austerity, seemingly against all reason.

Posted on Aug 26, 2014 READ MORE



Spanish Police Arrest 24 in Madrid After Anti-Austerity Protest

Spanish police detained 24 people during street violence late Saturday after a large anti-austerity demonstration in Madrid in which dozens were injured.

Posted on Mar 24, 2014 READ MORE



Greek Austerity: Don’t Try This at Home!

Ironically, the very New Deal legacy that austerians work to euthanize in the U.S. is the chief thing that has prevented the country’s economy from completely crashing.

Posted on Feb 28, 2014 READ MORE


Monopoly’s Poster Children

Economist Michael Hudson talks about how the economic crisis, austerity, U.S. economic policy and decisions made by local political parties shaped Ireland’s economy.

Posted on Feb 17, 2014 READ MORE



The True Actor

Jacinto Lucas Pires’ award-winning novel, “The True Actor,” is the perfect illustration of writer Pedro Mexia’s statement: “Portugal is traveling through a black tunnel where the light at the end is merely a train about to crash into it.”

Posted on Feb 14, 2014 READ MORE



Congress Passes $8.7 Billion Food Stamp Cut

Across the country, 850,000 households are set to lose an average of $90 per month in food stamp benefits, thanks to American lawmakers.

Posted on Feb 6, 2014 READ MORE



Germany Prepares for Third Greek Financial Rescue

More austerity cuts are coming to Greece as Germany signals a plan to deliver a third rescue package for the debt-stricken country.

Posted on Feb 3, 2014 READ MORE



Iker Merodio (CC BY-ND 2.0)

Irish Compliance Yields Eurozone Bailout Exit

Three years after international lenders loaned Ireland $92.7 billion to recover from its part of the international economic crisis, the country is the first afflicted eurozone state to exit its rescue program.

Posted on Dec 14, 2013 READ MORE



Because: The English Language’s Newest Preposition

Linguists are recognizing that, thanks to the Internet, “because” has jumped from being a conjunction to a preposition; probiotics may help cure depression; meanwhile, if Europe’s austerity is an indicator of America’s future, neo-facism is on its way. These discoveries and more after the jump.

Posted on Nov 20, 2013 READ MORE



Google the Advertising Giant

Mostly due to revenue from ads, the Web firm will rake in $60 billion this year, making it bigger than both the newspaper and magazine industries; the hypocrisy of British Prime Minister David Cameron announcing extended austerity from a golden throne sickened more than one; meanwhile, The New York Times is losing talent left and right. These discoveries and more after the jump.

Posted on Nov 14, 2013 READ MORE



landmarkmedia / Shutterstock.com

David Cameron’s Surprise: Permanent Austerity

Back in 2010, the British PM began slashing the country’s budget on the promise that temporary cuts were necessary to reduce the deficit and right the economy. Another recession soon followed.

Posted on Nov 11, 2013 READ MORE



Shutterstock

Discredited Economic Theory Holds Europe in Deflationary Thrall

Why there is such iron fidelity to neoliberal austerity in the contemporary community of official, semiofficial and even academic economists? It can’t be that it works. It doesn’t work.

Posted on Nov 5, 2013 READ MORE



kevin dooley (CC BY 2.0)

The Bank Guarantee That Bankrupted Ireland

When the indomitable Irish spirit is awakened, organized and mobilized, the country could become the poster child not for austerity, but for economic prosperity through financial sovereignty.

Posted on Nov 2, 2013 READ MORE



woodleywonderworks (CC BY 2.0)

$5 Billion Cuts in Food Stamps Effective Friday

Charities and food activists have warned for months that the expiration of stimulus funds for food stamps Friday will affect every U.S. household that depends on them.

Posted on Nov 1, 2013 READ MORE



insane photoholic (CC BY 2.0)

Austerity Muzzles Wall Street Regulators

American austerity is finally having one of its deep, pernicious effects in the service of runaway capitalists—preventing government regulators from regulating due to inadequate funds.

Posted on Nov 1, 2013 READ MORE



Breast Milk Protein Fights HIV

Scientists have discovered why only a small percentage of babies contract HIV when breastfed by mothers who have been infected with the virus; Taiwan’s new police uniforms are extremely frightening; and David Petraeus is using his new position in academia to promote profiteering health care and fracking industries. These discoveries and more after the jump.

Posted on Oct 28, 2013 READ MORE



Neil T (CC BY-SA 2.0)

Did Austerity Kill a Little Girl?

As many government services remain unavailable, a bereaved father blames Philadelphia’s resource-starved school district for failing to save his asthmatic daughter’s life.

Posted on Oct 14, 2013 READ MORE



AP/John D. Carnessiotis

Death of Artist Unites Greek Hip-Hop Community Against Fascism

The stabbing of Greek rapper Pavlos Fyssas by a sympathizer of Greece’s most prominent extreme right party earlier this month has led to the arrest of the group’s leadership and the unification of once bitterly opposed rap artists against racism and violence.

Posted on Sep 30, 2013 READ MORE



Teknecolor (CC BY-NC-ND 2.0)

Greece’s Birthrate Decreases as Austerity Measures Increase

The number of live births has fallen by a whopping 10 percent in Greece in the last four years as the country suffers the worst economic conditions in the entire European Union, and continues to exercise austerity in order to receive loans from the likes of the European Bank and the IMF.

Posted on Sep 18, 2013 READ MORE


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