Last weekend's election results in France and Greece, we're told, show that eurozone voters want "growth, not austerity". In the UK, too, the deficit-cutting coalition Government is being widely castigated for "lacking a growth policy".
Nick Clegg’s promise of “progressive cuts” in public spending has met justified scepticism. But there is a trick he and Cameron are missing here. There is an argument, in justice, for cutting the deficit. If I were they, I’d argue thusly:
DUBLIN — Three years after going cap in hand to international lenders, Ireland got the green light on Thursday to step out on its own as the first eurozone country to exit its bailout program.
The European Commission, European Central Bank and International Monetary Fund signed off on the last part of the 85-billion euro (US$114-billion) aid program, paving the way for Ireland – which has met all major targets – to complete it by the end of the year.
BERLIN — German Finance Minister Wolfgang Schaeuble will offer Greece 100-million euros (US$131-million) for a fund to promote economic growth in a visit to Athens on Thursday in a move unlikely to appease protesters who resent his firm stance on austerity measures.
Tens of thousands of Greek workers have taken to the streets to protest this week against government plans to fire public sector employees to satisfy foreign lenders who granted debt-stricken Greece a multi-billion euro aid tranche this month.
The first estimates for first quarter GDP growth were released across the eurozone this morning, and the numbers leave a lot to be desired. In France, the economy contracted 0.2%, matching the pace of contraction in the fourth quarter of 2012 but missing economists' estimates for a smaller, 0.1% contraction.
Odds of a lasting coalition are slim given the massive vote against the austerity coalition. Fotis Kouvelis, SYRIZA party leader and second place finisher in the elections repeated his position that cooperation with New Democracy and PASOK was not in his intentions.
Moreover, Greece's Democratic Left party refuses to join any pro-bailout coalition.
Contrary to a typo in an NPR transcript earlier this week, I do not work for the “Conquered Coalition.” (LOL. It’s been corrected since.) We at the Concord Coalition, like many “deficit hawks” who are really more appropriately considered