Tag: approve

Greek parliament approves fresh austerity measures

Greek parliament approves fresh austerity measures

Greece’s parliament has today approved the fresh round of austerity measures – designed to save the country from defaulting on its debts. The measures were one of the conditions of the next instalment of its bailout loan. MPs passed the measures by 155 votes to 138. The latest austerity measures will according to Prime Minister [...]

June 29, 2011 | 0 Comments More
Greek parliament passes 2011 austerity budget

Greek parliament passes 2011 austerity budget

The Greek parliament has today approved its 2011 austerity budget, which includes further spending cuts and tax hikes. The budget, which is part of the condition of its bailout from the European Union and the International Monetary Fund (IMF), is an attempt to trim the country’s deficit to 7.4% of GDP next year, down from [...]

December 23, 2010 | 0 Comments More
Portugal’s parliament approves austerity budget

Portugal’s parliament approves austerity budget

Portugal’s parliament yesterday endorsed tough austerity measures - designed to deal with the country’s spiralling budget deficit. Many euro zone nations have introduced similar measures as they tackle large levels of debt. The new austerity budget is aimed at trimming the deficit from 7.3% of economic output in 2010 to 4.6% in 2011. However, the [...]

November 4, 2010 | 0 Comments More
Italy approves €24bn austerity package

Italy approves €24bn austerity package

Italy is the latest euro zone nation to introduce a three-year austerity plan worth €24 billion (£20 billion), in a bid to bring its deficit down to below 3% of GDP by 2012 - from 5.3% currently. Greece, Spain and Portugal have already implemented tough austerity measures, but they have angered workers and led to [...]

May 26, 2010 | 0 Comments More
Spanish Government approves €15bn austerity plan

Spanish Government approves €15bn austerity plan

Spain’s Government has passed the €15 billion (£13 billion) austerity plan, which has been implemented to deal with the country’s deficit, which is currently 11% of GDP. Spain aims to reduce the deficit to 6% by 2011, which involves a 5% cut for civil servants. Deputy Prime Minister, Maria Teresa Fernandez De la Vega, acknowledged [...]

May 21, 2010 | 0 Comments More