New Delhi: Launching an austerity drive to contain expenditure, the government today banned creation of new posts in its departments and holding their meetings in five-star hotels besides imposing curbs on foreign travel. The Finance Ministry has also asked all ministries and departments to reduce non-Plan expenditure by 10 per cent in the current financial year. "There will be a total ban on holding of meetings and conferences in five-star...
06:21 PM, May 31, 2012
Athens: Three weeks before Greece has another election, opinion polls published on Sunday indicated the election will result in no single party gaining a majority in parliament, but two parties that favor implementing Greece's bailout programs could be able to form a coalition government. The four surveys show that Greek voters, tired of more than two years of austerity that have seen salaries and pensions cut and new taxes imposed,...
08:30 AM, May 28, 2012
Politicians and bureaucrats are spending lakhs on their foreign travel. Are Indians ready for austerity? ...
11:40 PM, May 23, 2012
New Delhi: The government may slash spending on foreign travel by ministers and officials and on meetings in five-star hotels as part of austerity measures to cut down on budget deficit. Two days after announcing in Parliament, Union Finance Minister Pranab Mukherjee announced the first steps in that direction. This is another austerity drive from the government that is running out of ideas to the run the economy. There will...
09:43 PM, May 18, 2012
New Delhi: Two days after announcing in Parliament that India will have to tighten its belt, Finance Minister Pranab Mukherjee has hinted at austerity measures that will be taken. Pranab said that there will soon be a ban on the purchase of new vehicles by the government departments. Interestingly, Home Minister P Chidambaram and the Home Secretary have recently purchased new official cars. Pranab also said that foreign trips by...
01:20 PM, May 18, 2012
Mumbai: The rupee slumped to a record low against the dollar on Wednesday as risk aversion in global markets added pressure on a currency already under fire from the country's current account and fiscal deficits. The currency's slide came just before Finance Minister Pranab Mukherjee said he had directed his ministry to boost efforts towards fiscal consolidation. Government spending has been a concern for financial markets and a factor pushing...
05:59 PM, May 16, 2012
The big question once the election results are out is whether the pro-austerity parties can scrape together enough seats to form some kind of coalition. ...
10:33 AM, May 07, 2012
Madrid: Spanish unions said a high turnout for a general strike to protest government budget cuts and reforms on Thursday had almost brought heavy industry to a halt while the government said the day was proceeding normally. Spaniards have been tolerant of Prime Minister Mariano Rajoy's efforts to meet strict European deficit goals but he has promised an austere 2012 budget on Friday and the strike shows that patience may...
01:37 PM, Mar 30, 2012
Athens: Greece's Parliament approved a deeply unpopular austerity bill Monday to secure a second EU/IMF bailout and avoid national bankruptcy, as buildings burned across central Athens and violence spread around the country. Cinemas, cafes, shops and banks were set ablaze in central Athens and black-masked protesters fought riot police outside Parliament before lawmakers voted on the package that demands deep pay, pension and job cuts - the price of a...
07:36 AM, Feb 13, 2012
Athens: Greece's lawmakers overwhelmingly approved next year's austerity budget early on Wednesday, extending tough spending cuts that have already left Greeks struggling as the country tries to slash its vast debts and tame a severe recession. With three parties, including the majority socialists and their rival conservatives, participating in Greece's new coalition government, the budget was passed with a 258-41 majority in the 300-seat Parliament. "This is a difficult budget...
06:28 AM, Dec 07, 2011
Rome: Prime Minister Mario Monti will present a 30 billion euro package of austerity measures to parliament on Monday designed to shore up Italy's strained public finances and help to stem a debt crisis threatening to overwhelm the euro zone. Cabinet approved the mix of tax hikes, pension reforms and incentives to boost growth in a three-hour meeting on Sunday, opening one of the most crucial weeks since the launch...
10:29 AM, Dec 05, 2011
Athens: Clouds of tear gas choked central Athens as rival demonstrators fought with stones and firebombs outside parliament on Thursday, leaving one man dead and dozens injured. Inside, the Socialist government grappled with dissent over the deeply unpopular new cutbacks demanded by creditors to keep the country afloat. Greece has been kept solvent only by international bailout loans from the International Monetary Fund and other eurozone nations since May of...
03:29 AM, Oct 21, 2011
Athens: Clashes between rival groups of protesters broke out in front of the Greek parliament on Thursday, interrupting a rally by tens of thousands against a tough new package of austerity measures due to be approved later in the evening. Police stood by as hundreds of black-clad youths hurled stones and petrol bombs at demonstrators from PAME, a communist-affiliated labour group which has traditionally favoured well-organised and peaceful protest rallies....
12:17 AM, Oct 21, 2011
Athens: Greek lawmakers have granted initial approval to a new austerity bill whose spending cuts and tax hikes have sparked fury on the streets of Athens. The bill received a 154-141 vote late on Wednesday. A second vote on the bill's articles will be held on Thursday in the 300-member Parliament. Only after that vote will the bill have passed. Before the vote, riots broke out in central Athens during...
12:23 AM, Oct 20, 2011
Greeks criticise the five-year austerity package in order to get $ 17 billion in additional emergency funds. ...
08:56 AM, Jun 30, 2011
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