European citizens organized angry protests towards austerity measures as governments struggle to recuperate from the European debt crisis by cutting social services and increasing taxes. Europeans are upset that while governments spent billions to rescue banks, ordinary citizens were being forced to accept the consequences of austerity. Meanwhile, a top United States of America Treasury official warned European governing bodies that economic recovery, not austerity, should be the priority.
Austerity draws a crowd
A day of austerity protests was shown all throughout Europe on Wednesday. There was a march across Europe with hundreds of thousands of people. Trade unions led the protests and had something to say, reports Reuters. They say that austerity really hurts the poorest of citizens since the economic recovery is slowed. Trade unions are mad about spending cuts and pension and labor market reforms. This is clearly shown within the demonstrations which were organized in 12 European capitals. Banners were waving in Brussels, Belgium saying “No to austerity” and “Priority to jobs and growth” with a gathered crowd of 60,000 in Europe.
Cultural systems mainly all austerity targets
The European Union Commission proposed that there be penalties punishing any member states that have unemployment rates high and are running up deficits to fund cultural products, which is what caused the Brussels austerity demonstrations. France is the country fighting hard and strong towards the EU proposal that Germany wants mostly because it wants sanctions to determine things rather than hard cutting rules, reports the Huffington Post. Greek doctors and railway employees simply walked to show what is happening in other European places. Trains and buses were shut down by Spanish workers. The bank bailouts were protested by one man in Ireland by simply blocking the Irish parliament with a cement truck.
United States advises less austerity measures in Europe
Amid all the austerity protests, a top U.S. Treasury official going to Frankfurt implored European officials to exercise restraint. The difference between America and Europe when it comes to fixing global climate that is so weak is American’s think stimulus is the answer while Europe believes austerity will work best, reports the Wall Street Journal. The U.S. firmly believes that a stimulus will work the best. Europe disagrees getting increasingly more spending cuts and increases in taxes. U.S. Treasury Undersecretary for International Affairs Lael Brainard said with weak global demand and low inflation, supporting a lasting recovery, not austerity, must continue as the primary objective.
Information from
Reuters
reuters.com/article/idUSLDE68S24620100929?type=marketsNews
Huffington Post
huffingtonpost.com/2010/09/29/spain-strikes-over-auster_n_743014.html#s146799
Wall Street Journal
online.wsj.com/article/SB10001424052748703431604575521833087264428.html?mod=googlenews_wsj
No comments:
Post a Comment