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by In Wales (inwales aaat eurotrib.com) on Thu Sep 27th, 2012 at 03:21:52 PM EST
BBC News - Spain budget imposes further austerity measures

Spain has set out its austerity budget for 2013, with new spending cuts but protection for pensions, amid a shrinking economy and 25% unemployment.

Deputy Prime Minister Soraya Saenz de Santamaria called it "a crisis budget designed to exit the crisis".

The new programme of savings, tax rises and structural reforms will be overseen by an new budget authority.

Expectations are growing that Spain will seek a financial bailout from its eurozone partners.

by In Wales (inwales aaat eurotrib.com) on Thu Sep 27th, 2012 at 03:25:59 PM EST
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Spanish government unveils austerity budget for 2013 | News | DW.DE | 27.09.2012

The Spanish government has announced its toughest package of austerity measures yet, as it seeks to bring down the country's high budget deficit. This comes despite two days of sometimes violent protests in Madrid.

Spain's conservative government unveiled 40 billion euros ($51 billion) in spending cuts in its 2013 budget on Thursday.

The austerity measures are the toughest yet as the government of Prime Minister Mariano Rajoy battles to bring down one of the biggest budgetary deficits among the 17 countries that use the euro common currency.

The bulk of the cuts are to government ministries, which are to see their budgets cut by an average of 8.9 percent next year.

by In Wales (inwales aaat eurotrib.com) on Thu Sep 27th, 2012 at 03:53:56 PM EST
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EU seeks billions in sanctions against US | Business | DW.DE | 27.09.2012

The World Trade Organization has said the European Union wants billions of euros from the US in return for what it calls illegal subsidies. It believes Boeing has been unfairly supported for years on end.

The European Union (EU) is seeking a total of $12 billion (9.3 billion euros) in annual sanctions from the US as part of a long-running dispute over what it claims are illegal subsidies for Airbus' main rival, Boeing, the World Trade Organization (WTO) confirmed on Thursday.

The WTO said in a statement it had received an official request from the EU to approve what would be the most costly sanctions ever in a trade dispute.

by In Wales (inwales aaat eurotrib.com) on Thu Sep 27th, 2012 at 03:53:38 PM EST
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German president's signature gives green light to ESM | News | DW.DE | 27.09.2012

The German president has signed legislation approving the country's participation in the eurozone's permanent financial bailout fund. He had delayed signing the bill due to legal challenges to the legislation.

President Joachim Gauck signed into law the German parliament's ratification of the European Stability Mechanism on Thursday. This removes the final hurdle to the implementation of the eurozone's permanent bailout fund.

The president's office said in a statement that Gauck had "signed the documents with which the treaty ... setting up the European Stability Mechanism (ESM) is ratified."

by In Wales (inwales aaat eurotrib.com) on Thu Sep 27th, 2012 at 04:10:40 PM EST
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Greek coalition reaches basic savings agreement | Business | DW.DE | 27.09.2012

Greece's coalition government has reached a basic agreement on a new round of austerity measures for 2013-2014. It has thus moved a decisive step closer to unlocking fresh bailout funds from international creditors.

The coalition government in Greece announced on Thursday it had agreed on the fundamental points of a multi-billion-euro savings package needed to qualify from a fresh injection of cash from creditors.

"We have agreed on the main points, and we're now moving forward to the final negotiations," Finance Minister Yannis Stournaras (in the picture) told reporters in Athens.

by In Wales (inwales aaat eurotrib.com) on Thu Sep 27th, 2012 at 04:11:19 PM EST
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Paris Motor Show opens in sputtering market phase | Business News | DW.DE | 27.09.2012

The Paris Motor Show has opened its doors to privileged guests, ahead of its official weekend opening. Few of the carmakers have much to shout about, especially concerning sales in the key European market.

Automobile producers in Europe might be grateful for the distraction from their balance sheets as they seek to show off their wares in Paris over the next fortnight. Sales figures on the crucial European continent have been dwindling, and there was little optimism to be heard from the "home" manufacturers PSA Peugeot Citroen or Renault.

"I don't think one can hope for an upturn next year," PSA Peugeot Citroen boss Philippe Varin said of the European market, predicting growth of "around zero" or even "slightly negative" for 2013.

by In Wales (inwales aaat eurotrib.com) on Thu Sep 27th, 2012 at 04:13:16 PM EST
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If yer gonna talk about cars, I want a Tesla Model S electric car.

Or, actually, I want the money to buy one. And if I had that money, I wouldn't buy a Tesla, I'd buy one of these instead.

by asdf on Fri Sep 28th, 2012 at 01:28:21 PM EST
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French govt in `tug-of-war' with steel giant - FRANCE - FRANCE 24

The French government urged ArcelorMittal on Thursday to restart idled blast furnaces at a plant in northeastern France or put them up for sale, declaring itself in a "tug-of-war" with the steel giant over their fate.

President François Hollande held talks with ArcelorMittal's chief executive after a media report that the firm will shut the furnaces at a plant which became symbolic of France's industrial decline.

Speaking to angry workers at the plant in the town of Florange, Industry Minister Arnaud Montebourg said Hollande had called on Lakshmi Mittal to invest 150 million euros in the site or sell the furnaces.

"We are now in a conflict with ArcelorMittal," Montebourg said in a speech frequently interrupted by jeers. "It's a difficult tug-of-war."

by In Wales (inwales aaat eurotrib.com) on Thu Sep 27th, 2012 at 04:28:49 PM EST
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This kind of government meddling is not helpful.

Instead of whining and making waves the French government should institute reforms which make it more profitable to run steel mills in France (like making capital investments tax deductible), reforms that create alternative jobs for unemployed steel workers (like part-funding retraining programs in collaboration with industrial companies in sectors where there is a lack of trained workers) and reforms that make workers worry less worried about being fired from unprofitable companies (like making time-limited unemployment insurance more generous).

Peak oil is not an energy crisis. It is a liquid fuel crisis.

by Starvid on Fri Sep 28th, 2012 at 07:31:14 AM EST
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S.Africa's credit rating hit by political tumult - FRANCE 24

AFP - Moody's downgraded South Africa's credit rating by one notch on Thursday, citing concerns about the government's ability to tackle economic problems and warning political jostling within the ruling ANC could prompt further cuts.

The drop to a Baa1 rating will likely spell higher government borrowing costs in Africa's largest economy and will further spook investors already worried by rolling strikes, creaking infrastructure and political instability.

by In Wales (inwales aaat eurotrib.com) on Thu Sep 27th, 2012 at 04:29:45 PM EST
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Unemployment in France surpasses three million - FRANCE - FRANCE 24

French unemployment topped three million for the first time in over a decade, data showed Wednesday, as the country faces a yawning budget gap like those plaguing its southern eurozone neighbours.

The number of jobless in mainland France swelled to 3.011 million in August, 23,900 more than in July, Labour Ministry figures showed, the first time since 1999 that the figure has breached the three million mark.

Some 4.494 million people, including some who are partially employed, have registered themselves as actively looking for work on the French mainland. This is 40,800 more than in July and a record since the ministry began collecting comparable data in 1991.

by In Wales (inwales aaat eurotrib.com) on Thu Sep 27th, 2012 at 04:35:16 PM EST
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