Europe Eases The Austerity Whip _ A Little
"We refuse to add austerity to the recession," the minister, Pierre Moscovici, said.
The austerity rethink may come as cold comfort to millions of Europeans, especially those living in countries that received bailouts, such as Greece, Ireland and Portugal. These countries remain under pressure to keep spending levels down and continue unpopular tax hikes â¿¿ even as they battle recession.
The Greek economy is in its sixth year of recession and the unemployment rate there has reached 27 percent. Portugal's economy contracted 3.2 percent last year â¿¿ its severest annual downturn since 1975 â¿¿ and its unemployment rate is at a record 17.2 percent.
In Portugal, hundreds of thousands of people recently turned out at to protest austerity measures being implemented to meet the conditions of its bailout. The opposition Socialist Party leader said: "Are we emerging from the crisis? No, we're worse off than we were before."___ AP writers Barry Hatton in Lisbon, Portugal, Juergen Baetz in Brussels, Elena Becatoros in Athens, Greece, and Sarah Di Lorenzo in Paris contributed to this report.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV