It is time to move the global policy debate beyond the binary options of “austerity” versus “stimulus.” Both these macroeconomic policies have caused untold harm to millions and produced dangerous policy stalemates in Europe and the U.S., Japan and other countries.
Thousands of civil servants have marched through the Greek capital, Athens, and the second largest city, Thessaloniki, amid a two-day nationwide strike against planned job cuts.
The widespread financial crisis in Europe, and its negative fallout in the developing world, has triggered severe austerity measures worldwide.
The recent agreement for the normalisation of relations between Serbia and Kosovo has confirmed that the European Union (EU) is still acting as a “magnet”, attracting its external neighbours and transforming and integrating them. Thanks to its prospects for EU membership, the whole Balkan area has become more stable and secure. Unfortunately, this virtuous magnetism no longer exerts the same force of attraction on our own citizens.
The European Union (EU) has asked its citizens to brace for further economic misery. In a report on European economic prospects released on May 3, the European Commission said that further deterioration is expected to last at least until 2015. But, as every such report says, things will then get better.
Thousands of people marched through the streets of cities across Portugal "against exploitation and impoverishment" caused by the government's austerity cuts, in a protest organised by the General Confederation of Portuguese Workers (CGTP), the country's largest trade union.
Panahi Gholamhousein (22), an Afghan refugee who spends his days in a room that is barely five square metres with his wife Zarmina (18) and their 19-month-old daughter Zahra, has hardly left his place in downtown Athens since he was beaten up and robbed nearly a month ago.