LyrArc Article Gist
British budget cuts announced in Parliament by Britain's Finance Minister, George Osborne. About 83 billion pounds in cuts by 2015 were announced. But Joseph Stiglitz, writing in The Guardian, argued that the plan was a big gamble, as declining tax revenues with lower growth, would lead to smaller deficit reductions. The gamble is that the private sector will pick up, and make up for the reduction in public outlays. If this does not happen, this risks sending the economy into a tailspin. Osborne said that 490,000 jobs will be lost over the next 4 years, some from attrition. Payments to the long term unemployed will also be cut for those who fail to seek jobs, saving $11 billion a year. A new 12 month limit will be imposed on long term jobless benefits. Increase in the retirement age will start in 2020, from 65 to 66 years. At the same time free eye tests, prescription drugs and bus passes remain. Premier Cameron promised not to make cutbacks in health care in the period before the election. This was his way of helping the Conservatives make a comeback to power....

LyrArc Article Gist
The Turkish lira gained 11 percent against the dollar in the 6 months between early May 2010 and October 2010. Turkey's current account deficit has widened from a small surplus to a gap of 5% of GNP. But political leaders take pride in the lira's rise and are doing nothing to curb the rise. Large capital inflows into Turkey are chasing higher rates, and helping finance the current account deficit.

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Major changes in NATO-Soviet relations as President Medvedev is invited to join in the NATO summit, and proposals are made for Russia to participate in European missile defence. A meeting in Deauville, France, between Sarkozy and Germany's Merkel.

LyrArc Article Gist
A 16% cutback in the budget of the British Broadcasting Corporation (B.B.C.). The license fee paid by television owners in Britain will be frozen at $230 for 6 years.