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Dutch Government Moves Ahead on Austerity Plan
Keywords:
The caretaker government of prime minister Mark Rutte in the Netherlands will commit to following austerity plans in its Stability Program report to the European Union. Elections are now set for September 12, 2012. The government was able to get the support of two smaller left-leaning parties to austerity plans. Opposition parties have questioned the policies and said they will reverse them if elected. Rutte's Liberal party and Jaeger's Christian Democrats, with the help of the Christenunie, D66, and Groenlinks, now hold a slim 2 seat majority in the 150 seat Dutch parliament. The Freedom party that had previously supported Rutte withdrew support for austerity policies that it said would hurt pensioners. The moves help avert a credit ratings drop by the credit ratings agencies leading to a loss of the Dutch triple A credit rating. The measures will increase the sales tax from 19% to 21%, make health care spending cuts and impose a pay freeze on civil servants. Savings achieved will be 11 billion euros. Rutte described his actions as: "the government's respose to the acute crisis in confidence in the financial markets." Earlier in the week Fitch Ratings had threatened to lower the Netherlands credit rating. The measures will reduce the Dutch deficit to 3% in 2013 from 4.5% in 2012 to meet EU fiscal compact rules. The changes to the health system are part of changes advocated by the OECD and the IMF because of surging health care costs for an aging Dutch population. There is concern about the sales tax increase because of its effect on consumer spending, and recent comments by S&P managing directors and others in financial markets emphasize the need for economic growth, as austerity measures by itself are inadequate solutions.
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Dutch Austerity Talks Fail as Geithner Prods Europe
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Dutch Government Moves Ahead on Austerity Plan
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Netherlands economy 2010-2013
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In Europe, Even the German Powerhouse Is Losing Steam
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Dutch Government Needs Deficit Courage
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Dutch Austerity Talks Fail as Geithner Prods Europe
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Dutch Budget Talks Collapse Over Austerity Cuts
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Holland, Not Hollande, Is Europe's Latest Worry
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S&P and sovereign eurozone debt credit ratings
06/24/2011
S&P debt ratings for France, Spain, Italy, Germany, Netherlands and other Eurozone countries.
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S.&P. Downgrade Deals Blow to French Government
New York Times 11/08/2013
Social-Security Woes Vex France's Hollande
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Netherlands Loses Triple-A Rating, Spain Outlook Raised
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S.&P. Warns Euro Zone of Ratings Downgrades
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Austerity measures facing European countries in 2011-2013
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German Election Overturns Political Order
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Austerity in Europe Brings Bitterness Unknown in Postwar Era
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The IMF comes out on Spain's side in 2012 saying deficit reduction should have taken into account the weaker economic outlook
09/27/2011
The IMF in April 2012 says cuts in Spain may be too severe and cautioned that austerity measures could push Europe into recession.
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Still Sputtering, Spain Turns Away From Cuts
Wall Street Journal 05/12/2013
Europe to Vote on Tougher Rules for Currency
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German Optimism Depends On Spanish Deficits
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New York Times 06/20/2014
Why the March 2012 Greece bailout protects the EU, but is bad for Greece and for democracy
06/30/2011
Nothing to be proud of, says the Journal in its editorial on Feb. 29, 2012. For Greece the terms leave no hope for a return to growth, and that the two political parties in Greece were required to pledge their support for austerity measures against overwhelming public opposition in Athens says little for democracy. It would have been better for Greece to go into a planned default 2 years ago with steeper haircuts for European banks and reducing Greece's debt to a manageable level lower than the over 120% of GDP in 2020 of the March 2012 bailout plan, says the Journal.
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EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
Policy âTroikaâ for Europe Financial Woes at Odds
New York Times 06/07/2013
New York Times 11/03/2013
Wall Street Journal 03/12/2012
Greece’s new prime minister wants Germany to pay for Nazi war crimes - The Washington Post
Washington Post 01/26/2015
Mirage of Economic Turnaround Masked New Greek Crisis in the Making
Wall Street Journal 07/05/2015
Cultural divisions in the European Union
05/26/2010
Austerity programs, the pressure on Germany to fund the debt reduction programs in the EU, and historical allusions in the media, create a difference in cultural perceptions and cultural division in the European Union.
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New York Times 05/26/2010
German Election Overturns Political Order
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New York Times 11/03/2013
The 'Silent Austerity' in Banking
Wall Street Journal 01/21/2014
The Rest of Europe vs. Germany
New York Times 02/16/2012
New York Times 02/19/2012
Conservative leader Osborne takes on Britain's deficit in earnest and presents an austerity plan.
10/08/2009
All sections of U.K. society are asked to share the burden of reducing the deficit.
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U.K. Politicians Vie to Address Fall in Living Standards
Wall Street Journal 11/18/2013
Britain: Sparing Health Care from Budget Cuts
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U-Turn in the U.K.: Big Spending Cuts
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Britain Details Radical Spending Cuts, Citing Debt
New York Times 10/20/2010
Tax rates in Britain: François Miliband
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U.K. Plans New Taxes on Banks, Multinationals
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Greece's austerity measures and why the cuts hit lower paid workers the most
02/13/2012
Grouped Articles
Greece’s prescription for a health-care crisis - The Washington Post
Washington Post 02/22/2014
Greek Patience With Austerity Nears Its Limit
New York Times 12/29/2014
Greece Wanted to Reframe Europe’s Austerity Debate. It Failed.
New York Times 07/01/2015
Mirage of Economic Turnaround Masked New Greek Crisis in the Making
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Greek leaders’ priorities questioned - The Washington Post
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New York Times 02/13/2012
Ireland's austerity measures and banking crisis.
04/03/2009
Grouped Articles
In Ireland, Hope of Retroactive Relief
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Ireland Faces Battle Over Europe Stability Treaty
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Britain's new 2010 Budget marks a big change from the past.
05/13/2010
The UK Chancellor of the Exchequer, George Osborne, put forward a budget with a 25% spending cut by 2015 in all departments except health and international aid. This marks a huge departure in years of spending by the Labor governments. The new Conservative-Liberal coalition government is determined to take austerity measures to reduce the national debt.
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Britain's accidental revolution
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U.K. Plans New Taxes on Banks, Multinationals
Wall Street Journal 12/04/2014
Tough Slog to Balancing U.K.’s Budget
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Overheard: Digging for Answers on Coal
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Poverty and hardship in Ireland after austerity measures by the government in 2010
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The New Generation Leaving Ireland
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New York Times 04/03/2009
Ireland Faces Battle Over Europe Stability Treaty
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Irish Cutbacks Pile It on for 'New Poor'
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The focus on competitiveness by economists, credit ratings agencies, and European leaders as austerity measures alone won't work
02/05/2011
Mario Monti focusses on the need for investing in the economy in an interview with German newspaper Die Welt during a January 2011 visit to Berlin. S&P economists and Nobel winner Stiglitz also emphasize this after a downgrade of France's credit rating- the need for improved competitiveness for the economies of France, Spain Portugal and Italy.
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Lisbon Cabinet Shuffle Buoys Junior Coalition Party Leader
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The impact of austerity measures on various parts of Britain.
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Impact of the Cameron government spending cuts across the UK.
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U.K. Politicians Vie to Address Fall in Living Standards
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As the Working Poor Become More Common in Britain, So Does Hunger
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Jack Monroe Has Become Britain’s Austerity Celebrity
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Netherlands economic growth 2010-2013
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Grouped Articles
Dutch Economy Springs Leak, Faces Stagnation
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In Europe, Even the German Powerhouse Is Losing Steam
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Dutch Government Needs Deficit Courage
Wall Street Journal 03/27/2012
Dutch Austerity Talks Fail as Geithner Prods Europe
New York Times 04/21/2012
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Geert Wilders Says Anti-Islam Cartoons Didn’t Air Because of Mixup
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Dutch Government Needs Deficit Courage
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New York Times 04/21/2012
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Doubts Arise in Euro's Birthplace
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Dutch Austerity Talks Fail as Geithner Prods Europe
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Italy, Spain and austerity measures- 2011-2013
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Analysts point to the austerity measures adopted by Italy and Spain much earlier than other countries in the eurozone. The risk now is cutting into muscle as growth for 2011 is expected to be below 1% in both countries. Italy say analysts is actually in surplus when the interest on debt is excluded.
Grouped Articles
Italy Urged to Resist a Relapse in Spending
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Still Sputtering, Spain Turns Away From Cuts
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New York Times 11/03/2013
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European Finance Ministers Support Investment Program
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The twin problems of lack of growth under austerity plans and overvalued currencies of Italy, Greece, Spain and Portugal
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The twin problems of lack of growth and overvalued currencies under the solutions of austerity plans without debt reduction and a single euro currency create impossible odds for a resolution of the eurozone financial crisis. Germany's insistence on tough austerity measures, European banks delaying restructuring of bad loans similar to the U.S. Brady plan, failure of politicians in Italy and Greece to take early action, and small steps by policymakers, are compounding the effects of the eurozone crisis.
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Germany's Surplus Isn't the Problem
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Greece and prime minister Papandreou's Nov. 3, 2011 referendum proposal on the euro and austerity plans
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Europe, Athens Battle for Greek Hearts and Minds Ahead of Referendum
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Hopeful Start to Greek Debt Negotiations Quickly Soured
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Greek Referendum on Offer That Is Off the Table Baffles Voters
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Why Not Give the Greeks Their Say?
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Greek Leader Calls Off Referendum
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Call for Greek Vote Unsettles Europe
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The economy: On a wing and a credit card
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U.K. Moves To Tackle Income Squeeze
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The Curious Case of Britain's Economic Recovery
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New York Times 08/09/2010
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06/16/2010
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Hard times force French to work longer -- to age 62
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France's Lagarde Forecasts Austerity
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French Unions Protest Pension-Age Overhaul
Wall Street Journal 09/08/2010
French Senate Passes Pension Bill
New York Times 10/22/2010
French Cabinet Is Dissolved, a Victim of Austerity Battles
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Greece's austerity measures, politics and the 2012 elections
07/26/2011
The prospects of combined vote of 30-35% for the two major political parties of Samaras and Venizelos with the rest of the vote splintered among extreme right and left wing parties, in the the 2012 Greece elections.
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Frenemies: Two Greek Rivals Hold Nation's Fate in Balance
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Fractious Greek Government Splits
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Greece's Fringe Parties Surge Amid Bailout Ire
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In Greece, austerity kindles deep discontent - The Washington Post
Washington Post 03/31/2012
Italy's austerity measures- 2011-2013
06/30/2011
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EU Won’t Reject French, Italian Budgets
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New York Times 11/30/2014
Italian Government Advances Austerity Plan
New York Times 06/30/2011
Wall Street Journal 07/12/2011
Italy's 2013 budget and deficits
05/14/2010
The impact on economic growth of austerity measures.
Grouped Articles
Italy Urged to Resist a Relapse in Spending
Wall Street Journal 05/03/2013
Europe to Vote on Tougher Rules for Currency
New York Times 09/27/2011
Wall Street Journal 05/14/2010
Euro Zone Deficit Hits Target for First Time Since 2008
New York Times 04/23/2014
EU Won’t Reject French, Italian Budgets
Wall Street Journal 10/28/2014
European Union Blinks in Budget Battle With Italy and France
New York Times 10/28/2014
Faces of recession battered Greece as new austerity programs are adopted by the government
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Grouped Articles
EU Dismisses IMF's Criticism On Greek Bailout
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New York Times 11/03/2013
Greece’s prescription for a health-care crisis - The Washington Post
Washington Post 02/22/2014
Across Athens, Graffiti Worth a Thousand Words of Malaise
New York Times 04/15/2014
Greek Patience With Austerity Nears Its Limit
New York Times 12/29/2014
Greece’s new prime minister wants Germany to pay for Nazi war crimes - The Washington Post
Washington Post 01/26/2015
The IMF's changing views on the value of austerity measures and the "German hypothesis"
04/05/2009
The IMF's economic models suggest that it would take 5 years for the breakeven point at which the economic benefits of austerity measures start exceeding the costs of the measures in declining GDP and higher unemployment. The German view is that this can occur in the short term.
Grouped Articles
Policy âTroikaâ for Europe Financial Woes at Odds
New York Times 06/07/2013
German Election Overturns Political Order
Wall Street Journal 09/23/2013
Known for Tight Spending, I.M.F. May Have to Loosen Reins After G-20 Windfall
New York Times 04/05/2009
Germany Considers Remedies for Slowing Growth
Wall Street Journal 10/08/2014
Merkel Hints at Economic Policy Shift in Germany
New York Times 10/09/2014
How Righteousness Killed the World Economy
New York Times 10/12/2014
Romania's austerity measures 2009-2013
02/07/2012
Grouped Articles
Favorite Concedes Presidency in Romania
New York Times 11/16/2014
Protests Drive Out Romania Premier
Wall Street Journal 02/07/2012
Austerity Debate a Matter of Degree
Wall Street Journal 02/17/2012
New York Times 02/19/2012
New York Times 04/26/2012
Vote in Romania Fells Government
Wall Street Journal 04/28/2012
Strikes and labor protest in Britain over austerity measures 2011-2012
08/14/2010
Grouped Articles
U.K.'s Labour Party Moves Back Toward Socialist Ideas
Wall Street Journal 09/25/2013
U.K. Politicians Vie to Address Fall in Living Standards
Wall Street Journal 11/18/2013
Radical Britain: The unlikely revolutionary
Economist 08/14/2010
Universities in Britain Brace for Cuts in Subsidies
New York Times 10/15/2010
Britain Details Radical Spending Cuts, Citing Debt
New York Times 10/20/2010
New York Times 10/21/2010
The 2010 austerity budget and the European financial crisis affecting Spain.
05/13/2010
The contagion effect affecting Spain after Greece and Portugal similar to the manner in which the Asian financial crisis spread during a prior decade.
Grouped Articles
New Spanish Budget Free of Austerity Measures
New York Times 09/27/2013
Saying No to Austerity, Spain Unveils Tax Cuts
New York Times 06/20/2014
Spain is simply shifting the problem
Wall Street Journal 05/14/2010
Amid Europe's challenges, citizens face lifestyle shifts
Wall Street Journal 05/14/2010
French Cracks Are Showing in Euro-Zone Core
Wall Street Journal 05/13/2010
Wall Street Journal 05/13/2010
U.S. austerity measures and faces of people in Maine
11/28/2011
Grouped Articles
Federal Cuts Give Maine a Chill as Winter Approaches
New York Times 11/28/2011
OECD report cites rising income inequality - The Washington Post
Washington Post 12/06/2011
New York Times 04/26/2012
Dutch Government Moves Ahead on Austerity Plan
Wall Street Journal 04/28/2012
Election Heralds Power Shift in Alliance With Germany
Wall Street Journal 05/03/2012
World leaders agree on more spending to boost Europe’s economy - The Washington Post
Washington Post 05/20/2012
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