Austerity measures by Euro countries fill roads with protesters

Europe roiled with strikes and marches as citizens protested austerity measures–which include cutting social services and increasing taxes–which governing bodies are enforcing as they make an effort to climb out of the European debt crisis. Europeans are upset that when governments spent billions to rescue banks, ordinary citizens were being forced to accept the consequences of austerity. While citizens marched within the streets, a leading United States Treasury official urged European politicians to make sure that heavy-handed austerity doesn’t derail the progress made toward stimulating global economic growth. Post resource – Austerity protests sweep across Europe as governments cut budgets by Personal Money Store.

Austerity draws a crowd

In a day of austerity protests on Wednesday, hundreds of thousands of individuals marched throughout Europe. According to Reuters, trade unions were those who started the demonstrations, and they say the poorest of citizens could be hurt the most through the austerity that will slow the economic recovery. Trade unions are mad about spending cuts and pension and labor market reforms. This is evidently shown within the demonstrations which were organized in 12 European capitals. Banners were waving in Brussels, Belgium saying “No to austerity” and “Priority to jobs and growth” with a gathered crowd of 60,000 in Europe.

Austerity focused on altering social products the most

The austerity protests in Brussels coincided with a proposal from the European Union Commission for new penalties that punish member states gripped by joblessness for running up deficits to fund social products. France is the country fighting hard and strong against the EU proposal that Germany wants mainly because it wants sanctions to determine things rather than hard cutting rules, reports the Huffington Post. You will find other nations in Europe being affected. Greek doctors and railway employees walked out on the job. Spanish workers shut down trains and buses. In Ireland, a man blocked the Irish parliament with a cement truck in protest of the country’s massive financial institution bailouts.

United States of America explains austerity is not aiding Europe much

European officials were told to slow down a bit during the protests by a top United States of America Treasury official going to Frankfurt. There is a large debate between the U.S. and Europe about what the real solution to the global economic crisis is. The Wall Street Journal reports the debate is between austerity and stimulus. The United States is urging more stimulus as Europe heads further toward tax increases and spending cuts. Lael Brainard, U.S. Treasury Undersecretary for International Affairs, explained that the best objective is to support a lasting recovery instead of using austerity to fix the weak global demand.

Citations

Reuters

reuters.com/article/idUSLDE68S24620100929?type=marketsNews

Huffington Post

huffingtonpost.com/2010/09/29/spain-strikes-over-auster_n_743014.html#s146799

Wall Street Journal

online.wsj.com/article/SB10001424052748703431604575521833087264428.html?mod=googlenews_wsj