Protests continue in Croatia From World Socialist Web Site. Excerpts:
Since late February, continual protests involving thousands of people have been waged in many cities and towns throughout Croatia. Young people, in particular, are demanding the resignation of the right-wing government led by Prime Minister Jadranka Kosor. Workers and farmers are protesting against low wages, horrific working conditions and the precarious situation in the former Yugoslav autonomous republic.
Underlying the protests is the deteriorating social situation. Croatia was hit hard by the financial crisis, which the Kosor government met with a brutal austerity programme involving a drastic reduction in wages and benefits. The economy shrank by 1.4 percent in 2010, and the unemployment rate reached 19.6 percent. The unions say the wages of 70,000 employees are not being paid.
Demonstrations were held in several Croatian cities on Saturday, March 5. About 1,500 participants assembled in the northern Croatian town of Varazdin, according to the Hina news agency. The co-organiser of the protest, Denis Mladenovic, said, “We do not want a state in which the workers work without getting paid, in which they end up on the street after working for their firm for 20 years, and in which young people are left with no perspective.”
Lisbon bail-out talk agitates eurozone debt From Financial Times. Excerpts:
A vote on the Portuguese minority government’s austerity package is expected on Wednesday. The main opposition says it won’t back the measures and this could lead to prime minister José Sócrates’s resignation.
Euro zone finance ministers have agreed the terms of a permanent EU rescue fund.
Euro zone finance ministers have agreed the terms of a permanent EU rescue fund which increases the effective lending capacity of the current arrangements.
In the wake of the Greek debt crisis, Europe produced a huge rescue mechanism designed to shore up the single currency and to convince the markets that the euro would be defended.
But almost one year on, the markets have not been reassured and the €750 billion fund has already been tapped by Ireland, with Portugal looking increasingly vulnerable.
Portugal faces deadlock over debt crisis From Boston.com. Excerpts:
Just as Portugal appeared to have dodged a bailout like those taken by Greece and Ireland, a domestic political spat yesterday was set to worsen its financial troubles and possibly spoil Europe’s efforts to put the sovereign debt crisis behind it.
Portugal’s main opposition parties told the beleaguered minority government they will not budge from their refusal to endorse a new set of austerity measures designed to ease a huge debt burden that is crippling the economy.
The new steps are likely to be rejected in a parliamentary vote expected tomorrow and the timing could not be worse. A defeat in the vote, Prime Minister José Sócrates warned, would trigger his government’s resignation, plunging Portugal into at least two months of political limbo just as officials were hoping to boost investor confidence in the country’s future.
Since late February, continual protests involving thousands of people have been waged in many cities and towns throughout Croatia. Young people, in particular, are demanding the resignation of the right-wing government led by Prime Minister Jadranka Kosor. Workers and farmers are protesting against low wages, horrific working conditions and the precarious situation in the former Yugoslav autonomous republic.
Underlying the protests is the deteriorating social situation. Croatia was hit hard by the financial crisis, which the Kosor government met with a brutal austerity programme involving a drastic reduction in wages and benefits. The economy shrank by 1.4 percent in 2010, and the unemployment rate reached 19.6 percent. The unions say the wages of 70,000 employees are not being paid.
Demonstrations were held in several Croatian cities on Saturday, March 5. About 1,500 participants assembled in the northern Croatian town of Varazdin, according to the Hina news agency. The co-organiser of the protest, Denis Mladenovic, said, “We do not want a state in which the workers work without getting paid, in which they end up on the street after working for their firm for 20 years, and in which young people are left with no perspective.”
Lisbon bail-out talk agitates eurozone debt From Financial Times. Excerpts:
A vote on the Portuguese minority government’s austerity package is expected on Wednesday. The main opposition says it won’t back the measures and this could lead to prime minister José Sócrates’s resignation.
Euro zone finance ministers have agreed the terms of a permanent EU rescue fund.
Euro zone finance ministers have agreed the terms of a permanent EU rescue fund which increases the effective lending capacity of the current arrangements.
In the wake of the Greek debt crisis, Europe produced a huge rescue mechanism designed to shore up the single currency and to convince the markets that the euro would be defended.
But almost one year on, the markets have not been reassured and the €750 billion fund has already been tapped by Ireland, with Portugal looking increasingly vulnerable.
Portugal faces deadlock over debt crisis From Boston.com. Excerpts:
Just as Portugal appeared to have dodged a bailout like those taken by Greece and Ireland, a domestic political spat yesterday was set to worsen its financial troubles and possibly spoil Europe’s efforts to put the sovereign debt crisis behind it.
Portugal’s main opposition parties told the beleaguered minority government they will not budge from their refusal to endorse a new set of austerity measures designed to ease a huge debt burden that is crippling the economy.
The new steps are likely to be rejected in a parliamentary vote expected tomorrow and the timing could not be worse. A defeat in the vote, Prime Minister José Sócrates warned, would trigger his government’s resignation, plunging Portugal into at least two months of political limbo just as officials were hoping to boost investor confidence in the country’s future.
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