OPEC raises global oil demand forecast for 2026    Saudi Pro League unveils 2025-26 fixture list with blockbuster opening clashes    Donations of living organs rise to 4.9% in Saudi Arabia in 2024    Saudi Arabia strongly condemns Israeli decision to fully occupy Gaza    Elon Musk threatens to sue Apple for not ranking X or Grok among its top apps    Ukraine's borders must not be changed by force, EU leaders say    At least 100 Palestinians killed in Israeli attacks across Gaza    Jellyfish force shutdown of France's Gravelines nuclear plant after clogging cooling system    More than 2,000 evacuated from Spanish resort of Tarifa over advancing wildfire    Prince Saud bin Mohammed Al Saud wins International Sword at Sandhurst    GASTAT: Nearly 70% of Saudis under age of 35    Saudi Arabia exit FIBA Asia Cup after overtime heartbreak against Philippines    Sudanese PM thanks Saudi leadership for unlimited humanitarian support    Cristiano Ronaldo and Georgina Rodriguez announce engagement after eight years together    Bahri categorically denies transporting shipments to Israel    Saudi Arabia's ranking on Mining Investment Attractiveness Index jumps to 23rd from 104th globally    Mexico accuses Adidas of cultural appropriation in sandal design    Saudi Film Commission invites local filmmakers to submit for first-ever Oscar entry    Al Hilal sign Uruguay striker Darwin Núñez from Liverpool    Saudi woman donates 80% of her liver to co-wife in rare act of generosity    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Europe digs in on austerity ahead of G20
Published in The Saudi Gazette on 25 - 06 - 2010

European policymakers dug in to defend budget austerity plans on Thursday ahead of a G20 summit set to pit calls for fiscal restraint against warnings that heavy cost-cutting threatens recovery.
European Central Bank President Jean-Claude Trichet said it was wrong to claim that budget austerity would cause stagnation while German Chancellor Angela Merkel said her country would stick to plans to save 80 billion euros in the next four years, its biggest program of fiscal cutbacks since World War Two.
“We'll enact the measures that we've agreed upon,” Merkel said in an interview with German ARD television broadcast on Thursday morning. “I believe we should not let up.”
After winning plaudits for guiding the world economy through the financial crisis, splits have emerged among Group of 20 powers over which policy priority ought to take precedence now - supporting still-shaky growth or shrinking budget deficits. G20 leaders meet in Toronto this weekend and the draft version of the summit communique, obtained by Reuters and dated June 11, said the recovery was “uneven and fragile” but at the same time warned against complacency. “Fiscal challenges in many states are creating market volatility, and could seriously threaten the recovery and weaken prospects for long-term growth,” it said.
The United States has warned against withdrawing support too soon, mindful of when the government slammed the brakes on spending in the 1930s, prolonging the Great Depression.
A market backlash against countries seen to be dragging their feet on cutting debt and deficits has sparked budget cutbacks all over Europe.


Clic here to read the story from its source.