iBankCoin
Joined Nov 11, 2007
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Europe Protests Austerity With Strikes in Spain, Italy

“Spanish workers staged a second general strike this year as unions across Europe prepared the biggest coordinated protests yet against budget cuts that policy makers say are needed to end the region’s debt crisis.

In Spain, unions said most auto and metal workers joined the strike, even as demand for electricity was just 12 percent below usual. One of Portugal’s two biggest labor groups also called a strike. Partial walkouts are planned in Greece and Italy, and French unions are urging workers to join protest marches.

Opposition to Spanish Prime Minister Mariano Rajoy’s cuts in health, education and welfare benefits is growing while those measures are failing to rein in the budget deficit or bring down borrowing costs. Demands for less austerity are gaining traction as the International Monetary Fund recommends nations including Spain slow the pace of budget cuts.

“This is a strike against the suicidal economic policies of the government,” Ignacio Fernandez Toxo, head of Spain’s CCOO union, told supporters late yesterday.

Rajoy, who won a landslide election victory a year ago, is wrestling with the second-largest budget deficit in the euro region while trying to revive the economy from a five-year slump that pushed the jobless rate to 26 percent. He is trying to avoid following Portugal, Greece and Ireland into seeking a sovereign bailout as Spaniards resist the measures being implemented as a condition for the 100 billion-euro ($127 billion) European bank rescue he agreed to in June.”

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