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1st newsletter of Troika Watch

The last months of the year are traditionally the time when national parliaments vote on the budgets for next year. Like in the years before, in many countries deep cuts in social services and further privatizations are planned. Despite good-sounding news from and for the financial markets, austerity for ordinary people continues. This might not be by accident. ...

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Red revival: why communism is alive and well in crisis-hit Portugal

Carlos Humberto de Carvalho, the mayor of Barreiro, is a straightforward and frank 62-year-old who has just won the Portuguese city’s municipal elections for the third time in a row — and with an absolute majority. Dressed without a tie, he has been a communist since he came of age in 1968, since the tough, tricky and far-off days of the underground era. He belongs to the hardcore — to the Central Committee ...

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Southern Europeans Flock to Germany

               Associated Press  German flags wave in front of the Reichstag building in Berlin. FRANKFURT—Immigration to Germany hit a 17-year high last year as Southern Europeans flocked north to escape economic recession and search for jobs, fueling the debate over the consequences of immigration for the German economy. In all, 1.08 million people moved to Germany last year, or 13% more than in 2011, Ger ...

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Portugal court rejects some government austerity measures

Portugal's constitutional court has rejected four out of nine contested austerity measures in this year's budget in a ruling that deals a blow to government finances but is unlikely to derail reforms two years after the country's bailout. The measures rejected by the court should deprive the country of at least 900 million euros ($1.17 billion) in net revenues and savings, according to preliminary estimates ...

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Mass protests in Portugal over austerity cuts

Many thousands of demonstrators have held marches in more than 20 cities in Portugal to protest against government-imposed austerity measures aimed at lifting the ailing country out of recession. Tens of thousands of people filled a Lisbon boulevard during Saturday's protests and headed to the finance ministry carrying placards saying "Screw the troika, we want our lives back". The troika is a reference to ...

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Greece, Spain and Portugal's economies to shrink faster in 2013 than in embargoed Iran and war-torn Syria

Growers and shrinkers   The fastest growing and shrinking economies in 2013 MACAU will be the fastest growing economy this year, according to the latest estimates from our sister company, the Economist Intelligence Unit (EIU). Growth is expected to return to a faster pace as new casino projects are resumed and Chinese visitors (with rising wages) continue to raise gambling revenues. Mongolia, in second ...

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Why we are striking against austerity in Europe

Spain: Fernando Lezcano: 'The sacrifice is not being shared'   The European Trade Union Confederation has called a day of action and solidarity throughout Europe on 14 November to fight against the austerity policies being deployed throughout Europe. This day of action will mean a general strike in this country, which, for the first time in recent history, will also be simultaneously held in other Euro ...

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