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Italy’s debt rises at 2.1 trillion euros

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Italy’s enormous public debt continues to grow at an unrelenting pace. The Bank of Italy announced on Monday that the country’s debt hit a record 2.1072 trillion euros in February, over 17 billion euros up compared to January. Within the 18-nation eurozone, only Greece had accumulated a higher overall debt mountain. Italy’s 2014 budget has... 

Millions of kids in Spain at risk of social exclusion due to poverty

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Financial problems in Spain increase the number of children living below the poverty line. The charity Save the Children has warned of growing poverty among children in Spain, saying the situation needs to be addressed urgently. The charity launched a petition on Tuesday urging the Spanish government to do more for deprived children in the crisis-hit country. According... 

Moody’s downgrades Turkey outlook to negative

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Turkey’s credit rating has been downgraded as a result of political turmoil in the country. The international credit rating agency, Moody’s, has downgraded its outlook on Turkey over increased pressure on the country’s external financing position and weaker growth prospects. Moody’s on Friday changed the outlook from stable to negative, which... 

Argentina braces for strike over inflation, crime

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Argentina is bracing for a major strike over high inflation and crime levels in the Latin American country. Three of the country’s five major unions are expected to take part in Thursday’s labor action in protest against the government’s attempt to cap salary increases. The 24-hour walkout is expected to severely disrupt the country’s public transportation. The... 

Ukraine stops Russian gas transit

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Ukraine has stopped pumping Russian gas to its underground storages as Ukraine does not accept the natural gas price of $485 per 1,000 cubic meters. Russia has recently eliminated a gas discount it had given Ukraine, arguing that it was tied to a lease for Russia’s Black Sea Fleet base in Crimea peninsula. Officials say they are ready to pay $268 while Russia... 

US facing financial doomsday over Russia sanctions

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The United States is likely to experience a financial “doomsday” as a result of its imposition of sanctions on Russia following Crimea’s secession from Ukraine, an analyst tells Press TV. Eric Draitser said in an interview with Press TV that Russia, which supplies more than one third of Europe’s gas, is a “great energy power” that “may decide... 

Thousands hold anti-austerity demonstration in Athens

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Greek protesters shout slogans during a demonstration outside the parliament in Athens on March 30, 2014. Thousands of people in Greece have held a protest rally outside the parliament in the capital Athens against government’s austerity measures. Over 12,000 people rallied in the capital on Sunday ahead of the parliament vote on a bill for fresh international... 

EU aid destroyed Portugal

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Portugal, a member of the EU since 1986, is rapidly losing its population due to significant emigration. In terms of the economic indicators Portugal is approaching the level of the least developed countries in the Eastern Europe. The decline became particularly rapid three years ago, when Portugal began to receive financial assistance from the EU. Isn’t... 

Kiev plans to cut pensions 50%

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A participant in a rally in support of Ukraine’s integration with the EU, on Kiev’s Independence Square. The self-proclaimed government in Kiev is reportedly planning to cut pensions by 50 percent as part of unprecedented austerity measures to save Ukraine from default. With an “empty treasury”, reduction of payments might take place in March. According... 

26 million in EU, eurozone remain unemployed: Eurostat

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Official figures show that unemployment in the European Union (EU) has increased during the 12-month period ending in January 2014, with around 26 million people jobless in both the EU and the eurozone, Press TV reports. The EU statistical agency, Eurostat, said in its latest report that unemployment in the EU rose by 17,000 over the one-year time span. More... 

World Bank delays Uganda loan over anti-gay law

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The World Bank has put off a 90-million-dollar loan to Uganda, citing a new anti-gay law in the East African country that has already drawn criticism from the US and Europe, which control the global lending institution. “We have postponed the project for further review to ensure that the development objectives would not be adversely affected by the enactment... 

​Malaria returns to Greece as austerity wreaks havoc on healthcare

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Tough austerity measures imposed by the Greek government have inflicted major damage to the health of the Greek population, leaving nearly one million of the country’s most vulnerable people without access to healthcare. As a result of a six percent cap on health spending imposed by the so-called Troika as part of austerity measures forced on the country,... 

Germany Americanizes Europe

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Many see German policy in the European Union as a forceful advancement of Germany’s interests at the expense of other countries – EU members. There are even suspicions that the crisis in the EU is a project of Germany designed to secure the economic recovery (the European Commission even started an investigation). Berlin is not going to stop in... 

The American dream is dead

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“The U.S. worked hard to create the American dream of opportunity. But today, that dream is a myth.” Economist Joseph Stiglitz, Financial Times If you follow the financial news, you already know that the American people are on an epic downer. Just check out some of these headlines I pulled up in a five minute Internet search and you’ll see what I mean: “Gloom... 

UK lawyers to protest legal aid cuts

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Hundreds of British barristers, lawyers and law students are set to attend a protest gathering in London to express their opposition to proposed legal aid cuts. The protest gathering entitled ‘One Bar: One Voice – United for Justice’ has been organized by the Bar Council, which represents legal professions in England and Wales and will be held at... 
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