#ECUADOR: Pres. Morena Cancels Austerity Package To End Violent Protests

[world politics news]

Ecuador's President Lenin Moreno and leaders of the country's indigenous peoples have struck a deal to cancel a disputed austerity package and end nearly two weeks of protests that have paralysed the economy and left seven people dead.

[FULL STORY HERE]

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#EGYPT: Economic Reforms Bring #IMF Investment, But End Of Subsidies Causes Consumer Prices To Soar

[world politics news]

The International Monetary Fund has approved the fourth installment of a $12 billion, three-year loan for Egypt, which now totals just over $8 billion. It's part of an aid deal signed in 2016 to support Cairo's economic reform program, which the Washington-based lender has repeatedly praised. Since then, the government has imposed harsh austerity measures and started to phase out subsidies on many goods and services, causing fuel prices to rise as much as 50%, and electricity rates by about 25%. The nation's deficit rose to 12.5% of GDP in the 2015-2016 tax year.

[FULL STORY HERE]

#ARGENTINA: Pres. Calls For 25% Reduction Of Gov't; No Raises This Year For High Ranking Officials

[world politics news]

"We want to be an example of austerity. We’re going to eliminate one out of every four political appointments within the executive branch”, announced Argentine president Mauricio Macri in a public address from the presidential palace. This government reduction equates to the indefinite layoff of around 1,000 employees.

[FULL STORY HERE]

#GREECE: Parliament Passes Austerity Budget; Hopes For 2.7% Growth In 2017

[world politics news]

Greek lawmakers have approved a 2017 budget that projects a return to strong economic growth next year but also impose a wave of tax hikes and austerity cuts prescribed by its international lenders. The government hopes the economy will expand by 2.7% in 2017, supported by impact of bailout cash inflows and resurgent private demand. It also sees a primary surplus, excluding debt-servicing costs, of 2% of GDP.

[FULL STORY HERE]

#GREECE: Parliament Approves New Austerity Measures To Win #EU Aid Package

[world politics news]

Greek parliament approved further austerity measures needed to unblock the second tranche of aid provided for under the 86 billion-euro rescue package just before the extraordinary Eurogroup meeting yesterday. The new measures addressed stabilizing the pensions system and a 3.6 billion euro tax hike.

#GREECE: Strikes Begin, Protesting New Austerity Measures As Part Of New Bailout

[world politics news]

Greeks have walked off the job to protest austerity measures the EU nation has to endure as a trade-off for a third bailout granted by international lenders. Required reforms, such as tax hikes and an upcoming pension overhaul, have been unpopular.

#PORTUGAL: Leftist Anti-Austerity Parties Vow To Bring Down Newly Appointed Center-Right Gov't

[world politics news]

Portugal appeared headed for months of political uncertainty and crisis after the opposition Socialist Party and their far-Left allies pledged to bring down the country's new minority pro-austerity government, led by Prime Minister Pedro Passos Coelho.

Pictured: PM Pedro Passos Coelho.

#SPAIN Two Months Before Elections, Conservative Gov't Slapped By #EU For Deficits

[world politics news]

Spain has been reprimanded by The European Commission, which ordered the country to submit a new draft budget with lower deficit estimates to avoid violating the bloc's tough spending rules, a blow for the government ahead of the Dec. 20 general election.

Pictured: Spanish PM Mariano Rajoy.

#GREECE: Parliament Ratifies Tsipras Party Program In Post-Election Confidence Vote

[world politics news]

Greece's parliament easily ratified the platform of the Syriza Party and Prime Minister Alexis Tspiras after a three-day debate which followed the party's easy election last month. Tsipras had opened the debate, presenting his government's objectives for the next four years.

#GREECE: Greeks Return Syriza Party & Tsipras To Power With Coalition In Surprising Result

[world politics news]

Alexis Tsipras' left-wing, anti-austerity Syriza Party entered Sunday's election badly damaged but in the end, Greek voters decided to give them another chance, winning the fifth election in six years. Syriza topped the vote, gaining 35%, the conservative New Democracy party had 28% and the far-right Golden Dawn is set to be the third biggest party, with 7.1%.

#GREECE: Syriza Party Struggles To Maintain Power Ahead Of Elections

[world politics news]

With just days before an election, the Syriza Party is fighting for its life after one-fourth of its members have left  to form the a new party, Popular Unity, which is more radically opposed to austerity and openly calls for Greece to exit the EU. Two polls put Syriza and the center-right New Democracy Party nearly tied.

Pictured: Popular Unity Party leader Panagiotis Lafazanis

#GREECE: PM Tspiras Purges Leftists In Cabinet Who Opposed #EU Austerity Deal

[world politics news]

Greek Prime Minister Alexis Tsipras has expelled leftists in his cabinet who voted against more austerity and reforms demanded by international creditors in return for a new rescue deal. Despite the revolt within his Syriza party, parliament approved the bailout, opening the way for European action to stave off Grexit, at least for now.

#GREECE: Tough Deal For #EU Bailout Could Cause Tsipras' Party To Rebel, Force New Elections

[world politics news]

Just a week after a nationwide vote to reject more austerity and reforms in exchange for more bailout money from the EU, a deal struck Sunday to give Greece billions more Euros demands exactly what voters rejected. The PM's  Syriza Party may put up resistance and fracture, forcing new elections.

#UK: Veteran Left-Wing Labour MP Jeremy Corbyn Enters Leadership Contest

[world politics news]

Labour Member of Parliament Jeremy Corbyn has a launched a surprise bid for the party leadership. Corbyn, who is on the Left of his party, said he would be opposing austerity. He needs the signatures of 35 fellow Labour MPs needed for a place on the final ballot. He joins Andy Burnham, Liz Kendall, Yvette Cooper and Mary Creagh as announced candidates.

#GREECE: BREAKING: As Bailout Talks Near An End, PM Tells Parliament EU Proposals Are "Extreme"

[world politics news]

Greek Prime Minister Alexis Tsipras told the Greek Parliament today that the bailout proposals put on the table by Europe's institutions and the IMF this week were "extreme" and "cannot be accepted." He went on today say Greece's demands are the "only realistic proposal." His call for a united front with other parties was immediately rejected.

#GREECE: PM Tsipras Offers "Realistic" Bailout Deal That Offers "Difficult" Concesssions

[world politics news]

Greek Prime Minister Alexis Tsipras says he has issued "a realistic proposal" to its international creditors in an attempt to secure a deal over its debts. The proposal comes after a Berlin meeting of IMF and EU officials which Tsipras did not attend, as the Greek financial crisis entered its final days.

#CANADA: Alberta Tories Dump Flat Tax, Raise Tax Rates On The Rich, Increase Fees

[world politics news]

Alberta's legislature is raising taxes on those making $50,000 or more, as well as taxes on cigarettes, alcohol and gas, and is introducing a new health care fee in July in an effort to deal with sharply lower revenues from the oil industry. Finance Minister Robin Campbell says Alberta will remain the lowest-taxed province in Canada.

Pictured: Alberta Premier Jim Prentice

#SPAIN: Socialists Stave Off Threat From Leftist Podemos Party In Andalusian Election

[world politics news]

Spain’s two establishment parties, the Socialists and the conservative Popular Party, staved off a challenge by a pair of insurgent parties in a regional election Sunday in Andalusia. Socialists retained all 47 of its seats, with Podemos coming in third. The Right-of-Center Citizen's Party came in fourth.

Pictured: Susana Díaz, in center, president of the regional government of Andalusia and a member of the Spanish Socialist Party

#SPAIN: Key Electoral Test For Rising Left-Wing Podemos Party In Today's Andalusian Vote

[world politics news]

Polls opened Sunday in Andalusia, one of the poorest parts of Spain, in a regional vote that will be a key test for the anti-austerity Podemos Party as well as the upstart center-right Ciudadanos Party ahead of the country's most unpredictable general election in decades.

#GREECE: #Germany Rejects Greek Request For Loan To Replace Severe Austerity Plan

[world politics news]

Germany has rejected a Greek request for a six-month extension to its EU loan. Greece had sought a new six-month package, rather than a renewal of the existing deal that comes with tough austerity conditions that have devastated its economy. Greece now has one day to reach a new deal.