Austerity | featured news

Euro zone finance ministers are unlikely to release a new tranche of loans to Greece on Monday as there is no agreement yet on how to make its debt sustainable but Athens is set to get two more years to cut debt, officials said.

Debt-ridden Greece enters yet another week of anti-austerity protests. The country risks coming to a standstill as the parliament votes on a fresh austerity package of cost cuts and tax hikes for a new cash injection from its international creditors. A 24-hour strike starting Monday is expected to unite hospital doctors, journalists, Metro, taxi and train drivers and other transport workers, reports RT's Peter Oliver from Athens.

Protesters are expected to march through London on Saturday to voice their opposition to austerity measures imposed by the UK government, union leaders said.

Lithuanians have voted out their conservative government after one of the world's deepest recessions, early results suggest. Two leftist parties, Labour and the Social Democrats, are currently placed first and second.

Greece is inching towards an agreement with its international debt inspectors as they struggle to hammer out the details of (EURO)13.5 billion ($17.5 billion) in austerity measures for the next two years, a package essential for Greece to receive the next installment of its vital bailout funds.

Tens of thousands of Spaniards and Portuguese rallied in the streets of their countries' capitals Saturday to protest enduring deep economic pain from austerity cuts.

To every Portuguese, the town of Grandola is a cradle of the 1974 revolution that ended decades of dictatorship, but nowadays it is hard to find even a spark of revolt here against the worst economic hardship in the country's recent history.

Greece's conservative New Democracy party has regained an opinion poll lead that would allow the formation of a pro-bailout government committed to keeping the country in the euro zone, a batch of new surveys showed on Saturday.

President Obama and leaders of the world’s other leading economies Saturday embraced a policy of growth over austerity in Europe as they met on the cloistered grounds of Camp David to talk about fending off a spread of the Eurozone crisis.

Thousands of activists took part in a major rally of the local Occupy movement in Frankfurt on Saturday, German police said.