EU countries stepping up by Claudia Sonea

The financial crisis that hit the Eurozone is now coming to the surface in other countries like United Kingdom, Italy, Spain or France. The main target is to bring the budget deficit to three percent as requested by the EU. On Monday Queen Elizabeth gave speech to the measures planned by the coalition government in trying to cut the budget deficit and boost the economy. The following day, the Italian government approved austerity measures to reduce public deficit from 5.3% to 2.7% in 2012. After Greece has been seriously hit by the irrational spending of the government and needed to be bailed out by th! e EU, the euro lost grounds on the market share. Fears that other EU countries might follow Greece aggravated the situation. Spain was rumored to come up next in requesting aid, but Spanish Prime Minister Jose Luis Rodriguez Zapatero denied the rumors and announced austerity measures to cut public deficit. Although the country had economic growth in the first quarter, the public sector have acquired such a huge debt that make Spain an eligible candidate for a share of the $1 trillion emergency fund set by European Union and International Monetary Fund for member countries hit by the crisis. In France the situation is not clear yet. If last week French Prime Minister François Fillon announced austerity measures to bring public deficit down to 3 percent, this week President Nicolas Sarkozy assured union leader that no such measures will be taken. However, the Bling-Bling President has a low credibility, thus most people would rather ! take into consideration Prime Minister’s statement and l! ook forw ard for an approved government plan to go public. Until then, stay connected…

related story (sgx17405): http://www.france24.com/en/20100525-italy-government-backs-a...

by Claudia Sonea for Cantell TV (http://cantell.tv)

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