France calls on Europe to ease off austerity
Associated Press
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Updated 5:04 am, Thursday, March 7, 2013
France's appeal comes as the debt crisis, which had grown to threaten the 17-nation eurozone's existence over the past three years, is easing in financial markets in the wake of political and economic reforms and a pledge by the European Central Bank to do whatever it takes to defend the common currency. [...] the austerity cuts made to restore confidence in financial markets have had nasty side-effects on the economy — they have helped push the region into recession and increase unemployment to record highs. Moscovici stressed Italy's election result "was a message" that insisting on the current pace of budget cuts and structural reforms without a credible growth strategy is not sustainable and will ultimately backfire. France hopes the EU Commission, the bloc's executive arm that monitors compliance with debt rules, will grant the country a delay of one year to reach its deficit target, he indicated. Reported by SeattlePI.com 4 hours ago.
Associated Press
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Updated 5:04 am, Thursday, March 7, 2013
France's appeal comes as the debt crisis, which had grown to threaten the 17-nation eurozone's existence over the past three years, is easing in financial markets in the wake of political and economic reforms and a pledge by the European Central Bank to do whatever it takes to defend the common currency. [...] the austerity cuts made to restore confidence in financial markets have had nasty side-effects on the economy — they have helped push the region into recession and increase unemployment to record highs. Moscovici stressed Italy's election result "was a message" that insisting on the current pace of budget cuts and structural reforms without a credible growth strategy is not sustainable and will ultimately backfire. France hopes the EU Commission, the bloc's executive arm that monitors compliance with debt rules, will grant the country a delay of one year to reach its deficit target, he indicated. Reported by SeattlePI.com 4 hours ago.