EU leaders agree to adopt first ever austerity budget

Expecting to help millions who are struggling through government cutbacks and recession, European Union leaders reached an agreement on the first ever cut in their common budget.

Spain unveils $36 billion austerity budget

Spain's government unveiled on Friday a euro 27 billion (USD 36 billion) deficit-reduction package including spending cuts and tax hikes on large companies, as it scrambles to convince the EU and investors that it won't need a bailout.

Greece okays austerity budget after street clashes

Greece`s coalition government on Wednesday passed an austerity 2012 budget aimed at shrinking its debt mountain with tax hikes and spending cuts, hours after protesters clashed with police outside Parliament.

Italian parliament adopts whopping austerity budget

Italy's parliament on Friday gave final approval to a whopping 48-billion-euro (USD 68-billion) austerity budget aimed at slashing the public deficit by 2014 and reassuring nervous financial markets.