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Greece in tough climbdown on radical debt promises

Greece`s radical left government was at pains Saturday to put a positive face on an EU compromise deal that is sharply at odds with its anti-austerity ambitions.

Global stocks slip as anti-austerity party wins Greek election

Global stocks slip as anti-austerity party wins Greek election

Both US stock futures and Japan's Nikkei fell 0.6 percent on heightened concerns the Greek election results could lead to renewed instability in Europe.

Modi govt launches austerity measures; bars 5-star hotel meetings, first class travel

The government on Thursday announced several austerity measures which ban ministers from holding meetings in five-star hotels and traveling in first class of airlines.

Portugal PM says austerity rejection a `huge frustration`

Portugal`s prime minister on Saturday vowed to overcome the "huge frustration" posed by the constitutional court`s rejection of austerity measures in Lisbon`s 2014 budget.

Govt to stick with austerity despite looming election: Chidambaram

The govt will have to rein in spending and cut subsidies to meet its fiscal deficit target, the finance minister said, underlining that an austerity drive will not be blown off course by an election due next year.

Govt launches austerity measures; no new jobs for a year

Aiming to restrict the fiscal deficit to 4.8 percent of GDP in 2013-14, the Finance Ministry has ordered all ministries and departments not to buy new vehicles, create new jobs or fill posts lying vacant for over one year.

Govt announces austerity measures; to cut non-plan expenditure by 10%: FinMin

The Finance Ministry on Wednesday announced a small-bore austerity measures to boost the economy without hampering the operational efficiency of the government which included a cut in non-plan expenditure by 10 percent.

Austerity measures on the anvil

A cut in spending on foreign travel by ministers and officials, a bar on holding meetings in five-star hotels and a 10 percent slash in budget for workshops and seminars are among the austerity measures government is planning prune expenditure in the wake of a tight economic situation.

Unpopular austerity measures on way, says Pranab

Worried over deteriorating global economic situation and its impact on India, the government on Wednesday announced that it would resort to "unpopular" austerity measures to deal with fiscal problems but made it clear there is no pressing of "panic button".

Portugal hit by general strike against austerity measures

Public services across Portugal ground to a halt as unions staged a 24-hour strike against austerity measures agreed by the government in return for an international bailout.