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Austerity Strikes ravage Europe

By on November 14, 2012

While the European Leaders of Spain and Portugal Mr Marian Rajoy and Mr Pedro Coelho respectively decide to push more Austerity plans for their countries, the Citizens have resisted the move by embarking on a new round of strikes in anger over the plan.

 

The Eurozone has been rocked by various levels of Debt crisis from Greece, Ireland, Portugal to Italy and have reached a very tempestuous stage to decide the future of heavily indebted nations like Greece and Spain.

 

Apart from the Iberia Nations the Greek and Italian Nations have also planned massive strikes and protests today to commemorate what they term the ‘European Day of Action and Solidarity’ against austerity policies that have increased suicide rates and protests.

 

In the last decade no one would believe that the Iberia Peninsula, the Hellenists, and the Former Roman empire will be open to a vicious economic debt crisis cycle that is threatening the political economic sovereignty of the affected nations.

 

The coordinated effort of the workers union in the ‘PIGS’ Nations supported by opposition groups and political parties has as it major goal for its protest a warning message to the EU Leaders that ‘They must look beyond Austerity to find other alternatives to the Debt contagion’.

Economic scholars like Prof Nouriel Roubini, Raghuran Rajan, Paul Krugman, and Joseph Stiglitz believe that the Region has come to a very crucial point were it has to define its goals and path as ‘Austerity’ cannot guarantee sustainable growth.

 

Global markets have still been on a slow trend with speculations of the ‘eurozone’ crisis still lingering and the unresolved U.S fiscal policy which is still pending and threatening to bring a stalemate to the economy, if no political agreement is reached.

Greece, Spain, and Portugal are witnessing more General strikes organized in one year, and with Italy joining the On going feud between the European Union  leaders and the IMF on Budget deficits cuts and the debt management will need  resolution to avoid more crisis.