Europe news round-up: Cyprus forced to find extra €6bn for bailout, and more

12 Apr 13
A round-up of public finance news stories from around Europe you might have missed this week (April 8–12).

A round-up of public finance news stories from around Europe you might have missed this week (April 8–12).

Cyprus forced to find extra €6bn for bailout, leaked analysis shows

Cypriot politicians have reacted with fury to news that the crisis-hit country will be forced to find an extra €6bn (£5bn) to contribute to its own bailout, much of which is expected to come from savers at its struggling banks (The Guardian, UK).

Netherlands postpones 2014 budget cuts and cuts deal with unions

The Dutch government postponed €4.3bn ($5.6bn) in budget cuts for 2014 as it struck a deal with social partners, counting on economic growth to keep the budget deficit below the European ceiling next year (BloombergBusinessweek).

Stick to austerity plans, says Ireland's fiscal advisory council

Ireland’s official budgetary watchdog has dropped its call for an extra €2bn of taxes and spending cuts, saying the plan to reduce government borrowing is ahead of schedule (The Irish Independent).

ILO paper warns of social unrest risk in the eurozone as unemployment keeps climbing

Unemployment at unprecedented levels in the European Union means the risk of social unrest is on the rise, says a consultant to the UN’s International Labour Organisation (MercoPress, Uruguay).

Orbán says impartiality of EU decision on deficit penalty against Hungary in doubt

Hungary cannot be certain that the European Union’s decision whether or not to lift an excessive deficit procedure against the country will be based on facts, Hungarian Prime Minister Viktor Orbán has said (Politics.hu).

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