Wednesday, September 7, 2011

Euro Revolt

From: RussiaToday | Sep 6, 2011

Italy's biggest trade union is vowing that up to a million will march against the harsh new austerity package being debated in Rome. Italy's teetering over its massive debts. And, as one of Europe's biggest economies, its troubles threaten to destabilise the Eurozone and spur a new financial crisis. The removal of several controversial provisions, such as a temporary tax on the wealthy, sent markets into a spin, and sparked rumours of an imminent credit rating downgrade. Across the Ionian Sea, efforts to further rescue the Greek economy took a hit after Athens admitted it won't be able to meet deficit reduction deadlines. And Nicolas Dupont-Aignan, who was a member of France's ruling party until 2007, believes they're the consequences of a currency system that cannot work.

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