Free Newsletters - Space - Defense - Environment - Energy - Solar - Nuclear
..
. Earth Science News .




POLITICAL ECONOMY
Eurozone's core beset by new uncertainties
by Staff Writers
Berlin (UPI) Sep 28, 2012


disclaimer: image is for illustration purposes only

As Spain's debt crisis rattles markets, Europe's core political structures in Germany and France are coming under increased pressures from internal challenges to German Chancellor Angela Merkel and French President Francois Hollande.

Both have created problems for themselves that cast lengthening shadows on their political future. Merkel, safely entrenched and still popular despite decisions that have piled new tax burdens on her German electorate, is facing a major challenge to her future from former Finance Minister Peer Steinbrueck.

The newly chosen leadership candidate for the opposition Social Democrats wants Merkel out and seems not at all fazed by her continuing support base in Germany's conservative Christian Democrats and coalition partners Free Democrats.

Steinbrueck, 65, served as finance minister from 2005-09 when the SPD was a junior partner in a previous coalition.

His rise within the SPD and the potential to face Merkel in next year's election was rated by German analysts as the most dangerous development for the chancellor because of Steinbrueck's perceived appeal to the middle-of-the-road road Germans.

Steinbrueck also seems confident he can eject Merkel but keep her Green partners to form a new coalition, in about the same way the Greens aligned with the SPD in the past.

"We want to remove this government. We want to replace it with a Red-Green government," Steinbrueck told a news briefing.

SPD strategists are already at work, having persuaded both party leader Sigmar Gabriel and former Foreign Minister Frank-Walter Steinmeier to make way for Steinbrueck.

Although SPD pledges to clean up the markets and prevent what it calls Merkel's excesses, the party has yet to endear itself to the broad conservative support behind Merkel, but that could change.

German patience with eurozone troubles is running thin and Germans remain anxious over hints from Spain that it may need up to $76 billion to shore up its banks. Merkel's response to Spain's woes could affect her own approval ratings in Germany.

Meanwhile, Hollande has won enemies across the board with a controversial plan that aims to stimulate the French economy with funds gouged out of the country's super rich, higher taxes on the not-so-rich and what critics see as little change in the government's spending plans.

French Prime Minister Jean-Marc Ayrault said a new 75 percent tax rate would target people earning more than 1 million euros -- $1.3 million a year.

Critics say the higher taxes won't help French recovery but more spending cuts might. The government hopes to raise through taxes about double what it promises to cut in spending -- $26 billion against about $13 billion of cuts.

Hollande won election on a promise to shun austerity -- in direct contrast to the rest of the eurozone -- and aim for higher growth. What many French citizens didn't anticipate was a regime of punishing taxation to fund the growth.

Critics say the higher taxes are a certainty but the same cannot be said of the promised growth and recovery. Hollande's strategy has been compared to a huge gamble, with a question mark on his own political future.

.


Related Links
The Economy






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





POLITICAL ECONOMY
Japan economy stuttering ahead of China crisis
Tokyo (AFP) Sept 28, 2012
Japan released yet more worrying figures Friday showing the world's third largest economy was already stuttering before a damaging territorial dispute erupted with its largest trading partner. Factory output in August shrank by a bigger-than-expected 1.3 percent from the previous month, the industry ministry said as it admitted production activity was weakening. The decline was much shar ... read more


POLITICAL ECONOMY
Libyans surrender hundreds of weapons to army

Seven Britons, five Chinese dead in Nepal air crash: police

EU grants Pakistan flood, unrest aid

Outside View: The militarization of aid

POLITICAL ECONOMY
Search for element 113 concluded at last

Kodak dumps inkjet printers, more jobs

Sleek new PlayStation 3 model makes US debut

Pigs' revenge as 'Angry Birds' makers launch new game

POLITICAL ECONOMY
Iceland, Faroes may face EU fish sanctions

Scientists say fish populations can still be saved

Coral Hotspots Found in Deepwater Canyons off Northeast US Coast

El Nino may soon return: UN weather agency

POLITICAL ECONOMY
Study: Arctic warming faster than before

Rudolph unfed loathes rain, dear

Melting Arctic ice cap at record low

'Planetary emergency' due to Arctic melt, experts warn

POLITICAL ECONOMY
Ex-Aussie PM criticises UN on food security

Argentina looks to soybean windfall

Italy's Slow Food movement prepares giant food fair

Global Grain Production at Record High Despite Extreme Climatic Events

POLITICAL ECONOMY
Typhoon Jelawat on course to hit mainland Japan

Toll from Spain floods rises to 10: regional officials

6.0 magnitude quake hits off Solomon Islands: USGS

Storms deluge historic British city

POLITICAL ECONOMY
France to facilitate Mali anti-rebel force

One-third of Lesotho faces food crisis: UN food agency

Nigerian environmental activist receives human rights prize

U.S. expands its secret war in Africa

POLITICAL ECONOMY
Anti-aging pill being developed

Human Brains Develop Wiring Slowly, Differing from Chimpanzees

Breaking up harder to do on Facebook

Genetic mutation may have allowed early humans to migrate throughout Africa




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement