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ECONOMY

Events in southeast leave Ukraine’s budget $213 mln short for June

Ukraine’s Ministry of Revenue and Duties collected 75.8 billion hryvnia (6.4 billion U.S. dollars) in the first six months of 2014 and this is one percent less than planned, Chairman of the State Fiscal Service Igor Belous told reporters on Thursday.

Egypt raises fuel and electricity costs

Egypt has introduced electricity and fuel price increases in a move to cut state subsidies and reduce the budget deficit.

Family with 3-week-old baby evicted in Madrid

Spanish police have arrested six people who were trying to stop the eviction of a family with three children, the youngest only 20 days old, from their home in Madrid on Friday.

Drugs and sex trade revenues to be included in Spain's GDP figures

Spain is soon to start including estimated revenues from drug trafficking and the sex trade when calculating its gross domestic product (GDP), a move expected to boost economic results, officials said on Thursday.

European Central Bank Goes Sub Zero

On Thursday, European Central Bank chief Mario Draghi dropped rates on overnight deposits to minus 0.1% thereby charging commercial banks to keep their money at the ECB.

US call to break ties with Russia harms EU

Widely rejected by European business, US and EU officials are pushing for more sanctions on Russia. Some analysts believe any further restrictions would drag Europe's economy down, while boosting America's.

US call to break ties with Russia harms EU

Siemens may slash 12,000 jobs says boss

German industrial giant Siemens has said it is weighing cuts of nearly 12,000 jobs around the world as part of a major restructuring.

Half of young Spaniards have no money coming in

Almost half of all Spaniards aged 16 to 29 receive neither a salary nor government benefits while only one in five can afford to fly the family coop, the startling results from a new study reveal.

Egypt: Price rises across the board

Egyptians trying to cover their growing expenses are to shoulder yet more burdens as a result of the government’s plans to tighten the fiscal deficit by lowering expenses and increasing revenues.

Unemployment in Italy remains at record level

The unemployment rate in Italy reached 12.7 percent in March, an initial estimate from national statistics agency Istat showed on Wednesday.

Americans struggle as food prices rise

Prices of basic foods such as eggs, milk and fruit are on the rise in the United States. That combined with stagnant wages for most Americans, means feeding a family is getting more difficult.

Americans struggle as food prices rise

Italian factory shutdown threatens 4,000 jobs

A blast furnace at an Italian steel plant was shut down on Thursday with 4,000 jobs at risk despite a call by Pope Francis for officials "to make every effort in terms of creativity and generosity to rekindle hope".

Only Greece tops Italy for debt: EU

The Italian government's debt-to-GDP ratio hit 132.6 percent in 2013, the second-highest in the EU after Greece, figures released on Wednesday showed.

Israeli women selling organs due to economic distress

Many young Israeli women agree to sell their organs because of their dire economic situation, according to a police report.

British expats flee from crisis-hit Spain

The number of British living in Spain fell by over a fifth in 2013 as the exodus of Spain's foreign residents brought the country's total population down for the second year in a row, data released on Tuesday shows.

Russian economy hit by Ukraine fallout; 0% growth in 2014 possible

Russia's economy has been hit hard by the Ukraine crisis, prompting finance officials to cut growth forecasts for this year to near zero and draining the country's hard currency reserves as investors flee an uncertain market, Kremlin officials disclosed Wednesday.

Italy's poor forced to live in squats / Clashes as Rome police move to evict squatters

Italy's recession, the worst since World War II, has had a devastating effect on many ordinary Italians, squeezed hard by tax rises and an alarming unemployment rate, currently at a record 13 percent. The country's traditional family support network has come under increasing strain, and rights groups say more should be done to turn the capital's unused public offices and empty army barracks into council houses.

Clashes broke out at an abandoned office block in Rome on Wednesday as scores of riot police moved to evict some 350 poor families who had occupied the building because of a chronic housing crisis in the city.

Greek police and protesters clash over Sunday trading

Greek police have clashed with demonstrators protesting against a government requirement to open shops on Sundays in the capital of Athens.

Survey shows a mere 1% of Spaniards positive about economy

Despite the government's recent announcements that the worst of the crisis is over, a measly one percent of the Spanish population thinks the economic situation is "good", a new survey reveals.

US facing financial doomsday over Russia sanctions: Analyst

The United States is likely to experience a financial “doomsday” as a result of its imposition of sanctions on Russia following Crimea’s secession from Ukraine, says analyst Eric Draitser.

Ukraine faces mounting economic pressure

Russia has ended a deal to supply cheap gas to Kiev, raising prices by more than 40 percent. Ukraine's mounting economic problems come on top of efforts by the government to forcibly disarm groups involved in the street protests that ousted the previous government.

Ukraine faces mounting economic pressure

184 Spaniards a day kicked out of their homes

The full scope of Spain's evictions epidemic has been revealed in figures from the General Council of the Judiciary which show that 67,189 people lost their homes in 2013.

Regime Change in Ukraine and the IMF’s Bitter "Economic Medicine"

In the days following the Ukraine coup d’Etat of February 23, leading to the ousting of a duly elected president, Wall Street and the IMF–in liaison with the US Treasury and the European Commission in Brussels– had already set the stage for the outright takeover of Ukraine’s monetary system. The EuroMaidan protests leading up to “regime change” and the formation of an interim government were followed by purges within key ministries and government bodies.

101 injured, 29 arrested in Madrid as anti-austerity march turns violent

Protesters clashed with police in Madrid as thousands of people trekked across Spain to protest austerity which they claim is destroying their country. Under the banner "no more cuts!" the protesters called for an end to the government’s "empty promises."

'What bailout exit?' Portuguese ask, braced for more hardship

Portugal's international bailout is expected to end in mid-May. That won't mean the end of hardship for the Portuguese.

Real crisis in Irish economy may be yet to come, warns economist

Morgan Kelly, the first economist to predict the likely scale of the Irish banking collapse, has said the “real crisis” for the Irish economy has not yet happened.

Masked protesters target Spanish economic summit

Angry demonstrators took to the streets in the Spanish city of Bilbao on Monday to protest the presence of an economic conference during which IMF chief Christine Lagarde said Spain's economy had "turned the corner".

Restaurant that invented Tiramisù to close down

The Italian restaurant credited with inventing Tiramisù – one of the most famous desserts in the world – is to close down as Italy's financial crisis continues to take its toll.

EU makes budget plea to Italy's 'Super Mario'

Former (unelected*) Italian prime minister Mario Monti has been handed the thorny task of finding new sources of funding for the EU budget, European authorities announced on Tuesday.

* added by Tom, not in the original

'La-La Land': 'EU doesn't have political capital to spend on Ukraine'

With Ukraine's economy balancing on the verge of default, the country's new leadership is welcoming Western diplomats in the hope of getting urgent aid. EU foreign policy chief Catherine Ashton has promised support and Washington said it will weigh in too, in addition to an IMF package. Patrick Young - an expert in global financial markets from the DV Advisors group says the EU can't afford it.

'La-La Land': 'EU doesn't have political capital to spend on Ukraine'

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