Smoke of wood stoves rises over cities of Greece, Spain suffers from youth unemployment, Germany raises retirement age to 76 years, whereas in the heart of London, people gather to protest against austerity measures. Who benefits from multiplying the poor in Europe? Has the tale of good European life been destroyed? “In winter you can heat your house with gasoline-powered radiators, –... 

The Australian government, has surprised few people by continuing to fight on behalf of business against working Australians. So far, it’s been rather victorious, overseeing many Australians being put out of work, or should that be, ‘liberated’ from employment. The Liberals latest booting to the Aussie worker is to expand the 457 visa scheme via loopholes. A loophole existed, which allowed employers... 

Portugal, a member of the EU since 1986, is rapidly losing its population due to significant emigration. In terms of the economic indicators Portugal is approaching the level of the least developed countries in the Eastern Europe. The decline became particularly rapid three years ago, when Portugal began to receive financial assistance from the EU. Isn’t it an odd coincidence? The country is... 

“The U.S. worked hard to create the American dream of opportunity. But today, that dream is a myth.” Economist Joseph Stiglitz, Financial Times If you follow the financial news, you already know that the American people are on an epic downer. Just check out some of these headlines I pulled up in a five minute Internet search and you’ll see what I mean: “Gloom and doom? Americans more pessimistic... 

Bosnia and Herzegovina was bracing itself for fresh nationwide rallies on Saturday amid warnings that public anger over the dire economic situation is pushing the country to the brinks. In a TV interview late on Friday, Interior Minister Fahrudin Radoncic cautioned the government that its indifference and inaction could trigger more unrest. He called for a large-scale campaign to uproot corruption... 

An Italian man reads job offers outside a recruitment agency in the city of Milan. Southern Italy has lost 600,000 jobs over the past six years and the area has lost some 43.7 billion euros of its gross domestic product (GDP) during the economic crisis, a report shows. The data was released on Friday by the country’s industrial employers’ association Confindustria. The association also said that... 

While US lawmakers spar over extending unemployment benefits, out-of-work Americans could wake up on December 28 to find themselves unable to afford life’s basic necessities. Barring last-minute action by Congress, the long-term unemployment insurance program will expire on Saturday, leaving 1.3 million Americans to fend for themselves as they continue to look for jobs in an economy that’s still... 

The World Economic Forum (WEF) has warned that a lost generation of jobless youth in the eurozone could tear Europe apart if policymakers fail to address the chronic levels of unemployment. The warning came on Friday, as the WEF presented its outlook on the global agenda for 2014. “There is a growing consensus on the fact that unless we address chronic joblessness we will see an escalation in social... 

Violence broke out between police and demonstrators in Rome on Saturday as tens of thousands took to the streets to protest Italy’s new budget. “We are laying siege to the city!” chanted the crowd, as a small minority pelted the police and government buildings with water bottles and eggs. A group of protesters turned over garbage bins and set some of them on fire in front of the Economy Ministry. Police... 

A Siemens employee works on a rotor of a gas turbine in a plant in Berlin The German powerhouse in electronics and electrical engineering, Siemens AG, is planning to axe 15,000 jobs over the next year as the economic crisis in Europe continues to worsen. “The ongoing and planned workforce adjustments in the context of Siemens 2014 are about 15,000 positions worldwide, of which about 5,000 are in... 

As EU countries battle the financial crisis with austerity, average citizens get hurt while unemployment rises and social programs disappear. Up to 146 million Europeans are at risk of falling into poverty by 2025, the head of Oxfam’s EU office told RT. If the damage being inflicted by the European Union’s austerity measures is not reversed, the number of people trapped in poverty will increase... 

The main question ahead of the key Fed meeting on Tuesday is whether the world’s largest economy can survive on less government monetary stimulus. Data shows the economy is still luke-warm but politics will encourage the Fed to slow quantitative easing. Chair Ben Bernanke gave strong hints in August that the Fed would decide to begin tapering its stimulus in September. If he reneges it could destabilize... 

Greek teachers have clashed with police as demonstrators took to the streets in capital, Athens, to protest against public sector layoffs and forced transfers in the austerity-hit nation. Police fired tear gas at striking teachers and school patrol guards who tried to enter the Administrative Reforms Ministry in the country’s capital city on Monday. The high school teachers’ union, OLME, started... 

A German flag flies in front of the Bundesbank headquarters in Frankfurt. A report has revealed a document showing Germany’s central bank predicts that the recession-hit Greece will need more rescue loans from its international creditors by the start of the next year. According to the report published by prominent German magazine Der Spiegel earlier this week, the document from the Bundesbank... 

Australia will post a budget deficit of $30.1 billion for the fiscal year, a gross miscalculation from its May estimate of $18 billion, but the government promises to stay on track. Federal Treasurer Chris Bowen, speaking on the newly-released economic report, said Australia is undergoing ‘economic transition’ and ‘not a crisis’. Bowen predicts weaker economic growth, increased unemployment,...