European Austerity

While North America licks its wounds from the latest financial beating, it seems that things in Europe are just warming up. It’s as though the summer break was just long enough to snap the resolve of the population, France and Belgium both lost their Prime Ministers this weekend and Ireland is in the last convulsions before succumbing to the turbulent waters of the Atlantic.

European ministers worked over the weekend on a financial rescue plan for Ireland, as pressure mounted on Dublin to seek a bailout to prevent the markets from spreading turbulence to other European countries, officials said on Sunday.

NYT – Europe Works on Possible Irish Rescue

The king of Belgium accepted the resignation of Belgian Prime Minister Yves Leterme Monday, the government press office told CNN. The acceptance of his resignation signals the collapse of Leterme’s government.

CNN – Belgium Prime Minister Resignation Accepted

French Prime Minister Francois Fillon submitted his and his government’s resignation and French President Nicolas Sarkozy has accepted them, Sarkozy’s office said Saturday. The French constitution stipulates that if the PM steps down, the government has no head and is therefore resigned.

CNN – French Prime Minister Resigns

Austerity measures are not popular, we’ll see how the newly appoitnted PM, Francois Fillon holds up, “After three and a half years of brave reforms, carried out despite a severe global economic and financial crisis, I am starting… a new phase with determination which will allow our country to strengthen the growth of the economy to help jobs, promote solidarity and safeguard the security of all French people,” he said.

When was the last time things were this bad in so many nations? America, for once, maybe it’s not all about you.

Published by Mike Thomas

Mike Thomas P.Eng. ENV SP, is the author of and Director of Engineering at the City of Revelstoke in the Interior of British Columbia, Canada.

One reply on “European Austerity”

  1. Thanks, Mike,

    … for providing some international context.

    While our efforts at developmenting susutainability are pretty well limited to our backyards, neighbourhoods and city, it is important to be aware of issues that may at first appear beyond our control, provincially, nationally and internationally.

    Ultimately, they too will affect our Families and Neighbours.

    Raymond Koehler
    619 – 9th Avenue,
    Castlegar, BC V1N 1M5


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