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Shockwaves are still by the financial crisis of 2008, feel that bank lending paralyzed and left Europe's huge budget deficit and public debt.
In the troubled 17-nation euro zone Greece and the Irish Republic received huge Bail-Outs last year from the EU and the International Monetary Fund (IMF). Portugal is next in the series for such a rescue.
Investors fear of the debt of this 'Peripheral' eurozone countries sent floating interest rates (yields) on their Government bonds, making it more difficult for them, on the international markets to borrow.
The 27 EU Member States want their budget deficits to a maximum of 3% of GDP by the year 2014-15, cut, so what belt measures are more tightly strapped countries take?
Caretaker Prime Minister José Sócrates, on 6 April, said he the EU had asked for financial aid - a movement that had been long expected. He joined a new austerity package in March after the opposition rejected. He is acting PM until an early election on 5 June.
Various strict measures have been adopted already. Top earners in the public sector, including politicians, see a 5% pay cut. VAT (value added tax) increase by 1% and is income tax hikes for those earning more than 150,000 euros (£ 131,000). The defense budget is drastically shortened and two high-speed rail projects are moved have been.
Public services, including flights and garbage collection, were paralyzed by a general strike on November 24 on the cuts.
In December, the former Irish Government adopted a EU IMF Bail-Out 85bn worth euro (£ 75bn; $119bn). But the new coalition Government by Enda Kenny, the interest rate on the credit would like to receive reduced.
Since 2008, euro, a huge hole in public finances has the cost of bailing out the affected banks 46bn. But that costs will increase euro to almost 70bn because Bank stress tests, published in March 2011, showed that four major banks would have to be cleaned up.
The toughest budget in the history of the country contain a promise, trim the deficit from 6 euros in 2011. Euro has billion Government spending, lowered with all officials to at least 5% salary and social welfare reduced slashed.
The conservative liberal democratic coalition Government has announced the biggest cuts in government spending since World War II.
It is estimated that around £ are between savings be made over four years. The plan is, deleted 490,000 public sector. The most budget cuts Whitehall departments face of 19% on average. Is the retirement age from 65 to 66 to 2020 to rise.
The budget deficit is about 10% of GDP and unemployment - 2.53 million - is officially at the highest level since 1994.
Increased public anger about the cuts. More than 250,000 people demonstrated largest protest of the city in London on 26 March - since the Iraq war 2003.
France has announced to loss potentials euro (£ revenues) to cut expenditure in the next three years. It includes close savings through tax loopholes and withdrawing the temporary economic programs measures.
The highest earners must pay income tax also an additional 1%.
The plan, the retirement age of 60, to increase 62 and the full State pension age from 65 to 67 provoked major protests and strikes over the past year.
The Greek Government at the end of its economic problems by the drastic cuts in expenditure and increase tax revenues in exchange for a EUR 110bn (£ current) Bail-Out from the EU and IMF required.
The rescue deal agreed in may, after Greece's budget deficit - 13.6% of GDP - turned out to be much higher than originally reported.
Efforts be made to tax evasion and fight to prevent government corruption. Early retirement schemes be reduced is. On the average retirement age from 61.4 to 63.5 rise set.
Public sector bonus payments are to be scrapped; Salaries and pensions for at least three years frozen public sector; VAT will increase from 19% to 23% and taxes on fuel, alcohol and tobacco by 10%.
The cost-cutting measures have caused public sector strikes and violence on the streets of Athens.
Founded in the centre right coalition, after months of negotiation on 8 October said, he wanted the budget cut to 18 euros ($ reinsurance segment; £ 15 billion euro) 2015.
But the new Government is to adopt themselves to the radical freedom, legislation, and there are doubts about the long-term viability.
Unemployment has doubled since more than - 20% in 2007. It is the highest rate in the EU and Spain's biggest economic problem.
The Government approved an austerity budget for 2011 includes an increase in taxes for the rich and 8% spending cuts.
Government workers had reduced their pay by 5% and salaries will be frozen for 2011. The retirement age is 67 is raised.
Increase the taxes on tobacco by 28% and Madrid also plans to sell 30% of the Spanish National Lottery and a minority stake to airport authority of the country.
Proposed the Government wage cuts of 25% and pension cuts of 15% in May to reduce the country's budget deficit.
It gave resignation protests and Interior Minister Vasile Blaga after thousands of police officers on strike over the 25% pay cut went.
Romania's economy shrank more than 7% in 2009 and it needs to meet an IMF Bail-Out to the wage bill.
The Government approved austerity measures reinsurance segment euro for 2011 / 12.
Italy aims, public sector pay cut and freezing new hires. Only an employee is replaced for all five left.
Public sector pensions and local government spending are also targeted, and there are plans, down on tax evasion. Medium for city and regional authorities will be reduced expected by more than 13 billion euro.
The Government plans the budget deficit to a record zurückgeschnitten to reduce euro by 2014. The total deficit in the year 2009 was 3.1% of GDP, but it will be more than 5% for the year 2010.
The plans include a reduction of subsidies for parents, 10,000 government job cuts over four years and higher taxes on nuclear power.
In contrast to many of its neighbors Germany enjoys strong economic growth - GDP grew by 3.6% in 2010. Unemployment is lower than before the 2008 crisis.
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