POLITICS & POLICY
UK – Brexit: Consequences
According to the Institute for Fiscal Studies – Britain’s most important tax and spending think tank – if the UK leaves the EU it will be forced to extend austerity measures by almost two years to achieve a budget surplus. Lower GDP growth and extra borrowing costs would, by 2020, add a £20bn to £40bn hole in the government’s finances and cause delays in balancing books before 2022, two years later than forecasted. According to the think tank, the UK does not send £350m to Brussels every week but more like £150m, once the British rebate is deducted from the total.
Source: The Guardian, 25/05/2016
Greece – Debt crisis: Deal concluded
Eurozone finance ministers and the Greek government have finally reached a deal. After a series of meetings, 10.3 billion euros have been unlocked in order to relieve Athens and its debt. According to Eurogroup chief Jeroen Dijsselbloem, creditors will pay a first part of the sum in June (7.5 billion) and a smaller one in September (2.5 billion). Greece’s public debt is currently about 180% of its GDP. According to the IMF, if not restructured, the debt could reach a level as high as 250% by 2060.
Source: Luxemburger Wort, 25/05/2016
“Our minister of foreign affairs and minister of European Union will hold talks. If an agreement is not reached in these talks, no offense but the legislation on taking necessary steps on implementing the readmission agreement will not be approved in this parliament.”
Recep Tayyip Erdogan, President of Turkey
Source: Euronews, 25/05/2016
The percentage of Spaniards that are at risk of poverty or social exclusion.
Source: El Pais, 25/05/2016
The percentage by which foreign investment rose in the Netherlands last year.
Source: Dutch News, 24/05/2016