Dutch PM urges MPs to back austerity package
Source: BI-ME , Author: Posted by BI-ME staff
Posted: Tue April 24, 2012 4:54 pm

INTERNATIONAL. Outgoing Dutch Prime Minister Mark Rutte appealed to lawmakers on Tuesday to support his package of budget cuts despite the collapse of his government, insisting public spending had to be reined in.

"I am standing here in the hope that parties will be willing to work with the cabinet to do what is essentially necessary for the Netherlands," Rutte said in an address to the Lower House.

"Standing still is not good for the Netherlands," he added.

Rutte submitted the resignation of his centre-right cabinet to Queen Beatrix on Monday after the collapse of its parliamentary partnership with a far-right party over the austerity measures.

The crisis was triggered Saturday when the Freedom Party, led by Geert Wilders, walked out of budget negotiations designed to ensure that Europe's fifth-largest economy brings itself back within eurozone deficit targets.

Wilders, an arch eurosceptic best known for campaigning against Islam, said his supporters "could not live up to the demands" and accused Brussels of "stealing money from the wallets of the poor and the elderly."

Although not part of the ruling coalition, Wilders' party had effectively guaranteed the government's majority for the last 18 months by supporting it in parliament. That arrangement now lies in tatters, with new elections looming.

 Rutte's liberal VVD party, its coalition partner the Christian Democrats and the Freedom Party had been negotiating for seven weeks on how to cut 16 billion euros (U$21 billion) from the budget which stood at 4.7% of GDP in 2011.

The European Union's deficit ceiling is three percent of GDP

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: September 1, 2014
UAE. The Middle East's top brands have grown by an average of 38%, according to The Brand Finance Middle East 50; This brings the total value of the top 50 above US$50 billion for the first time; Emirates holds the top spot and remains far ahead of the rest.
date:Posted: September 1, 2014
SAUDI ARABIA. Consumer spending also remained robust; Non-oil exports rebound owing to greater production of petrochemicals and plastics.
date:Posted: September 1, 2014
INTERNATIONAL. Oil markets since 2011 have become less price sensitive to actual supply disruptions, especially to those geopolitical events that have taken place since the Arab Spring.
UAE. The Middle East's top brands have grown by an average of 38%, according to The Brand Finance Middle East 50; This brings the total value of the top 50 above US$50 billion for the first time; Emirates holds the top spot and remains far ahead of the rest.
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