The British government must increase spending on the armed forces if Britain is to maintain its defense relationship with the United States, MPs have warned. The Commons Defense Committee said without further investment, UK forces would struggle to maintain “interoperability” with the US military, diminishing their usefulness as allies.
Brazilian President Michel Temer signed a measure that paves the way for the privatization of Eletrobras, Latin America’s largest power company, according to a government official.
The Falkland Islands ended the approval process for the 2011/2012 budget, following the positive report from Financial Secretary Keith Padgett to the Legislative Assembly budget session.
Brazil announces 50 billion Real (30 billion US dollars) cuts from this year’s budget as President Dilma Rousseff seeks to help the central bank contain inflation and lower some the world’s highest real interest rates.
British Prime Minister David Cameron has joined forces with France and Germany to demand a real-terms freeze in the European Union budget until the end of the decade.
Amid expectations over President Barack Obama's comments on the Wikileaks scandal, he instead offered a speech to announce a two-year freeze on the pay of federal workers, as he seeks to show he is committed to reining in the ballooning US budget deficit.
Spain presented a tough 2011 budget, deepening an austerity drive and taxing the rich more heavily as it seeks to boost confidence in a fragile economy ahead of a general strike.
President Barack Obama has said an over-supply of homes is hindering the US economic recovery. Obama also said the US had to find a way to curb its budget deficit without further slowing economic growth.
Obama administration warned the US economy had encountered strong headwinds and the country's fiscal challenge remained grave, but it lowered an estimate for the budget deficit this year.
The IMF and EU suspended a review of Hungary's funding program, set up in 2008 to save the country from financial meltdown, saying it must take tough action to meet targets for cutting its budget deficit.