The Irish Congress of Trade Unions, a workers umbrella organization, is marching in Dublin today against a 15 billion-euro ($20 billion) austerity package aimed at cutting the government’s budget deficit.
It’s fashionable to say the era of strong emerging-market growth is over. As the U.S. recovers, the global cost of capital will rise, holding back investment; against this background, avoiding the next crisis is the best that most emerging economies can do. If you take this view, India might seem a perfect example, with its widening current account deficit, heavy public borrowing, persistent inflation and weak currency.
The U.S. has suspended non-lethal aid to opposition forces in northern Syria after members of a militant Islamist rebel group seized warehouses belonging to the Western-backed Supreme Military Council.