Austerity Measures - everywhere around Europe!!!!!!!!

If you see any newspapers today on world economy, then you can notice one important thing, that is, Austerity Measures - everywhere around Europe. After the Greece Crisis, all other european nations (including England) are very much alerted on the Fiscal Debt of their Nation.

Spain unveils billions in deficit cuts to halt eurozone crisis fears. Spain will slash public spending by €6bn and cut civil servants' by 5pc salaries this year as part of a plan to ease fears the country could slide into a debt crisis like that of Greece.Spain's Prime Minister Jose Luis Rodriguez Zapatero ordered a five percent pay cut for public workers as it ordered tough austerity measures in a bid to slash the national debt. Premier Jose Luis Zapatero told a stunned nation that public sector pay will be reduced by 5pc this year and frozen in 2011. "We must make an extraordinary effort," he said. Pension rises will be shelved. The country’s €2,500 baby bonus will be cancelled. Aid to the regions will be slashed and infrastructure projects will be put on ice. Mr Zapatero’s own monthly pay will fall 15pc to €6,515.
(Source: http://www.telegraph.co.uk/. )

While Spain is on Five Percent pay cut for public workers, Speaking at one of the four press conferences he gives a year, Mr King said that cutting the deficit is the 'No. 1' issue and that he had advised the George Osborne, the new Chancellor, this morning that the cuts should start this year. Some excerpt from telegraph - Bank of England (BOE) Governor said that "The lesson from Greece is that the deficit is the 'No. 1' issue" The Governor of the Bank of England warned that the next few years are going to be 'painful', as he welcomed the new government's plan to tackle the deficit this year. "The lesson from Greece is that the problem had been dealt with three months ago it would not have become as serious as it subsequently became," Mr King said. "The crucial thing is to prevent contagion from Greece to other euro-area countries. But those measures only provide a window of opportunity."

Now, despite of so much alert over the Debt crisis and Austerity measures will Europe survive from the crisis? Another big question is how long the EURO can survive? It’s really a big testing time for European Union to maintain it’s stability within their Union Economies. It will not be surprising for me at all when i hear the news that "EURO fails or Dissolved". Ofcourse, it still very early to say anything like that, only time can provide answer for all these questions.