Daily Digest: Austerity filled streets on May Day

Protests against austerity line put out by the European Union got people on the streets to demonstrate on May Day. In Spain, trade unions estimated that more than one million people had protested in 80 cities. Demonstrations also gathered people in Britain, France and Greece, while in Germany, chancellor Angela Merkel, insisted that austerity was necessary to restore competitiveness and to save the euro.

EU’s economy ministers are meeting today at an extraordinary council meeting to discuss regulation of banks. At stake is who decides what risks the EU’s 8,300 banks can take, and what tools regulators will have to deflate dangerous credit bubbles. According to the Financial Times the odds to get a breakthrough on this area seems stacked. Key players – such as UK’s George Osborne –  are not attending the meeting, which suggest that a deal is unlikely before next gathering in two weeks.

Head of France’s National Front Party, Marie Le Pen, yesterday rejected to publicly support any of of the two candidates left in the presidential race in France. About 6,4 million voters backed Le Pen in the first round of the French elections, but without her publicly support Nicolas Sarkozy his chances to be re-elected dwindle.

The Irish prime minister, Enda Kenny, yesterday launched his campaign for a “yes” in a Irish referendum on the European Union’s new fiscal pact treaty. The referendum will be held on May 31, and Kenny announced that “This decision is a vitally important one for Ireland’s future,” Enda Kenny said.

Prime Minister in Greece, Lucas Papademos, is due to hold his final cabinet meeting today, but is expected not the leave any comments on Sundays upcoming elections. Whatever government is formed after Sunday elections will have to agree with the EU and IMF another 11,5 billion euros of savings for 2013 and 2014.

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