In the Eurozone, 2014 Budget Debates Heat Up

Ireland and Portugal, two recipients of bailouts from the European Union and the International Monetary Fund, will present their 2014 budgets on Oct. 15. While the new budgets probably will include spending cuts and tax hikes, austerity measures are likely to be less harsh than in previous years. Dublin and Lisbon are attempting to balance social stability against fiscal consolidation efforts as they prepare to return to financial markets in early and late 2014, respectively.

Elsewhere in the European Union, debates over national budgets for 2014 have been particularly contentious in the Netherlands and Italy, two countries with fragile ruling coalitions. France, meanwhile, is looking for a balance between demands at home and abroad.