spending cuts and reforms demanded by European creditors and the International Monetary Fund as part of its third bailout program.
Greece's left-led government wants easier budget saving targets after its current multi-billion euro bailout ends in 2018, a senior official said on June 22
Finance Minister P Chidambaram said that the ministry had issued austerity instruction which will bring in some savings. He also affirmed that there was no case for a downgrade in ratings for India.
The government last week announced a host of austerity measures, including 10 per cent mandatory cut in various categories of non-plan expenditure, with a view to keep the fiscal deficit under check.
The small-bore austerity measures across government departments include restriction on foreign travel by government officials, creation of new government jobs and 10 percent mandatory cut in non-plan expenditure.
Hundreds of thousands of Portuguese poured into the streets of Lisbon and other cities on Saturday to demand an end to austerity measures dictated by an international bailout and for the centre-right government to resign.
Tens of thousands of people marched through Rome in a "No Monti Day" on Saturday, some throwing eggs and spraying graffiti to protest against austerity measures introduced by Italian Prime Minister Mario Monti's government.
Greek workers walked off the job for the second time in three weeks on Thursday, aiming to show EU leaders meeting in Brussels that a new wave of wage and pension cuts will only worsen their plight after five years of recession.
Arunachal Pradesh Finance Minister Chowna Mein today said that the state government has decided to enforce austerity measures in the state to maintain strict financial discipline.
Prime Minister Mario Monti urged China on Saturday to step up investment in Italy and tried to reassure Beijing that the euro zone debt crisis was close to resolution and tough economic reforms passed by his government were working.
The Greek bailout cannot possibly work, says David Buick, partner at BGC.
Asian shares and the euro gained modestly on Monday, relieved by The Greek parliament's passage of austerity measures which put the country a step closer to securing a much-needed bailout fund and avoiding a messy default.
Greek political leaders have clinched a deal on austerity measures needed to secure a bailout to keep the country afloat.
The majority of Germans feel the euro currency bloc would be better off if debt-crippled Greece left it, a poll published in mass-selling newspaper Bild am Sonntag showed on Sunday.
Thomas Costerg, the Europe economist at Standard Chartered Bank says that he expects to see things worsen in the euro zone before they become better.
Greece's conservatives vowed on Monday to reject any new austerity measures in return for the aid that is keeping Athens from bankruptcy, signalling a new coalition government may not enjoy the kind of cross-party support its lenders demand.
Speaking exclusively to CNBC-Tv18, Sandeep Madan, an HNI, says that that urban real estate holds an allure for the HNI community and offers good opportunities for them to invest in.
The government on Monday announced austerity measures, including a ban on meetings in five-star hotels and restrictions on foreign travel, as it tries to meet its fiscal deficit target.
Greece ground to a halt Tuesday as a 48-hour general strike began to bite while the bankruptcy-threatened government attempted to push through sweeping austerity cuts.
Greek police fired teargas at demonstrators in central Athens on Tuesday at the start of a 48-hour strike to protest austerity measures demanded by international lenders as the price for more financial aid.
Greek ministers and policy makers urged parliament on Saturday to do its duty next week and pass a deeply unpopular set of austerity measures international lenders have demanded as the price for staving off bankruptcy.
Martial Godet, Head of Investment Management - New Markets at BNP Paribas said that it is difficult to forecast the outcome because of the political angle plaguing the eurozone.