Thousands of demonstrators from Europe expected in Brussels to protest austerity measures in the EU

abcnews.go.com:

Thousands of protesters are expected to gather in Brussels on Tuesday to protest what they perceive as new austerity measures as the 27 European Union countries discuss ways to overhaul rules on government spending

BRUSSELS — Thousands of protesters are expected to gather in Brussels on Tuesday to protest what they perceive as new austerity measures as the 27 European Union countries discuss ways to overhaul rules on government spending.

Finance ministers from the bloc have been negotiating for months a reform of the EU's rules limiting debt and deficits for member states, known as the Stability and Growth Pact, which would curtail the options of nations seeking to spend their way out of a crisis and potentially force them into austerity. The rulebook, which has often proved difficult to enforce and has served as a source of tension, was suspended during the COVID-19 pandemic but should be reactivated next year.

Current rules stipulate that member states’ total public debt must not exceed 60% of their GDP, and their annual deficit must be kept below 3%.

According to the EU latest figures, the highest rates of government debt to GDP were in Greece with 166.5%, Italy with 142.4%, with four other nations also breaking the 100%, mark.

Amid tensions between Germany and France, an agreement on the revised rules has yet to be found.

But the European Trade Union Confederation, which represents 45 million members, claims that under the current draft proposal for a reform, 14 member states will be forced to cut a combined 45 billion euros from their budgets next year alone.

“Under the current proposal, member states with a deficit above 3% of GDP will have to reduce their budget deficit by a minimum of 0.5% of GDP every year,”