Hmm , looks like it isn't just the Dutch suffering governmental stability issues....

http://www.guardian.co.uk/business/2012/apr/24/eurozone-crisis-dutch-bond-auction-government

5.43pm: So, what did we learn from the Dutch debate?

There are clear divisions between Mark Rutte's caretaker government, and many of the opposition parties within the House of Representatives, over the 2013 budget.
The Labour party, the Socialist party and the Democrats 66 party all suggested that the target of cutting the Dutch deficit to 3% of GDP in 2013 should, or could, be relaxed. The government, though, rejects this argument. Both Rutte himself and his junior coalition partner, the CVA, insisted that the Netherlands must meet the targets.

With Geert Wilders also sticking to his new anti-austerity position, it's not clear how Rutte will secure the support he needs for the budget - which needs to be delivered to Brussels in a few days...

The date of the Dutch general election remains unclear. Rutte himself suggested September 12 as a possible date. Other opposition MPs, though, want an earlier ballot.

The Dutch far right will push for the Netherlands to leave the euro. Geert Wilders' declaration that the election will be treated as a referendum on euro membership, and the conservation of Dutch sovereignty, ratchets up the pressure. Such comments have been heard in Greece, where many fringe parties oppose its financial reforms (and are gathering support). And of course, Marine Le Pen fought the French presidential election on an anti-euro platform, and attracted plenty of support.

Dutch politicians are taking the crisis in their stride. It was a calm, measured debate, with no shouting or Westminster-style heckling. There was occasional humour too (I did like the joke about Wilders' sudden conversion to the social democratic anti-austerity cause). The sight of politicians tackling the crisis like mature adults won't go down badly in the City.

5.22pm: The Dutch debate has just finished. I'll post a summary shortly....

Photograph: Nos news

... meanwhile, here's a picture from the end of the debate

5.13pm: Alexander Pechtold, head of the Democrats 66 party, is now responding to Mark Rutte. Pechtold asks the government to state in writing which 'exceptional circumstances' could be invoked to allow a country to break the eurozone 3% deficit rule, without penalty.

This may be a difficult card for the Dutch to play. Despite the political crisis, the Netherlands economy is in better shape than certain other members of the eurozone (it is in recession, but the unemployment rate of 4.9% is among the lowest in the region).

5.06pm: Now Geert Wilders is speaking again -- telling MPs that the upcoming election (for which we don't have a date) will be a referendum about Europe and Dutch sovereignty.

4.50pm: Mark Rutte tells Dutch MPs that he "sees a willingness" with parliament for an agreement on the 2013 budget.

That's an optimistic view, following the views expressed by some parties this afternoon, such as Labour leader Diederik Samsom who argued that the Dutch should run up a larger deficit next year (see 1.53pm).

Emile Roemer, head of the Socialist Party, also weighed in against Rutte's plans. Fresh off the Reuters terminal:

Several opposition leaders rejected Prime Minister Mark Rutte's appeal for help in getting his 14 to 16 billion euros savings package through.

"I understand that you have to bring finances in order but you cannot cut rigorously because it hurts the economy and people. Three percent is not feasible," Socialist leader Emile Roemer said in parliament on Tuesday.

4.26pm: Under more (civilised) questioning from MPs, Mark Rutte reveals that the government is planning to provide the Dutch parliament with a draft version of the letter it will send to Brussels by April 30, outlining its 2013 budget.

He adds that he does not believe Brussels would allow the Netherlands to dodge the 3% deficit target (as Labour leader Diederik Samsom, andGeert Wilders both suggested in the debate earlier).

4.20pm: Despite the political crisis that grips the country, the debate in the Dutch parliament is taking place in a calm, mature manner. Quite a contrast with the rough-and-tumble fisticuffs of the House of Commons.

Caretaker PM Mark Rutte is telling MPs that it is vital that they agree on an election date soon.

Rutte also rebuffs the suggestion that the Dutch should abandon the goal of a 3% deficit in 2013. As he points out, the Netherlands has argued in the past that the 3% deficit target should be strictly respected. It also remains an important issue for the country.

4.11pm: You can watch Mark Rutte's appearance in the Dutch parliament live here.

The Dutch PM just pointed to Geert Wilders, as he explained how negotiations over the austerity budget (and its €16bn of cuts) broke down at the last moment.

Wilders sat impassively, legs crossed, jotting notes on a pad......

4.00pm: The debate has resumed in The Hague, where caretaker PM Mark Rutte is responding to the issues raised by the debate.

Rutte is defending his agreement with far-right leader Geert Wilders, saying it was right to secure the support of the Wilders' Partij voor de Vrijheid (as Rutte's coalition would not otherwise have a majority in the Dutch parliament).

But he then pins the blame for the crisis firmly on Wilders, saying he walked away at the last moment after an agreement had been reached.

Open Europe@OpenEurope

Rutte:we had an agreement, the texts were finalised, and we were only waiting for the central planning bureau,but Wilders then called it off

24 Apr 12

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3.25pm: Here's a flavour from Associated Press's report from The Hague, on prime minister Mark Rutte's appeal to the Dutch parliament (see also 1.07pm) to "help him get the economy back on track":

Speaking publicly for the first time since he tendered his resignation on Monday, Rutte said the nation, long considered one of Europe's most fiscally responsible, has no time to waste in tackling its economic woes.

"I stand here in the hope that parties in this chamber are prepared ... to work with the Cabinet to do what is necessary to pull the Netherlands through these difficult economic times in a responsible way" he told lawmakers.

2.25pm: Sybrand van Haersma Buma, parliamentary leader of the Christian Democratic Appeal (CDA) party (the junior partner in Mark Rutte's minority coalition), has rejected the suggestion that the Netherlands should abandon its deficit reduction plan.

Sybrand van Haersma Buma today. Photograph: NOS news

Taking his turn at the lectern, van Haersma Buma tells MPs that the Dutch government could be fined up to €1.2bn if it rebelled, and failed to cut its deficit to 3% of GDP next year.

Van Haersma Buma also reminds MPs that the Netherlands has been a driving force behind tougher eurozone rules -- does it really want to be penalised under a law it drew up itself?

Van Haersma Buma goes on to argue that it isn't possible to solve a debt crisis by taking on more debt. He also lampoons Geert Wilders for taking a sudden hard line against austerity -- telling the House of Representatives that the far-right leader will end up as an honorary social democrat*

* - he should be so lucky

2.10pm: More from Geert Wilders -- he tells the Dutch parliament to drop the aim of a 3% budget deficit in 2013. Instead, he argues that this goal should be pushed back until 2015.

So that's two opposition leaders suggesting that the Netherlands should not comply with Eurozone fiscal rules which it has previously supported strongly (see Labour leader Diederik Samsom's comments at 1.53pm)

1.59pm: Geert Wilders, the populist far-right Dutch politician who prompted the crisis by refusing to support the government's austerity budget plans, is now speaking.

Wilders begins by saying he regrets the collapse of the budget talks (echoing Rutte's comments at the start of the debate), but insists that he has no alternative.

Geert Wilders, leader of PVV. Photograph: NOS news

According to Wilders, his Partij voor de Vrijheid (Party for Freedom) had shown courage by rejecting an austerity plan that would have been harmed the country.

Wilders went on to cite "Henk and Ingrid" -- the imaginary couple he often refers to in speeches to represent ordinary Dutch people. He says the Netherlands must choose between supporting "Henk and Ingrid", or Brussels and its unelected bureaucrats.

1.53pm: Diederik Samsom, leader of the Dutch Labour party (the PvdA), has taken the stand in the House of Representatives. He tells the assembly that the Netherlands could choose not to comply with the target of a 3% budget deficit next year, saying that EU rules say there is no need to comply in 'exceptional circumstances'.

This claim is disputed by other MPs, though, who suggest that the Dutch economic situation is basically healthy, so the 'exceptional circumstance' argument does not apply.

Samson adds that his party would trim the deficit by increasing taxes for high earners, rather than raising VAT.

1.36pm: An interesting development in the debate taking place in the Dutch parliament. Stef Blok is asked whether the government would accept changes to its austerity programme in order to win parliamentary backing.

Blok responds that yes, the government is prepared to negotiate over these details (with thanks to the think tank @openeurope which is tweeting the debate)

Stef Blok addressing the Dutch parliament (via http://nos.nl)

1.22pm: Stef Blok, the parliamentary leader of Mark Rutte's VVD party in the Dutch parliament, took the stand in the debate following Rutte's statement.

Blok has insisted that the Netherlands must make budget cuts, telling MPs that the country spends too much money at present.

Alexander Pechtold, the opposition leader of the opposition Democraten 66 (D66) party, blasted Rutte for saying that the crisis had reared up over the last seven weeks (see 1.07pm). Pechtold accuses the government of wasting the last year and a half (since the October 2010 general election).

In response, Blok insists that progress has been achieved in the last 18 months, such as reforming Dutch bureaucracy.

1.07pm: That was quick! Dutch (caretaker) prime minister Mark Ruttespoke briefly to parliament, saying that his cabinet regretted the latest political developments. But, after seven weeks of talks without progress, the resignation of the government was inevitable.

Mark Rutte addressing MPs in The Hague parliament (via http://nos.nl).

The soft-speaking Rutte went on to say that the Netherlands cannot afford to stand still (as it needs to present a draft 2013 budget to Brussels by 30 April).

Rutte concluded by calling on political parties from across the political spectrum to help the country through the difficult economic circumstances ahead.

And with that, the speech ends. Now other MPs are speaking, as the debate on the government's collapse gets underway.

1.02pm: Over in the Dutch parliament, Mark Rutte is preparing to address MPs about the resignation of his government yesterday, and the crisis over the 2013 budget.

The debate is just starting....You can watch it live here.

and..... 

http://harveyorgan.blogspot.com/2012/04/europe-advances-with-treasury-bill.html

(special thanks to Robert H for sending this to me)

Three cabinets succumbed today due to austerity:

1.Romanian prime minister and cabinet resign en masse

Emil Boc says he is quitting to 'release tension' after weeks of protests over austerity measures and alleged corruption.  

2,

Egypt's cabinet offers to resign as elections thrown into doubt

EGYPT'S ENTIRE CABINET OFFERED TO RESIGN ON MONDAY NIGHT FOLLOWING THREE DAYS OF CLASHES IN CAIRO BETWEEN THE SECURITY FORCES AND PROTESTERS SEEKING THE REFORMS PROMISED WHEN HOSNI MUBARAK WAS REMOVED FROM POWER. (UK TELEGRAPH)

3. Cyprus:

Cyprus cabinet resigns ahead of reshuffle

Move aimed at addressing economic and energy crisis caused by blast that knocked out power station earlier this month. Last Modified: 29 Jul 2011 03:39

Subject: Just in Three entire cabinets/ governments resign this morning due to austerity measures

http://www.google.co.th/#hl=th&sclient=psy-ab&q=entire+cabinet+resigned&oq=entire+cabinet+res&aq=0vL&aqi=g-vL1&aql=&gs_nf=1&gs_l=hp.1.0.0i15i19.6318.14788.0.18082.18.11.0.7.7.0.621.2158.0j9j1j5-1.18.0.2Jf8ekBPmXM&pbx=1&bav=on.2,or.r_gc.r_pw.r_qf.,cf.osb&fp=59f0e31738e7d1ddth&sclient=psy-ab&q=entire+cabinet+resigned&oq=entire+cabinet+res&aq=0vL&aqi=g-vL1&aql=&gs_nf=1&gs_l=hp.1.0.0i15i19.6318.14788.0.18082.18.11.0.7.7.0.621.2158.0j9j1j5-1.18.0.2Jf8ekBPmXM&pbx=1&>       

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