logo
Dutch prime minister to resign, continue in caretaker role

Dutch prime minister to resign, continue in caretaker role

Miami Herald6 days ago

Dutch Prime Minister Dick Schoof said his government would offer to resign and continue on in a caretaker role, setting the stage for a likely snap election.
Far-right Geert Wilders pulled his Freedom Party out of the Dutch government earlier Tuesday over the refusal of his three coalition partners to agree to his plans to curb migration. His demands included closing the border to asylum seekers, temporarily halting family reunification and returning asylum seekers to Syria.
While a minority government is unlikely, the remaining coalition parties will first explore whether they can continue together in another form - for example, by bringing in new parties or continuing as a minority cabinet. If those talks fail, there will be a fresh ballot.
'In the past days I let all four caucus leaders know several times that the fall of the government would in my opinion be unnecessary and irresponsible,' Schoof told reporters in The Hague. 'Nationally and internationally we are facing big challenges, and more than ever do we need reliability.'
Migration has become a leading issue for Dutch voters, fueled by one of Europe's worst housing crises and rising costs of living. In the last election, the Netherlands turned its back on years of liberal immigration policies as Wilders vowed to implement the 'strictest asylum policy ever.'
Dutch bonds remained higher along with their European peers. The spread between the Netherlands' 10-year yield and the equivalent German rate traded at 21 basis points, little changed from Monday.
'We think a caretaker government will avoid controversial topics for up to one year, so the Netherlands will be stable with no impact on the funding need,' Jaap Teerhuis, senior rates strategist at ABN Amro Bank NV said. 'There's no panic whatsoever relating to the political situation in the Netherlands.'
Wilders' party delivered a shock electoral victory in the 2023 parliamentary vote as far-right parties across Europe have risen in popularity, partly on promises to cut migration. The Dutch coalition parties, however, refused to name Wilders prime minister, instead tapping former spy chief Schoof, who didn't hold a party affiliation.
The right-wing cabinet has been plagued by a number of controversies since it was installed in July, which began with Schoof's appointment. He was the first non-partisan premier since 1918, breaking with a tradition of the leader of the largest party holding the post.
This isn't the first time migration sunk a Dutch government: In 2023 the government of the previous prime minister, Mark Rutte, who had been the country's longest-serving leader, collapsed over the same issue. In that instance, the caretaker government was installed for four months before a snap election.
Even though the Freedom Party's support had been declining over the past few months, it regained its position as the strongest political force in a poll this week after Wilders announced his new migration plan. An Ipsos poll in early May translated to 29 seats for Wilders' party, lower than the 37 he has in parliament today.
Wilders' move was immediately criticized by his coalition partners, with Caroline van der Plas from the Farmers Party calling Wilders' decision a 'reckless kamikaze action' in a post on X.
'Geert Wilders does not put NL first, he puts himself first,' she said. Dilan Yesilgöz, another coalition party leader of the People's Party for Freedom and Democracy, said Wilders was 'not concerned about asylum, not about the interests of the Netherlands and not about his voters.'
The Confederation of Netherlands Industry and Employers - which represents companies such as ASML Holding NV and Heineken NV - said in a statement that the Netherlands urgently needed an 'effective and stable cabinet' especially in these times of 'great geopolitical tensions.'
Wilders, 61, has been a fixture in Dutch politics for decades. As the longest-serving lawmaker, he has been focused on immigration and Islam, as he has called for fewer Moroccans in the Netherlands and for banning Muslim immigration, mosques and the Koran.
Initially most mainstream parties - including Rutte's People's Party for Freedom and Democracy - ruled out working with him, until last year, after his surprising electoral victory made his party the biggest bloc in parliament.
The Freedom Party 'has promised to the voters to enact the strictest asylum policy ever,' Wilders said in a television interview earlier Tuesday. 'I had no other choice now than to say we'll withdraw our support for this government - I let the prime minister know that we'll pull our ministers from the cabinet and that we can't bear any further responsibility for this.'
_____
(With assistance from James Hirai, Sarah Jacob and Charlotte Hughes-Morgan.)
Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Officials unveil $100 billion investment to transform how nation gets its power: 'Bombshell'
Officials unveil $100 billion investment to transform how nation gets its power: 'Bombshell'

Yahoo

time22 minutes ago

  • Yahoo

Officials unveil $100 billion investment to transform how nation gets its power: 'Bombshell'

Germany recently approved a landmark €100 billion ($107 billion) investment package to supercharge its transition to clean energy, and it's being called a "green bombshell," according to Forbes. The plan will pour funding into renewable energy infrastructure, grid modernization, and other projects aimed at reducing the country's pollution. This will not only create jobs and strengthen innovation but also position Germany as a global clean tech leader. This comes as Germany's clean energy milestones stack up. In 2023, renewables made up nearly 52% of the country's electricity consumption, and solar capacity soared past 100 gigawatts at the start of 2024. But rapid growth has exposed challenges — specifically, outdated infrastructure. "We've scaled renewables at an impressive pace, but the grid hasn't caught up," said Jan Lozek, founder and managing partner at Future Energy Ventures, a German climate-focused venture capital firm, to Forbes. The solution will be smarter, more decentralized systems. "We need to roll out smart meters, decentralised controls, and energy storage solutions that let us manage this new ecosystem in real-time," Lozek explained. "Local optimisation will be key — not just pouring more power into the grid, but using it where it's produced." The green transition is opening up huge investment opportunities in the U.S. and around the world. Clean energy and sustainability-focused businesses have consistently outperformed traditional dirty energy stocks over the long term, and Germany's plan mirrors a growing understanding that building a cleaner economy isn't just good for the planet; it's also financially smart. Despite setbacks here and there, the momentum has never been stronger, backed by solid market logic. Similar moves are gaining steam elsewhere, such as massive solar farm projects in the U.S. and renewable energy investments in the European Union. Globally, investment in clean energy now outpaces fossil fuels, such as gas and coal, 2-to-1, with total energy investment surpassing $3 trillion in 2024. For everyday people looking to put their money on a greener future, GreenPortfolio is a free tool that makes climate-forward investing easier. While planning your strategy to support the green transition can be tricky, GreenPortfolio connects you with remote financial advisors who offer guidance on building portfolios and choosing sustainable banks, investments, and credit cards. As for Germany's plans, Lozek is optimistic. "Decarbonizing heavy industry and transitioning to a circular economy — these are massive opportunities. We need scalable solutions that can make a dent in global emissions," he said. "This is not just about hitting climate targets — it's about reshaping the entire energy landscape," he added. Do you think America could ever go zero-waste? Never Not anytime soon Maybe in some states Definitely Click your choice to see results and speak your mind. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.

NATO chief calls for 400% boost in the alliance's missile defenses
NATO chief calls for 400% boost in the alliance's missile defenses

Yahoo

time22 minutes ago

  • Yahoo

NATO chief calls for 400% boost in the alliance's missile defenses

LONDON (AP) — NATO members need to increase their air and missile defenses by 400% to counter the threat from Russia, the head of the military alliance plans to say on Monday. Secretary-General Mark Rutte will say during a visit to London that NATO must take a 'quantum leap in our collective defense' to face growing instability and threats, according to extracts released by NATO before Rutte's speech. Rutte is due to meet U.K. Prime Minister Keir Starmer at 10 Downing St. ahead of a NATO summit in the Netherlands where the 32-nation alliance is likely to commit to a big hike in military spending. Like other NATO members, the U.K. has been reassessing its defense spending since Russia's full-scale invasion of Ukraine in February 2022. Starmer has pledged to increase British defense spending to 2.5% of gross domestic product by 2027 and to 3% by 2034. Rutte has proposed a target of 3.5% of economic output on military spending and another 1.5% on 'defense-related expenditure' such as roads, bridges, airfields and sea ports. He said last week he is confident the alliance will agree to the target at its summit in The Hague on June 24-25. At the moment, 22 of the 32 member countries meet or exceed NATO's current 2% target. The new target would meet a demand by U.S. President Donald Trump that member states spend 5% of gross domestic product on defense. Trump has long questioned the value of NATO and complained that the U.S. provides security to European countries that don't contribute enough. Rutte plans to say in a speech at the Chatham House think tank in London that NATO needs thousands more armored vehicles and millions more artillery shells, as well as a 400% increase in air and missile defense. 'We see in Ukraine how Russia delivers terror from above, so we will strengthen the shield that protects our skies,' he plans to say. 'Wishful thinking will not keep us safe. We cannot dream away the danger. Hope is not a strategy. So NATO has to become a stronger, fairer and more lethal alliance.' European NATO members, led by the U.K. and France, have scrambled to coordinate their defense posture as Trump transforms American foreign policy, seemingly sidelining Europe as he looks to end the war in Ukraine. Last week the U.K. government said it would build new nuclear-powered attack submarines, prepare its army to fight a war in Europe and become 'a battle-ready, armor-clad nation.' The plans represent the most sweeping changes to British defenses since the collapse of the Soviet Union more than three decades ago.

US Treasuries Win Some Respite as Key 30-Year Auction Looms
US Treasuries Win Some Respite as Key 30-Year Auction Looms

Yahoo

time23 minutes ago

  • Yahoo

US Treasuries Win Some Respite as Key 30-Year Auction Looms

(Bloomberg) -- US Treasuries were trimming overnight gains, with modest weakness in longer dated debt as investors awaited a Thursday auction of 30-year securities that will offer a fresh test of demand for the beleaguered securities. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World Trump Said He Fired the National Portrait Gallery Director. She's Still There. US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Senator Calls for Closing Troubled ICE Detention Facility in New Mexico An early rally that mirrored moves in European bonds lost steam ahead of the Wall Street open for equity trading. Treasuries were clinging to gains on maturities out to the 10-year. That left US government bonds still nursing the bulk of sharp losses from Friday's stronger-than-expected US jobs report that saw traders dial back Federal Reserve interest rate cut expectations. A quieter day for economic data Monday is shifting attention to US and China trade talks in London, and events later this week, including consumer inflation on Wednesday and the debt sale the following day. While scheduled bond auctions are typically routine affairs, Thursday's $22 billion offering will be particularly scrutinized given the recent volatility in long-dated global bonds. Yields have soared in recent weeks amid growing concern over major governments' spiraling debt and deficits. 'The 30 year is a kind of tail risk type of rate,' said Jeffrey Klingelhofer, portfolio manager at Aristotle Pacific Capital LLC in Newport Beach. 'Concerns over deficit spending' matter far more for the long end than, 'the seven to 10 year and certainly the shorter part of the curve,' he said. The US 30-year yield has been marching higher since early April, hitting a peak of 5.15% on May 22, the highest since 2023. It was up around two basis points at 4.99%, from a session low of 4.94% on Monday, while the 10-year yield hovered around 4.51%. 'This is going to be key and really set the tone into June as a whole,' said Lauren van Biljon, fixed income portfolio manager at Allspring Global Investments, on Bloomberg TV, about the 30-year Treasury auction. 'We know how much anxiety there is around longer-term financing.' Mike Riddell, a portfolio manager at Fidelity International, said he's entered a steepener position, which profits from long-dated bonds underperforming shorter ones. Like PGIM Fixed Income, he said the forces driving ultra-long bonds have shifted away from monetary policy. 'It's no longer about policy rates, it's all about the fiscal story and demand supply dynamics,' Riddell said. It's 'really concerning' that there 'doesn't appear to be any change in policy on the back of these market moves,' he added. The US will also hold auctions for three and 10-year notes on Tuesday and Wednesday, respectively. Bond traders must also navigate the May CPI report, with economists surveyed by Bloomberg forecasting the year-on-year rate ticking up from 2.3% to 2.5%. 'Signs of inflation pressure could knock risk sentiment, and it may even limit dollar upside, especially if it threatens the US's 30-year Treasury auction on Thursday,' Kathleen Brooks, research director at XTB wrote in a note. --With assistance from Alice Atkins and Michael Mackenzie. (Updates yields, adds quote in fourth paragraph.) The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again America Cast Itself as the World's Moral Leader. Not Anymore Is Elon Musk's Political Capital Spent? What Does Musk-Trump Split Mean for a 'Big, Beautiful Bill'? ©2025 Bloomberg L.P.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store