Austerity


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Austerity

A program in which a government drastically reduces spending and/or increases taxes or other revenue sources. A government launches austerity programs when their deficit and/or national debt become unsustainable. The IMF and the World Bank often require austerity programs in exchange for restructuring or refinancing a country's debt. Austerity is usually politically unpopular because it may involve cutting programs like food subsidies or national health care.
References in periodicals archive ?
Mr Swinney said: The Chancellor has continued with ideologically driven austerity of choice.
Nobody, Mr Thomas, supports austerity, it is forced upon us.
He pledged the party would ensure the country lived within its means but would not make low earners pay for austerity.
Tsipras was elected prime minister in January on campaign promises to reject any new austerity measures, but when the Greek economy nearly collapsed, he abandoned the promise and agreed to a bailout package which included deeply unpopular tax increases and pension cuts.
Is reducing spending not the goal of the austerity measures?
While there is no evidence to suggest this is a political decision, it will be interpreted as such by that party's supporters and by the hundreds of thousands of people who are against austerity and water charges.
According to RIA Novosti sources, Tsipras is nonetheless expected to shake up his administration after 32 lawmakers from the ruling Syriza party voted against austerity measures required by the creditors in order for Greece to receive more financial aid.
Protesters marched from European Union house to parliament holding banners saying 'no to austerity, yes to solution' and 'we are people not numbers' and handed a letter addressed to Juncker in which they condemned the "unacceptable attitude, blackmail and ultimatums imposed by European institutions in cooperation with the International Monetary Fund".
Bankers are meant to understand about money, but, if the Greek economy has been reduced by 25%, because of austerity, the bankers are only misleading themselves to believe that the loans can be repaid.
CHARLOTTE CHURCH took centre stage as she joined thousands of protesters at an anti-austerity march in London, branding austerity as "unfair, unethical and unnecessary".
Merseyside working-class people are at the brunt of this Conservative Government's austerity programme once again and should be made aware that we are not going to be used as the scapegoats for the financial crisis which their friends in the City of London bestowed upon us.
TOP cop',' Dave Thompson, as he was referred to in the Birmingham Mail, has only confirmed what we all knew would happen regarding austerity cuts, which will certainly have some negative impact on West Midlands policing.