Austerity

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Related to Austerity regime: sternness, Austerity measures, Deficits

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 ?
It relies heavily on the public sector and has suffered under the Government's austerity regime in comparison with its southern counterparts as worklessness rises and dole queues get longer.
There's a pledge to impose strict conditions on Greece, Portugal and the rest in exchange for loans, but it still isn't clear how Brussels will make this austerity regime work.
As the Conservatives continue with a vastly unpopular austerity regime, less than half (49%) said they would vote Labour if an election were held tomorrow, compared to 23% Conservative, 7% Liberal Democrat and 12% Ukip.
A penny off a pint or the jump in the income tax threshold does little to compensate those struggling under his austerity regime.
And the millionaire aristocrat's austerity regime will see real wages drop by nearly one per cent this year.
BEN FOSTER last night claimed England stars hated Fabio Capello's austerity regime - but they love life under Roy Hodgson.