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 ?
A Cautionary Tale: The True Cost of Austerity and Inequality in Europe.
From January-March 2010 the government announces two more rounds of tough austerity measures leading to widespread protests.
Austerity, industry and sorts them the key issues in the journey of the mystics, and seekers of knowledge in different contexts.
In New York, members of National Nurses United led a large coalition of community organisations opposing austerity and advocating for an alternative economic strategy, including the implementation of a financial services tax.
The group will go ahead with their scheduled strike on Monday to demonstrate their exasperation over government's implementation of austerity measures.
The irate demonstrators hoisted banners against austerity measures amid strict security arrangements.
The social cost of austerity can be found in widespread political unrest, including mass public demonstrations that often spill into violence.
In a book to be published this week, the researchers say more than 10,000 suicides and up to a million cases of depression have been diagnosed during what they call the 'Great Recession' and its accompanying austerity across Europe and North America.
Blyth, professor of international political economy at Brown University (and a friend of mine), explains why a blind fixation on austerity is one of these terrible ideas.
The protests were not only about austerity and about the social price paid by the people.
The Spanish peninsula saw the strongest mobilisation: Spaniards respected a strike to protest the austerity policy carried out by the government, which aims to save 150 billion by 2014.
The move marks a climb down for the centre-right coalition government which has single-mindedly concentrated on meeting the goals as justification for harsh austerity measures which have sent the economy into its worst recession since the 1970s.