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 ?
This is an austerity measure exclusive to our part of the world.
The Congress has criticised the state government for giving austerity measures a miss and said the chief minister, who presented himself as the common naive person, has betrayed the people of the state.
Levy, a former banker seeking to introduce austerity measures needed to rebalance overdrawn government accounts, faces increasing criticism from ruling party officials who oppose the measures and support economic stimulus instead.
The new austerity measures are in addition to those passed last week which increase taxes and cut pensions.
Osborne gets pats on the back for cutting the budget deficit while Carwyn Jones and local councillors get kicked up the backside for cuts to services necessitated by Osborne's austerity measures. His plan is working for the rich and himself, but not for the rest of us.
Well over 60% of Liverpool's budget has been stopped by this Government under its austerity measures. Austerity measures that are firmly targeted at the poor, disabled and most vulnerable communities.
Global Banking News-November 28, 2014--Greece says it is under pressure to adopt new austerity measures
TEHRAN (FNA)- More than one in four children in the UK are now living in poverty and the number is rising sharply because of the Government's harsh austerity measures, the United Nations Children's Fund warned.
BANKING AND CREDIT NEWS-August 29, 2014-Germany prepared to reduce austerity measures for France
The organisations, protesting against austerity measures, include workers unions PEO, DEOK, the teachers unions POED, the pensioners union EKYSY, the Journalists Union, associations against privatisations and parents associations.
Unionists from workers', farmers' teachers' and students' organizations PEO, DEOK, OELMEK, POED, OLTEK, POAS, EKYSY, PSEM, and EKA, held a press conference Tuesday announcing their decision to organize their first mass demonstration against "the strict austerity measures imposed by the Troika and those who abide by its policies".
From January-March 2010 the government announces two more rounds of tough austerity measures leading to widespread protests.