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 came as a surprise to the institutions that imposed the austerity regime -- the IMF had predicted that Greek unemployment would peak at 12 percent -- but, preferring their theory to reality, they insisted that more austerity would turn the economy around.
Wise words from a politician who rejects the poor's chances of perhaps improving their lot in an independent Scotland - where uncertainty would prevail - rather than opting for the certainty of remaining poor under the austerity regime promised by Tory and Labour.
For many in Greece, Spain, Portugal and Italy, Merkel has come to symbolise an austerity regime that slashed health and education spending and sent jobless rates spiralling to 27.
While there remains certain disparities between the member states, with the likes of Greece still suffering under a tough austerity regime, some of the biggest economies in the currency area have seen data uptick in recent months.
The severe austerity regime applied since May 2011 as part of a 78 billion EU-IMF bailout has precipitated the Portuguese economy into recession and has caused a drop in tax revenue in spite of tax increases.
The Greek elections turned out the government that had negotiated the rescue and the connected austerity regime and put in its place not just an anti-austerity plurality, but a significant number of euro-skeptic politicians as well.
But under the new austerity regime the Department for Transport and others which are unshielded from the cuts will face an average real cut of around 25% over four years.
Slippery Cameron mustn't be allowed to wash his hands of responsibility when his austerity regime is walling in our kids.
And the millionaire aristocrat's austerity regime will see real wages drop by nearly one per cent this year.