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 ?
What remains of the working-class city is increasingly an austerity regime, with entire neighborhoods terrorized by occupying police forces and the gangster cadres of the informal economy.
Especially coming from a PM who loyally supported David Cameron's austerity regime.
ANDY PHILIP Y PHILIP a.philip@dailyrecord.co.uk DAVID Cameron yesterday told opponents to stop "bleating" about his austerity "bleating" about his austerity regime.
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.
As the coalition Government imposed an austerity regime across the UK in the spending reviews of 2010 and 2013, a technical detail of the Barnett formula meant that devolved administrations were spared cuts totalling around PS600m in Scotland and PS200m in Northern Ireland, compared with if they were treated in the same way as England and Wales, found the Institute for Fiscal Studies (IFS).
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 27.9 percent in Greece, 26.26 percent in Spain, 16.4 percent in Portugal and 12.0 percent in Italy.
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.
That's the Conservative equivalent of sticking up two fingers at the British public - the same people told to like or lump his party's austerity regime in policies he voted for.
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.