For many, the word austerity is inextricably linked to the international development community: IMF and World Bank policies that required austerity policies – often draconian in their social impacts – in exchange for development financing and other aid. The IMF is now grappling with a different part of the globe: the withering crises of the […]
Another Krugman article about austerity, mostly in Britain, where austerity continues to hold sway even as much of continental Europe is embroiled in debates over it: Unlike the governments of, say, Spain or California, the British government can borrow freely, at historically low interest rates. So why is that government sharply reducing investment and eliminating […]
Rising to the fore as the country’s second-most popular party was Syriza, a coalition of left-leaning parties that promised to keep Greece in the euro and, among other things, increase wages, halt public sector layoffs and repudiate Greece’s debt. For the guardians of the monetary union in Europe — not to mention Greece’s political establishment […]
European cities continue to see huge protests over austerity, perhaps now bolstered by political gains in France and elsewhere. U.S. media coverage of Greece and Spain continues to be sparse, and there has been little follow-up after the French election. Tens of Thousands Protest Austerity in Spain – NYTimes.com.
While the language of austerity isn’t widely used to talk about the U.S., the New York Times has framed the political developments in Europe around the debate between stimulus and austerity: PARIS — Hours after voters in France and Greece delivered sharp rebuttals to advocates of austerity as the antidote to Europe’s financial crisis, Chancellor […]