Austerity
Economic policies intended to reduce government budget deficits
Follow Austerity on Notably News to receive short updates to your email — rarely!
We include updates on British National Party, Plaid Cymru, Collective bargaining, Special Period, People Before Profit, Respect Party, Trade Unionist and Socialist Coalition, Washington Monument syndrome, Welfare reform, Crippled, Thomas Herndon, Bungehuis and Maagdenhuis occupations, Protecting a Sustainable Public Sector for Future Generations Act, 2019, 2009 Irish budget, 2010 French pension reform strikes, 2011 Rome demonstration ... and more.
| 2024 | France began a new austerity period |
| 2023 | Finland began a new austerity period |
| 2022 | Argentina started another period of austerity |
| 2021 | A study revealed that European incumbent governments that implemented austerity measures during the Great Recession lost support in opinion polls. |
| 2020 | Mexico adopted austerity measures |
| 2020 | A study using survey experiments in the UK, Portugal, Spain, Italy, and Germany found that voters strongly disapprove of austerity measures, particularly spending cuts. |
| 2020 | A comprehensive study examined the impact of austerity measures on default risk, finding that such policies increase default risk during severe fiscal stress but potentially reduce default risk in low fiscal stress scenarios. |
| 2018 | Argentina entered a new austerity period that continued into 2019 |
| 2018 | Nicaragua adopted additional austerity policies |
| 2018 | Economists Alberto Alesina, Carlo A. Favero, and Francesco Giavazzi publish an analysis in Finance & Development arguing that spending cuts have minimal impact on output and can help reduce debt-to-GDP ratio. |
| 2017 | Ecuador entered an ongoing austerity period |
| November 2017 | A study published in The BMJ links the Conservative government's austerity programme to approximately 120,000 deaths since 2010. |
| 2016 | Venezuela adopted additional austerity policies |
| 2015 | End of research period analyzing elections in 124 European regions from eight countries, revealing the political consequences of fiscal consolidations. |
| 2015 | Brazil entered another austerity period lasting until 2018 |
| 2015 | Finland implemented additional austerity measures lasting until 2019 |
| February 3 2015 | Joseph Stiglitz criticized austerity measures, arguing that they had failed repeatedly throughout history, from Herbert Hoover's approach during the Great Depression to IMF programs in East Asia and Latin America. |
| 2014 | Australia implemented austerity measures |
| 2014 | Mark Blyth publishes a book critiquing austerity, arguing that it fails to stimulate growth and passes debt to the working classes. |
| 2013 | China adopted austerity policies |
| 2013 | The IMF publishes a detailed analysis concluding that austerity policies could potentially slow or reverse economic growth and inhibit full employment. |
| 2012 | Argentina implemented another round of austerity measures |
| 2012 | European countries collectively experienced austerity |
| 2012 | Greece undergoes a debt restructuring, which helps mitigate some of the government's debt increase. |
| October 2012 | The IMF announced that its forecasts for countries implementing austerity programs had been consistently overoptimistic, suggesting that tax hikes and spending cuts were causing more damage than expected. |
| February 12 2012 | The Greek parliament approved the third round of austerity measures, which was met with strong opposition, particularly in Athens and Thessaloniki, where police clashed with demonstrators. |
| 2011 | Finland entered another austerity period lasting until 2015 |
| 2011 | Italy implemented austerity measures lasting until 2013 |
| 2011 | Netherlands entered an austerity period lasting until 2014 |
| 2011 | Germany adopted austerity policies |
| 2011 | United Kingdom began an austerity period lasting until 2019 |
| 2011 | The IMF begins to issue guidance suggesting that austerity measures could be harmful when applied without considering an economy's underlying fundamentals. |
| June 29 2011 | Massive demonstrations in Greece against austerity plans resulted in 19 arrests, 46 civilian injuries, and 38 police officer injuries in Athens. |
| June 29 2011 | Greek parliament approves the second set of austerity measures, with 155 out of 300 members voting in favor, despite widespread public protests and demonstrations. |
| June 27 2011 | Trade union organizations launch a 48-hour labor strike in Greece, the first such strike since 1974, in protest of proposed austerity measures ahead of a parliamentary vote. |
| 2010 | Spain entered an austerity period lasting until 2014 |
| 2010 | Czech Republic adopted austerity policies |
| 2010 | France adopted austerity policies |
| 2010 | Romania adopted austerity policies |
| 2010 | Japan adopted austerity policies |
| 2010 | Continued demonstrations in Greece and other European countries against austerity measures, with workers and students protesting government cuts. |
| 2010 | Greece begins receiving bailouts from the EU and IMF, initiating a series of three successive bailouts that would continue until 2018. |
| June 2010 | Chancellor George Osborne presents the budget speech, initiating the UK's austerity programme through the Conservative and Liberal Democrat coalition government. |
This contents of the box above is based on material from the Wikipedia article Austerity, which is released under the Creative Commons Attribution-ShareAlike 4.0 International License.