What does austerity mean?

Definitions for austerityɔˈstɛr ɪ ti

Here are all the possible meanings and translations of the word austerity.

Princeton's WordNet

  1. austerity, asceticism, nonindulgence(noun)

    the trait of great self-denial (especially refraining from worldly pleasures)

Wiktionary

  1. austerity(Noun)

    Severity of manners or life; extreme rigor or strictness; harsh discipline.

  2. austerity(Noun)

    Freedom from adornment; plainness; severe simplicity.

  3. austerity(Noun)

    A policy of deficit-cutting, lower spending, and a reduction in the amount of benefits and public services provided.

  4. austerity(Noun)

    Sourness and harshness to the taste.

Webster Dictionary

  1. Austerity(noun)

    sourness and harshness to the taste

  2. Austerity(noun)

    severity of manners or life; extreme rigor or strictness; harsh discipline

  3. Austerity(noun)

    plainness; freedom from adornment; severe simplicity

  4. Origin: [F. austrit, L. austerias, fr. austerus. See Austere.]

Freebase

  1. Austerity

    In economics, austerity describes policies used by governments to reduce budget deficits during adverse economic conditions. These policies can include spending cuts, tax increases, or a mixture of the two. Austerity policies may be attempts to demonstrate governments' liquidity to their creditors and credit rating agencies by bringing fiscal income closer to expenditure. In macroeconomics, reducing government spending generally increases unemployment. This increases safety net spending and reduces tax revenues, to some extent. Government spending contributes to gross domestic product, so the debt-to-GDP ratio which signifies liquidity may not immediately improve. Short-term deficit spending particularly contributes to GDP growth when consumers and businesses are unwilling or unable to spend. Under the controversial theory of expansionary fiscal contraction, a major reduction in government spending can change future expectations about taxes and government spending, encouraging private consumption and resulting in overall economic expansion. Initial austerity results in Europe have been as predicted by macroeconomics, with unemployment rising to record levels and debt to GDP ratios rising, despite reductions in budget deficits relative to GDP. Eurostat reported that Euro area unemployment reached record levels in March 2013 at 12.1%, up from up from 11.0% in March 2012 and 10.3% in March 2011; and that the debt to GDP ratio for the 17 Euro area countries together was 70.1% in 2008, 80.0% in 2009, 85.4% in 2010, 87.3% in 2011 and 90.6% in 2012. Further, real GDP in the EA17 declined for six straight quarters from Q4 2011 to Q1 2013. The U.S. Congressional Budget Office estimated in August 2012 that if the U.S. implemented moderate austerity measures, the unemployment rate would rise by over 1% and economic growth would be significantly reduced in 2013. The U.S. partially avoided the "fiscal cliff" through the American Taxpayer Relief Act of 2012. U.S. unemployment has fallen steadily from a peak of 10% in early 2010 to 7.6% by March 2013.

Numerology

  1. Chaldean Numerology

    The numerical value of austerity in Chaldean Numerology is: 9

  2. Pythagorean Numerology

    The numerical value of austerity in Pythagorean Numerology is: 3

Sample Sentences & Example Usage

  1. John Curtice:

    It's about austerity and globalization, it is particularly, perhaps, about the consequences of austerity in the context of a globalized world.

  2. Prime Minister Alexis Tsipras:

    Europe today is crushed amidst austerity and closed borders. It keeps its border open to austerity but closed for people fleeing war, countries, with Austria in the front, want to impose the logic of fortress Europe.

  3. Yanis Varoufakis:

    Greater austerity is being demanded from an economy that is on its knees, owing to the heftiest dose of austerity any country has ever had to endure in peacetime, no offer of debt relief. No plan for boosting investment. And certainly, as of yet, no 'Speech of Hope' for this fallen people.

  4. Michael Fuchs:

    If Alexis Tsipras of the Greek left party Syriza thinks he can cut back the reform efforts and austerity measures, then the troika will have to cut back the credits for Greece, the times where we had to rescue Greece are over. There is no potential for political blackmail anymore. Greece is no longer of systemic importance for the euro.

  5. Jeroen Dijsselbloem:

    That they’re all but broke, we knew already, but my message to the Greeks is then every time again : so then, work with us as quickly as possible on an adjustment to the program. Athens is hoping the finance ministers will approve its list and allow for the return of about 1.9 billion euros( $ 2.07 billion) in profits made by the European Central Bank on Greek bonds, the source familiar with the matter said. The source said Athens also expected the return of about 1.2 billion euros in cash left in the Greek bank bailout fund that was taken back by the euro zone last month - something euro zone officials said the euro zone bailout fund would discuss on Wednesday. Greece argues that its own bank rescue fund should have returned only 9.7 billion euros to the euro zone rather than 10.9 billion euros, since it had used its own cash reserve rather than EFSF bonds to make that recapitalization. Greek officials have not gone into detail about the latest reform list. Sakillarides said only it would not contain recessionary measures but structural changes. The reforms are deeply sensitive for leftist Prime Minister Alexis Tsipras, who came to power in January pledging to end austerity policies but was forced to accept an extension to a hated bailout program under the threat of a banking collapse. Greece has received two bailouts totaling 240 billion euros since 2010 but its economy has shrunk by 25 percent partly due to austerity measures imposed by the lenders. One in four Greeks is out of work, and more than half of all young people. AIR CLEARED. Alexis Tsipras discussed the reforms with German Chancellor Angela Merkel in Berlin on Monday. Sakellaridis said that in a four-hour working dinner they discussed only the outline without going into depth. Both leaders voiced mutual goodwill during a visit that appeared to have cleared the air after weeks of public acrimony between Athens and Berlin. German Foreign Minister Frank-Walter Steinmeier said after meeting Tsipras on Tuesday that an improved climate between the two countries would help start serious negotiations for a solution to Greece's debt problems. The Social Democrat politician told reporters this alone would not solve Greece's financial problems, but it was.

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