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George papandreou
in economics, austerity is a state of reduced spending and increased frugality in the financial sector. Austerity measures are often taken by government as an attempt to reduce expenditures and shrinking growing deficits.
The government threatened to impose austerity measures..
The government threatened to impose austerity measures..
The government threatened to impose austerity measures..
The term austerity means financial sacrifice; cutting back on spending, doing without things. Governments spend enormous amounts of money, and most governments have been spending more money than they are collecting in the form of taxes, resulting in ever increasing amounts of public debt. Some nations are now introducing austerity measures to reduce spending, because there is a limit to how much money they can borrow. At some point, if you cannot even afford to make the interest payments on your debt, you owe too much.
Greece has a horrible situation with unemployment. The level of unemployment is roughly 25% and the rate of underemployment (where people work fewer hours or at a lower paying job than they should be working) is nearly as high. Successive bailouts and austerity measures have done nothing to improve the situation in Greece.
Greece has a horrible situation with unemployment. The level of unemployment is roughly 25% and the rate of underemployment (where people work fewer hours or at a lower paying job than they should be working) is nearly as high. Successive bailouts and austerity measures have done nothing to improve the situation in Greece.
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