Austerity is a term from economics that describes a policy where nations reduce living standards, curtail development projects, and generally shift the revenue stream out of the physical economy, in order to satisfy the demands of creditors. Typically, private banks, or institutions like the International Monetary Fund (I.M.F.), will demand an "austerity policy" from a national government, as a condition for re-financing loans that are coming due. This might involve cutting food or fuel subsidies, underfunding public infrastructure (transport, education, health care, water and power management), or rationing. When these demands are made by the I.M.F., they are known as I.M.F. conditionalities.
The rupiah continued to fall sharply from January 1998 (it had fallen 80% against the dollar since September 1997), as the market reacted to the government's failure to adhere to the IMF's austerity package.
The demonstrations had followed the government's implementation of austerity measures demanded by the International Monetary Fund in return for its bailout of the failing economy.
Petrol prices had risen 71% and kerosene, used as a cooking fuel by the poor, had risen 25% as a result of the end of government subsidies.
Known for his austerity and silence, Giles' The Golden Sayings of Brother Giles is noted for its humor, deep understanding of human nature, and optimism (Benedictines, Delaney, Gill).
Born in Saumur; died at Dinat, Belgium, 1266.
She attracted attention toward the end of her life by her devotional practices, charity, and austerity (Benedictines, Encyclopedia).
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