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1) Austerity measures typically involve slashing government spending and hiking taxes in order to pay back creditors and reduce budget deficits. Governments often turn to the IMF for loans during economic crises. 2) In Greece, austerity measures included freezing public sector incomes, reducing public sector allowances by 8%, raising VAT to 23%, and increasing excise taxes. 3) Critics argue that austerity can exacerbate economic downturns by reducing aggregate demand, and that the IMF imposed harsh aust

Author

Sultan Ali

Language

EN