I learnt this from today's Sydney Morning Herald, reporting on the situation in Greece. It was the overwhelming response to a referendum deciding whether or not to accept a financial bailout package.
My (very) high-level understanding is that the majority of Greeks (like, 61 per cent of them) reject the package that could save them because of the strongs attached to the bailout, which I assume would be in the order of spending cuts, tax increases and lay-offs.
It's being referred to as austerity. Second lesson for today:
In economics, austerity is a set of policies with the aim of reducing government budget deficits. Austerity policies may include spending cuts, tax increases, or a mixture of both.
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