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Austerity

Austerity refers to the government’s reduction of spending in order to lower their deficit. Austerity measures, which usually involve wage cuts and tax hikes, are implemented by the government to ensure their creditors that they will be able to pay back their loans.

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"To think is easy. To act is hard. But the hardest thing in the world is to act in accordance with your thinking."
Goethe
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