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In doing so, they have effectively thrown the entire theoretical basis for austerity out of the window.
Instead, Rajoy has set up a liquidity fund and intends to squeeze more austerity out of any regional government that asks for money from it.
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Our recent report with the New Local Government Network, Funding arts and culture in the age of austerity, sets out the scale of this funding decline.
We'd just come out of the austerity of the Second World War.
Whether it ultimately proves effective or counter-productive in the fight against austerity is out of the protesters' hands.
But with such a move, the Greek banking system could collapse and the Greek government could be forced to run a balanced budget and pursue austerity measures out of necessity, since international investors may avoid lending to Greece after an exit from the euro.
Soon, the Games' budget raged out of control, mocking austerity Britain: More security, drones above the stadium … a London more evocative of the Gaza strip.
Stiglitz went on to lambast left-wing parties like Labour for failing to oppose austerity regimes, arguing they've "wimped out" of proposing an alternative to cuts and privatisation.
In place of the austerity meted out by his predecessors, he would use some unorthodox measures to coax growth from a moribund economy, stretching the limits of the country's rigid currency-board scheme, which pegs the peso at par to the dollar and requires the money supply to be backed by hard currency.
We must grieve for those lives, because while such fatalities are the starkest example of the psychological fall-out of austerity, so many more are suffering day-in, day-out.
"We have told our partners that further austerity steps are out of the question".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com