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Postwar American leaders repeatedly postponed austerity requirements when confronted with French and Italian tax evasion and budget deficits.
Mr. Samaras won his recent election victory on pledges to push back some of the more onerous austerity requirements attached to the country's $170 billion bailout.
This financial instrument came about in the context of developing country debt -- driven by oil shocks -- and exacerbated by lender austerity requirements.
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The Social Democrats are punished at the ballot box, after four years of austerity tailored to international lenders' requirements.
The government petitioned international financial institutions for aid and then imposed a stringent austerity program that went beyond even the requirements for the bailout from the International Monetary Fund.
Under pressure from its European partners to meet the terms required to receive its next €12 billion, or $17.2 billion, installment of financial aid, Greece has little choice but to accept the requirement that it impose more austerity measures.
Italy suddenly needed to introduce austerity measures to meet the Community's monetary requirements.
But as the pain of government-imposed austerity sinks in, disposable income has shrunk and loan requirements have toughened, forcing more and more Britons into renting rather than buying.
He accused Passos Coelho of going even further than bailout requirements and applying his own brand of "excessive austerity".
Both Maurice and I had doubts about Healey's IMF austerity package and Maurice correctly forecast that the public sector borrowing requirement would not turn out to be in so large a deficit as the Treasury predicted.
Given these steep requirements and the difficulties of the government in pushing through its austerity package, S.& P. concluded that some form of restructuring was now more likely than not.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com