Sentence examples for both austerity and internal from inspiring English sources
And arguing that Latvia was vastly over capacity in 2007 has another, perhaps surprising implication: it makes much of the debate over both austerity and internal devaluation moot.
Across most of the periphery, both sides of the usual political divide have been roped into the policies of austerity and internal devaluation — sometimes in governments of national unity, sometimes with normal party rule but with both parties following much the same line.
Spain now faces several years more of austerity and internal devaluation.
But it's certainly within the realm of possibility, especially as the pain of austerity and internal devaluation drags on.
The euro area's economic strategy, such as it is, rests on two pillars: confidence through austerity, and "internal devaluation".
Here's his speech in Riga earlier this week, asserting that the Baltic experience shows that austerity and internal devaluation actually do work.
Meanwhile, senior officials are asserting that austerity and internal devaluation really would work if only people truly believed in their necessity.
The basic fact about Europe right now is that the strategy of adjustment through austerity and internal devaluation isn't working, won't work, and is rapidly turning into a social and political disaster.
For years Spain and other troubled European nations have been told that they can only recover through a combination of fiscal austerity and "internal devaluation," which basically means cutting wages.
But the macroeconomics of austerity and internal devaluation haven't gotten any better: unemployment is still rising fast, and at some point the strain will just be too much to take.
They keep declaring success for austerity and internal devaluation, using any excuse at hand: a spurious surge in measured Irish productivity becomes evidence that internal devaluation is working, the decline in bond yields following ECB intervention is proclaimed as a vindication of austerity.
