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And austerity may be self-defeating even in fiscal terms.
But in fiscal terms, a hole is a hole.
In fiscal terms, it will be a "neutral" budget.
In fiscal terms, its agenda belongs to the moderate centre-left.
But that's not right either in economic or in fiscal terms.
"In fiscal terms it is not really lighter and in structural terms it is much deeper".
Chris Carey, CEO of Media Insight Consulting, spells it out in harsh fiscal terms.
In fiscal terms these proposals are relatively modest; politically, they matter.
In fiscal terms, the differences amounted to €2bn (£1.45bn) a year in permanent budget savings.
Investments fell as the new government imposed tougher fiscal terms on foreign companies.
Indeed, the shadow of long-term unemployment means that austerity policies are counterproductive even in purely fiscal terms.
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