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Instead of myopically looking at the last two years, Krugman should take note of how South Korea rebounded after implementing severe austerity measures in the wake of the Asian financial crisis of 1997.
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The government, he noted, had implemented severe cuts and pushed through tax increases.
The move to implement severe penalties like stoning — known collectively as "hud" after the Arabic word for limits — is ultimately a matter of policy, not religious orthodoxy.
He argues that Europe is bluffing with its threat to expel Greece from the euro zone if it doesn't implement severe cuts.
The incumbent prime minister, Pedro Passos Coelho, who implemented severe austerity measures, including cutting pay and pensions, slashing public services and introducing the largest tax hikes in living memory, argued on the campaign trail that he was the only one to be trusted to protect the fragile economy as it emerges from years of recession.
Many of the countries in the eye of the storm today including Britain, Ireland, Italy and Portugal are on this list, having been forced to implement severe fiscal consolidations before.The paper then looks at what happened to incumbent governments that faced elections either during the period of fiscal tightening or within two years of its having come to a close.
Later, the fact that the loans given out required recipient governments to implement severe budget cuts and other austerity measures led to widespread protests and public outrage in the recipient countries, which resulted in major political changes in some countries, particularly Greece.
A lot of work is done to investigate the severe accident phenomena and implement severe accident management in NPPs with vessel-type reactors, while less attention is paid to channel-type reactors CANDU and RBMK.
In Argentina, the IMF told the government to implement severe budget cuts during an already significant economic downturn in the late 1990s.
The Greek government surprised everybody on Thursday by submitting a proposal to Greece's international creditors that would implement severe austerity measures in return for new bailout funds.
In return for bailout funds, the Tsipras government promised its creditors that Greece would implement severe austerity measures and institutional reforms.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com