Exact(1)
It will likely require austerity measures and price increases of the sort that last year provoked Jordan's most serious demonstrations since the start of the Arab Spring.
Similar(59)
But renegotiation does not require austerity-driven across-the-board cuts to social programs.
Also, Latin debt levels and the required austerity were much lower than those in Greece.
Portugal's government fell precisely because the opposition would not sign off on the required austerity.
The macroeconomic reality requires austerity measures to reduce the imbalances and get our societies back on a healthier footing.
In the euro zone, doubts have been raised about the willingness of Greece to push through the required austerity measures.
Both the Irish and Greek governments embraced the required austerity to get European help, and electorates threw out those deemed responsible for the mess.
Under the so-called six-pack system of fiscal discipline, countries can be fined if they fail to stick to the required austerity.
The required austerity varies: Ireland has already endured a lot of pain but still has most to do (see column 3).The depth of the mireTo avoid charges of spurious accuracy, we have rounded down our estimate of the stable debt burden to the nearest five percentage points.
While the Maastricht Treaty of 1992 requires austerity and cost-containment as the policy foundation of fiscal integration, the debate around how the austerity plans have been implemented in the post-crisis era, since 2010, continues to be a central question around the viability of EU integration policy.
Meeting the bailout terms will require more austerity for Greece.
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