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Austerity

Greece exits bailouts after biting austerity

After years of stinging austerity measures, Greece emerged on Monday from its third and last bailout, although officials warn the country still has a "long way to go". The European Union, the European Central Bank and the International Monetary Fund loaned debt-wracked Greece a total of 289 billion euros ($330 billion) in three successive programmes in 2010, 2012 and 2015. The economic reforms the creditors demanded in  return brought the country to its knees, with a quarter of its gross domestic product (GDP)…

What is really happening in Iran?

TEHRAN: Despite demonstrators chanting provocative slogans against Iran's Islamic rulers, analysts say the roots of the current protests lie in the same anger at economic austerity that has roiled many countries. Two people have been killed and hundreds arrested in protests that began in second city Mashhad on Thursday. Though they started over high living costs, they quickly spread across the country and turned against the Islamic system as a whole, with chants of "Death to the dictator" and attacks on symbols of the…

IMF austerity has consequences for children’s health: study

WASHINGTON: Austerity policies imposed by the International Monetary Fund may harm parents' ability to care for their children's health, according to a study published Monday. The steep cuts in social spending the IMF often demands can curtail the availability of education, leaving parents poorer, less employable and more vulnerable to economic change, according to the study. Those who do benefit from an education can suffer from reduced quality teaching -- with notable consequences for the health of their children,…