Sentences with phrase «accept austerity programs»

Greece, Spain, Italy and other countries flirted with disaster as interest rates spiked, forcing the debtor nations to accept austerity programs.

After a contentious period of negotiations, the odds of a so - called «Grexit,» or Greek exit from the euro, were drastically reduced as Greece begrudgingly accepted an austerity program and Germany gave the European Stability Mechanism the green light to negotiate a third bailout.

Not exact matches

It is largely accepted that these programs lead to systemic macroeconomic instability across the continent and that these policies drove countries of the global south into «debt crisis, austerity, decline and conflict» (Bond) and «acute material scarcity» (Mbembe).