1. Severity of manner, life, etc.; sternness: The austerity of their lifestyle was surprising.
2. Usually ascetic or religious practices: They existed in the austerities of monastery life.
3. The trait of great self-denial; especially, refraining from worldly pleasures: Their self-imposed austerities restricted them from what most people consider to be simple pleasures of life.
4. Difficult economic conditions that are created by government measures to reduce a budget deficit; especially, by reducing public expenditures: Greece, Ireland, Portugal, Iceland, and other countries are required to develop austerities in order to qualify for monetary loans.

The citizens may have to endure years of austerities that will be placed on them by their governments.

The noun austerity is often heard in the news these days when some heads of state warn their people to be prepared to face "a period of austerity" as a result of economic crises.

Some Greeks have said that it is about time that the public sector trade unions also experience austerity because they have traditionally enjoyed generous benefits while the rest of the general population has "suffered" economically.

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Relating to or pertaining to economic policies by which governments reduce the amount of money they spend for welfare, retirements, public wages, etc.: There are austerity measures, austerity policies, austerity budgets, and other austerity conditions that are reducing many people's living standards.

Austerity policies are resulting in several countries with tightened or stringent economies; for example, when governments are forced to increase taxes, freeze wages, and when there are reductions in retirement payments and welfare services.

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Massive street protests by those who are affected by economic losses: "There are anti-austerity protests by many segments of the populations; both students and older workers, that include education funding, infrastructure funding, manufacturing, aviation, social welfare, public workers, etc."

"Spain is engulfed by a nationwide anti-austerity strike."

Spain's government announced an annual budget including €27.3 billion (around $36 billion) worth of fresh spending cuts, one day after it faced a nationwide general strike, and said it would continue its increasingly unpopular austerity budget drive: "The austerity budget is a key step in the Spanish government's plan to cut the country's budget deficit by tens of billions of euros this year, to 5.3% of gross domestic product from last year's 8.5% of GDP, or around €90 billion."

A contradictory, insoluble, or difficult problem; a dilemma in an effort to solve a country's budget deficit: "Spain can't avoid the austerity conundrum."

A policy of deficit-cutting, lower spending, and a reduction in the amount of benefits and public services provided: "Austerity measures are normally taken if there is a threat that a government cannot honor its debt liabilities."

"Some austerity measures affect development projects, welfare, and other social spending; all of which are common programs that are targeted for cuts."

"Portuguese police have attacked the demonstrators who were protesting nationwide against the government's austerity measures."

A country's measures to reduce a budget deficit: "The austerity package will draw money out of the government's economy at a time when it is entering recession for the second time in three years."

Something that is intended to do and arrangements that are made to achieve economic conditions which are created by government measures to reduce budget deficits: "The austerity plan from the government makes it easier and cheaper for companies to lay people off."

"Spain is taking drastic actions with an austerity plan to lower its debts, even during a recession which has seen unemployment expand to nearly one in four."