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“austerity measures”
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."