The Austerity Pandemic
While some northern countries are beginning to question the austerity prescription, their southern counterparts are increasingly adopting cost-cutting measures. But the dangers posed by austerity are even more pronounced in developing countries, where citizens are especially vulnerable to its economic and social consequences.
NEW YORK – At this year’s International Monetary Fund/World Bank spring meetings in Washington, DC, the IMF urged European countries to ease their austerity policies and focus on investment, marking a shift from past rhetoric. But, in the corridors of those two multilateral institutions, there was talk of double standards.