Canadian federal government budget cuts (1995): In an effort to reduce the budget deficit and stabilize government finances, the Canadian government under Prime Minister Jean Chrétien implemented significant budget cuts across a range of government programs and services.
1. Austerity measures in Greece (2010-2018): In response to the Greek debt crisis, the Greek government implemented a series of austerity measures aimed at reducing government spending and increasing revenue. The measures included cuts to public sector wages and pensions, increased taxes, and privatization of state-owned assets. The policy was mandated by the International Monetary Fund, the European Central Bank, and the European Commission in exchange for a bailout package to help Greece avoid defaulting on its debts. The austerity measures were highly controversial and led to significant social unrest and political instability in Greece.
European Union Stability and Growth Pact (1997): The European Union established the Stability and Growth Pact to impose fiscal discipline on member states and limit government deficits and debt levels. The pact sets targets for deficit and debt reduction and includes penalties for countries that fail to meet these targets.
U.S Budget Control Act (2011): In an effort to address concerns about the national debt and deficit, the U.S. government passed the Budget Control Act of 2011, which imposed caps on discretionary spending and established a “supercommittee” to identify further budget savings.
1. Australian government’s austerity measures (2014-2017): In an effort to reduce the budget deficit and restore fiscal sustainability, the Australian government under Prime Minister Tony Abbott implemented a range of austerity measures, including cuts to public services and welfare programs, and increases to taxes and fees.