Merkel said there was no alternative to drastic savings.

Nikephoros had initiated a strict budgetary policy to shore up the Empire's finances.

Europe will therefore remain on the right and is due to continue with a budgetary austerity policy and the consolidation of public finances.

sustain budgetary discipline in the medium term and introduce further mechanisms to enhance control over expenditure, in particular by reforming the Farmers Social Security System

The conference president was criticized for his budget austerity policy at a time when the German Catholic Church’s income has broken all records.

Jose Socrates also defended his policy of budgetary rigour saying that this "had made it possible to modernize the country and to withstand the crisis better.

Moreover some of the electorate on the left say they are dissatisfied with the Prime Minister's work whose budgetary rigour and liberalism they criticise.

The only problem is that rebuilding the middle class by the public investments that the society needs is out of the question -- because of the downward drag of a budget politics that the president shares.

But during financial crises, the IMF counseled nations to keep interest rates high and budgets tight as a way to protect their currency and limit inflation, even though that may have worsened recessions.

The only problem is that rebuilding the middle class by the public investments that the society needs is out of the question — because of the downward drag of a budget politics that the president shares.