As the Greek economy shrinks voters decide the next path ...
Lookups spiked on June 30, 2015, and again on July 5, 2015
In response to Greece's economic crisis, the country's foreign creditors imposed a strict program of austerity in 2010; since then, the country's economy has shrunk by 25%.
June 30: The Greek economy, and the word austerity, were back in the news at the end of June as voters in Greece planned to choose in a referendum whether to continue foreign aid from other EU countries or to reject creditors' offers and risk default on loans. A "no" vote may mean leaving the common European currency; a "yes" would mean further tax increases and pension cuts. Banks have already limited the amount of cash that may be withdrawn by individual citizens.
July 5: The word spiked again this week when the country voted against continuing foreign aid and austerity measures.
Austerity means "enforced or extreme economy." The word's origins are - coincidentally - Greek; austerity comes from austēros, meaning "harsh" or "severe."