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austerity

aus·ter·i·ty

austerity

 
 
pronunciation:
aw ste rih ti
part of speech: noun
inflections: austerities
definition 1: the condition or quality of being austere.
definition 2: a tightened or stringent economy, as when there are high taxes, frozen wages, and shortages of consumer goods.
Greece must implement austerity measures in order to receive the loan from the European Union.
definition 3: (usu. pl.) an austere or ascetic habit, custom, or act.