Several European countries, including the United Kingdom, Greece, and Spain, turned to austerity as a way to alleviate budget concerns. Austerity became almost imperative during the global recession in Europe, where eurozone members didn't have the ability to address mounting debts by printing their own currency.

What countries used austerity?

Iceland, Italy, Ireland, Portugal, France, and Spain also decreased their budget deficits from 2010 to 2011 relative to GDP but the austerity policy of the Eurozone achieves not only the reduction of budget deficits. The goal of economic consolidation influences the future development of the European Social Model.

Does Greece still have austerity?

After years of tough austerity measures, Greece emerged on Monday from its third and last bailout, although officials warned the country still has a “long way to go”. ... The Greek government estimates its financing needs are now covered until the end of 2022, creating room for it to plan its return to the capital markets.