Online Dictionary says Austerity Tops 2010 Words

23 December 2010

European Trade Union Confederation (ETUC) members demonstrate against European austerity measures at the EU Commission headquarters in Brussels.

This is the VOA Special English Economics Report.

December is a time of holiday gift-giving and strong business activity in many places.

But this year, a different idea is weighing on the minds of people in many countries: austerity.

This week, publisher Merriam-Webster released its list of top ten words of the year for two thousand ten. And “austerity” was at the top. The company made its list based on how often people looked up definitions using its online dictionary.

Merriam-Webster defines “austerity” as “enforced or extreme economy.” Greece and Ireland face huge budget deficits. This has forced severe spending cuts for those governments. And they are not alone.

When nations get into financial trouble, they may request loans from the International Monetary Fund or other donors. Donors, however, demand austerity measures such as sharp cuts in government spending and tax increases.

Michael Izza is chief executive of the Institute of Chartered Accountants in England and Wales. He says the world financial crisis pushed some governments to spend more. But not all debt problems are the same.

Economist Dev Kar says Greece got into trouble by having too many government employees, spending freely on retirement pay and misleading investors. Last spring, Greece received rescue loans of over one hundred billion dollars. But Germany agreed to help only if Greece promised tough austerity measures.