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As part of his economic policies, García Padilla launched an austerity program, raising taxes by 1.1% of the gross national product (GNP) and making public employees’ pension schemes less generous. [c] These measures are expected to trim the government deficit from $2.2 billion to $800 million.
The García Administration inherited the economic and political instability of its predecessor. The government implemented an austerity program as an effort against the Shining Path, but resulted in an economic crisis. [17] Peru's economy suffered a hyperinflation of 7500% during García's presidency, worsening national poverty rates. [16]
Carlos Polestico Garcia KR (Tagalog: [ˈkaːɾ.los poˌlɛːs.tɪˈxo gɐɾˈsiː.ɐ]; November 4, 1896 – June 14, 1971), often referred to by his initials CPG, was a Filipino teacher, poet, orator, lawyer, public official, political economist, guerrilla and Commonwealth military leader who was the eighth President of the Philippines.
We are now 14 years into the austerity program for the UW System launched by former Gov. Scott Walker. As the recent consultant audits have made clear, UW schools are groaning under the weight of ...
In connection with the government's goal of self-sufficiency was the "Austerity Program," which President Garcia described in his first State of the NatIon Address as "more work, more thrift, more productive investment, and more efficiency" that aimed to mobilize national savings. [43]
Greece has made a "strong start" in its austerity program and is on course to receive a 9 billion euro ($11.8 billion) installment of emergency loans, a joint European and IMF delegation said.
With public universities under threat, massive protests against austerity shake Argentina. ISABEL DEBRE. April 24, 2024 at 12:00 AM.
He also planned to continue President Garcia's "Austerity Program" with his slogan of "simple living". [22] However, this plan was undermined by his fellow Kapampangans and other members of the elite for they threw luxurious parties for him. [22] Thus, Macapagal's "simple living" turned out to be mere rhetoric and only was true for the poor. [23]