Is this austerity?

Under the terms of the international bailout, the new government must fire up to 150,000 civil servants, slash spending by 11 billion euros this month, sell off a swathe of state-owned companies, improve tax collection and open closed professions to competition.

via Divided Greece risks social explosion | Reuters.
Of course, the only way is to make more space and opportunities for private companies, less social welfare.

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