Mr Dervis said Turkey had met all IMF requirements and introduced major reforms to the financial sector, including making the central bank independent and promising an austere budget.

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Fortunately, Greek lawmakers voted to approve the new austere 2013 budget, paving the way for the next tranche of aid.

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Roberto Junguito, Mr Uribe's experienced choice as finance minister, says next year's budget will be austere.

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Hundt and Levin are fully aware of the current budget stalemate and the austere climate in Washington.

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The proposed budget was already super-austere, because inflation is high and oil prices low, reducing revenues from Mexico's state-owned oil company.

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An immediate commitment to balance the budget might be a rather more austere economic diet than equity investors would desire, even if bond investors took cheer.

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The railway budget came two days ahead of the annual budget, which is widely expected to be an austere one.

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