Economics Report.December is a time of holidaygift-giving and strong businessactivity in many places.But this year, a different ideais weighing on the minds of peoplein many countries: austerity.This week, publisher Merriam-Websterreleased its list of top ten wordsof the year for two thousand ten.And "austerity" was at the top.The company made its list basedon how often people looked updefinitions using its online dictionary.Merriam-Webster defines "austerity"as "enforced or extreme economy."Greece and Irelandface huge budget deficits.This has forced severe spendingcuts for those governments.And they are not alone.When nations get intofinancial trouble, they mayrequest loans from theInternational Monetary Fundor other donors.Donors, however, demandausterity measures suchas sharp cuts in governmentspending and tax increases.Michael Izza is chief executiveof the Instituteof Chartered Accountantsin England and Wales.He says the world financial crisispushed some governments to spend more.But not all debt problems are the same.Economist Dev Kar saysGreece got into trouble by havingtoo many government employees,spending freely on retirement payand misleading investors.Last spring,Greece received rescue loansof over one hundred billion dollars.But Germany agreed to help onlyif Greece promisedtough austerity measures.Ireland's budget deficitsgrew sharply after it guaranteedthe bad loans of the country'sbiggest banks.In November, European officialsagreed to a bailout nearlyas large as the one Greece received.But austerity measures are unpopular.Large protests have taken placenot only in Greece and Ireland,but also in Britain,Portugal and Romania.Other nations facing big deficitsand slow economic growth are alsoseeing their borrowing costs rise.Credit rating agencies are warningabout the debts of Portugaland Spain and others may follow.In May, European leaders agreedto set aside nearly seven hundredbillion dollars to helptroubled countries in the area.But the chief of the InternationalMonetary Fund, Dominique Strauss-Kahn, saysa more organized approach is needed.DOMINIQUE STRAUSS-KAHN: "Europe has to provide,the euro zone has to provide,a comprehensive solution to this problem.The piecemeal approach,one country after the other one,is not a good one."This could mean "austerity" will remaina top word for two thousand eleven.And that's the VOA Special EnglishEconomics Report,written by Mario Ritter.