Greece increases taxes, lowers spending

In its efforts to stave off further reductions in the ratings on its credibility as a debtor, and stabilize its finances going forward, the government of Greece has voted to reduce its spending, and increase taxes (specifically a 90% tax on bonuses for bankers).

Increasing taxes and decreasing government spending are generally considered to be pro-cyclical. A reduction in the credibility of a sovereign debtor is almost certainly also pro-cyclical.