Final answer:
In response to the financial crisis and to avoid defaulting on its debt, Greece implemented austerity measures including cutting wages for elected officials. Austerity entailed reducing government spending and raising taxes to manage high deficits.
Step-by-step explanation:
Greece was on the verge of defaulting on its debt and decided to dock a month's pay from all elected officials as part of austerity measures. This is an example of decision making under financial crisis and austerity. Austerity measures in Greece included strict rules such as cutting wages and increasing taxes to address unsustainably high deficits resulting from the Great Recession and financial crisis. Other countries like Ireland, Spain, and Portugal also had to undertake severe austerity measures. These decisions often lead to public discontent, as evidenced by massive protests in Greece against the imposed hardships.