We examine the relationship between material deprivation and different types of responses to economic crises by civil society actors. We are interested in understanding whether material deprivation has an effect on civil society reactions to the crisis and whether political opportunity factors contribute to this relationship. In particular, we wish to ascertain if the effect of material deprivation is moderated by perceptions of political stability, on one hand, and of the effectiveness of government, on the other. Our results show that the effect of material deprivation on various aspects of responses to the crisis varies depending on the perceptions of the political environment. This suggests that perceptions of political stability and government effectiveness feed into the interpretation of present conditions. Therefore, perceptions of political stability and government effectiveness act as signals leading material deprivation to become politicized as a grievance.