Thank god! Austerity is a terrible solution to the debt problem. It just sends countries into a negativity spiral they cant get out from. The more taxes you have the less money people have to buy goods and therefore taxes on purchasable goods goes down. In the end, the countries doesnt grow, maybe even recedes economically and the states doesnt get any more revenue from taxes.
Its a ridiculous solution that could never and wont even work. Actually economics already told you that the best way to overcome crisis times is to invest, creating more jobs and therefore more revenue through taxes.
But, if you ask me, this wasnt about growth or debt, this was because some people wanted to profit from this by sending countries into difficult situations where they can profit from by demanding unreasonable interest rates.
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