A note on the euro: The survival of a multi-national currency is not tied to fiscal policy or national budgets. Currencies are a part of monetary policy, interest rates, credit, saving, inflation, deflation.
Austerity is a policy, a tactic for stimulating economies, except as a policy it doesn’t work! Economists don’t “blame,” if they did, the “blame”–or cause–would be assigned to the credit bubble.
Austerity is a policy that doesn’t work because the economic charts of countries that have made deep cuts during the depression have sunk down deeper. They have higner unemployment, lower incomes, slower growth, higher interest rates. Evidence shows this.