Re: As a yank
Umm... having watched Blair etc blow out the debt+fixedcosts, to the point where they deliberately _changed_ lunatically-expensive contracts to have catastrophically ruinous exit clauses once they realised they were going to lose the election (ie, to prevent them being reversed), what you call "austerity" is what most people would call trying desperately to rein in the psychosity and get things back on an even keel.