Viewed superficially, Austerity might seem to be precisely what we want: a massive reduction in government spending.
Unfortunately, it's fairly uniformly executed by a statist mindset. Taxes remain high or increase. Regulations remain high or increase. The results are not what anyone who cares about freedom would hope for.
So what would we recommend doing instead? That might be the easy question to answer here.
Harder question: what do we call this program in the context of a government that can't pay its bills and isn't allowed to default by creditors who can summon military responses if necessary ho get their way?
Perhaps harder still: what is our polity paper to persuade people in a government trying to get out of this kind of mess?