This is nonsensical slogan talk. Austerity means spending less. Every government that ever balances its finances is practices austerity. You can make an argumen

This is nonsensical slogan talk. Austerity means spending less. Every government that ever balances its finances is practices austerity. You can make an argument that Greece cannot pay back its debt, austerity or not. But, the argument is thrown around in this crazy way that suggests the only rational choice is to keep borrowing and spending. There is some keynsian-like explanations that might support this but, at some point (greece has crossed it) no one will lend you any more money so its moot.