Germany, Austria and the Netherlands are resisting the southern European nations' efforts, led by France, to squeeze more money out of these producing nations. One wonders, though, how well Germany and the others would have done without the beneficial trade arrangements of the EU that have finally met a limit.
No one is really stating with honesty the severity of the EU problem, just as the US economic problems are minimized by US media and the political class, although CBO reported today that the economy is not doing well at all. Democrats in the US have promoted the expiration of the Bush tax cuts, but CBO says this would be disastrous, so let's not take seriously those who call for higher taxes and more spending.
Austerity never really even started before dependent nations in the EU cried foul. With all the mismanagement of economic affairs by nations like Greece, Spain, Portugal, Britain and the US, there has to be a period of painful adjustment so that unproductive activity is eliminated and productive investments take their place -- this has to happen, and trying to avoid it will lead to collapse and even more financial pain.