"GRAND PLAN to save Europe is unraveling". But, contrary to what the article says at the beginning, it's not because of austerity, precisely. You can't really say with a straight face that humongous deficits, like those run by European countries, is austerity. It's rather the lack of real austerity what's killing the Eurozone. Governments run into deficits just to be able to pay back debt with interest; it's basically kite credit. And to make things worse, something that detracts credit from the private sector.