or maybe not..
If your country can stomach getting all of the pain over with all at once, yeah, austerity can work.
The trouble is, how can the politicians and central bankers justify to the people who are starving/rioting/etc in the meantime.
In America, we're stuck with "simulate prosperity by injecting liquidity into the banks and stock market, and wait around hoping for the real thing to come around" mode.
Can't really say that works either.
Just hire me as the next fed chairman, I'll fix everything.