And austerity doesn’t seem to be working either. Take Greece for example. Greece has been operating under the austere requirements of the EU and IMF for more than a year. Yet things haven’t gotten better for Greece; they’ve gotten worse — across the board as shown below.

To sum up the above table: Since adopting tough austerity measures, the Greek economic activity is contracting more aggressively. Its debt burden is growing, led by continued worsening deficits — precisely what the austerity plans are crafted to reduce.
The risk premium in Greek government bonds is higher, government revenue is lower, spending is higher and Greece needs even more money to stay afloat.
Put simply: Austerity is not working!
One thing austerity is doing, though, is its killing global growth.