Yes it may not be a bad idea since austerity will tend to contribute to unemployment and tax increases which are obviously not a good thing for the people and therefore abandoning it altogether should do well for them and only time will tell for sure on the exact effects of abandoning it.
Europe is undergoing a grave financial crisis and they need to balance their budget. After many years of irresponsible spending, it is time for austerity. Europe cannot continue to waste money on ineffective social programs which they cannot afford. Austerity makes sense in this economy, and abandoning it would be a bad idea.