Austerity protests are growing violent in Europe, and we are not just talking about Greece. Here is a summary of Austerity measures that European countries have instituted to avoid debt crises (spiraling public deficits that increase country risk). Its the cost of maintaining membership in the Eurozone. Other countries "simply" devalue – not that devaluation is without costs, they are just not that obvious. Here is a good exercise: lists the costs and benefits of staying in the Eurozone, and the costs and benefits of a devaluation.