See above. Austerity means getting people off of welfare and into jobs. The end of government debt fueled by borrowing and the recovery of the economy go hand-in-hand. Unfortunately as long as the Irish stay in the common currency they will have carry traders speculating on their 4.5% interest rate with a "guaranteed" return in Euros. That doesn't help the economy and when that bubble bursts, the deleveraging hurts the rest of the economy.
One simple fact of austerity is that Irish citizens would no longer buy nice European goods at Euro-subsidized prices, but they are not willing to give that up.