The phrase "austerity strategy" is correct and usable in written English.
It can be used when discussing economic policies aimed at reducing government deficits through spending cuts and increased taxes.
Example: "The government's austerity strategy has sparked widespread protests among citizens who are affected by the budget cuts."
Alternatives: "fiscal restraint plan" or "budget-cutting approach".
David Cameron vows no going back on his failed austerity strategy.
It needs to show that the coalition's austerity strategy is not working.
It ranks as among the most revealing things ever said about the Conservatives' austerity strategy.
Continued association with business's austerity strategy is becoming too costly for more and more politicians.
Most recently, Charles Doxbury advocated Latvia's internal devaluation and austerity strategy as the model for Europe's crisis nations to follow.
A more helpful endorsement of David Cameron's state-shrinking austerity strategy from a non-Tory would be hard to imagine.
So far, though, Merkel has been insisting on an austerity-first strategy, one which on the evidence looks as if it is doing a very good job of making a bad situation worse.
But if the Socialists put in a strong showing, the Netherlands' own commitment to fiscal discipline will be called into question, and Chancellor Angela Merkel's austerity-led strategy will come under growing pressure.
So, regardless of which side -- the troika or the new Greek government -- moves first in the coming negotiations, Greece's election has already produced an unambiguous defeat for Merkel and her austerity-based strategy for sustaining the euro.
Greece's lenders and the regulatory institutions should also learn from this unfolding cautionary tale, and engage in a serious critique of the austerity-first strategy, before denouncing calls for renegotiation.
The outcome of the Greek elections, and the chaos that has ensued, should have sent a clear message to Berlin, Paris and Washington, that the austerity-first strategy has failed and that the very idea of making political distinctions between 'left' and 'right' has become passé at a time when the EU is disintegrating before our eyes.
