In any case, the peripheral countries are nearing their breaking point. Now is not the time to be demanding massive new austerity measures- more reasonable are labor market reforms in places like Spain. But overall, even if one sees inflation as an evil, some of it may be necessary.
Actually it looks like Ireland has been doing fine with its *mostly spending side* austerity in comparison to the remaining countries with their *mostly tax side* austerity.
The problem is that the ECB will use its printing prowess to try save the financial system. If you add the current sovereign situation to it your looking at a ton of printing.
As I said before you can't print wealth and give it to somebody. You can transfer wealth through the printing process, but you can't create it.
Face it the bill is due. There isn't much you can do to avoid it. Its checkmate. Hard defaults are coming among sovereigns and insolvency among the banking sector(and while Ireland did better than its peers they've run out of time and they didn't do enough). A lot of people are going to lose a lot of money, there will be massive write downs, there will still be a lot more government austerity, but the debt burden will drop and once that happens growth will return.