From Wikipedia:

In economics, austerity refers to a policy of deficit-cutting by lowering spending via a reduction in the amount of benefits and public services provided.
Also from Wikipedia:
Sequestration is the act of removing, separating, or seizing anything from the possession of its owner under process of law for the benefit of creditors or the state.
Okay maybe this one will fit?
Carbon sequestration is the process of capture and long-term storage of atmospheric carbon dioxide (CO2) and may refer specifically to: "The process of removing carbon from the atmosphere and depositing it in a reservoir."
Why so much cognitive dissonance here?  If you don't call it "austerity", maybe no one will make the connection to the disastrous austerity cuts and their affects in Europe until well after we are experiencing them and can then act like we are all so surprised.

What we can expect next below.

Deficits and unemployment will grow not shrink:

During the European sovereign-debt crisis, many countries embarked on austerity programs, reducing their budget deficits relative to GDP from 2010 to 2011. For example, according to the CIA World Factbook Greece improved its budget deficit from 10.4% GDP in 2010 to 9.6% in 2011. Iceland, Italy, Ireland, Portugal, France, and Spain also improved their budget deficits from 2010 to 2011 relative to GDP. But the austerity policy of the Eurozone achieves not only the reduction of budget deficits. The goal of economic consolidation influences for example the future development of the European Social Model which unfolds already liberalisation tendencies in the Eurozone as a whole.

However, with the exception of Germany, each of these countries had public-debt-to-GDP ratios that increased (i.e., worsened) from 2010 to 2011, as indicated in the chart at right. Greece's public-debt-to-GDP ratio increased from 143% in 2010 to 165% in 2011. This indicates that despite improving budget deficits, GDP growth was not sufficient to support a decline (improvement) in the debt-to-GDP ratio for these countries during this period. Eurostat reported that the debt to GDP ratio for the 17 Euro area countries together was 70.1% in 2008, 79.9% in 2009, 85.3% in 2010, and 87.2% in 2011.

Unemployment is another variable that might be considered in evaluating austerity measures. According to the CIA World Factbook, from 2010 to 2011, the unemployment rates in Spain, Greece, Ireland, Portugal, and the UK increased. France and Italy had no significant changes, while in Germany and Iceland the unemployment rate declined. Eurostat reported that Eurozone unemployment reached record levels in September 2012 at 11.6%, up from 10.3% the prior year. Unemployment varied significantly by country.

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