So, my “little presentation“, draft, incomplete and actually a more or less lengthy background paper but a suitable framework to discuss the question from above by saying: Yes, but it is much worse. And at the same time: We should not blame Europe where we have to blame capitalism and Irish capitalism.
Talking about austerity easily fails to acknowledge the fact that we are facing a most fundamental restructuration of capitalism, possibly a kind of new phase of what Marx called original accumulation.
A completed version will be elaborated and published later.
PS: My special Thanks go to the University of Eastern Finland, personally to Juhani Laurinkari, who generously supported the research!