I maintain that monetary contraction (as in austerity measures) risks deflation and depression. Conversely, monetary expansion (as in "printing money") risks inflation and recession. Given an opportunity to choose between these two risks, I would choose monetary expansion and the risk of inflation.
Using Inflation to Reduce Public Debt and Rout Entitlements
How High Can Inflation Go...?
Repairing Sovereign Indebtedness: Get Ready
Using Inflation to Erode the US Public Debt
Implications of the Financial Crisis