I know Juan Manuel Santos and every other Latin American president tingle with the irony of Europe facing severe debt problems yet not wanting to impose austerity measures. From Reuters:
Santos, who is visiting London to boost trade and investment in Latin America's third most populous country, said his biggest worry was "that the industrialised countries are not capable of taking the correct decisions and showing the world they can get out of their crisis".
Asked what those decisions were, Santos said: "The same decisions that those same countries told us in Latin America to take a few years ago. Exactly the same ones."
OK, but also remember that Latin American populism did not come of an economic vacuum, which is something no one seems to be discussing when they call for politically insulated technocrats to run economies and do "what's necessary." Those who call for structural adjustment in Europe should keep that in mind.
Imagine a scenario where a government that used to be flush imposes severe austerity measures, thus prompting riots. It even decides to bring in the army. Then it turns out factions of the army aren't so happy with fat cat government officials enacting policies under international pressure that increase poverty. Some of those officers in turn try to overthrow the government. When they fail, one in particular decides to go ahead and run for president on a revolutionary platform. The ruling class is in such disarray and so delegitimized that it can't do much more than watch as he wins. In the absence of shock therapy, that sequence of events would not have occurred.