Instead of asking for austerity, what the EU SHOULD be doing is saying to the Greeks "you wont get any more money from us unless you get rid of the corruption and collect the taxes your laws say you are supposed to be collecting". If Greece actually collected all the tax the laws say they are entitled to collect, they wouldn't be in the trouble they are in.
Only problem is that the same oligarchs, rich people, big companies etc that are not paying their taxes in Greece are also lobbying the EU under the table asking the EU to reject any Greek bailout plans that involve collecting these taxes.
Great: Greece defaults, leaves the Euro by fiat, the IMF and ECB take a bath (as well as any creditors who weren't important enough graciously bailed out by those two entities), and then Spain, Portugal and Italy do the same only this time the private creditors get to the wear it.
So buy buy any bank in Europe still exposed to that. Was your bank smart enough to avoid exposure like that? Are you sure?
People who think the solution is "stop giving them money" clearly don't know what a debt default actually is. Hint: it's when you stop giving them money.