Sorry, but you are incorrect. Greece reported a nearly 2 billion euro surplus in 2014, without taking interest payments into account. http://www.wsj.com/articles/greece-misses-target-on-budget-surplus-1421244654
If their debt were wiped out today they would keep that money and need no further bailouts. Better yet they could go back to the Drachma and manage their currency with a combination of monetary and fiscal policy, just like every other sovereign nation in the developed world.
You can't oversimplify the Greek situation as "socialism". There are plenty of examples of countries that are doing fine economically with policies that embrace social spending. The Greek situation is far more complex and involves politics and the Euro as much as anything else.