What Europe calls austerity, everyone else calls living within one's means. Which, in the long term, is non-optional.
Quite apart from the politics and economics, this is a really complex moral issue.
On the one hand, the Greek people repeatedly elected governments that failed to collect taxes or eliminate corruption, spent money that they didn't have and borrowed money that they couldn't afford to repay. On that assessment, the Greeks deserve every bit of misery they've endured since their creditors decided to stop pouring good money after bad. But the trouble with that view is that a different bunch of Greeks are having to pay the bills: an entire generation is growing up with a broken economy because their parents voted for jam today.
It's the same with the creditors. In pursuit of political gain and a quick buck, banks and other eurozone governments supported successive corrupt Greek governments in their act of intergenerational theft. They deserve to lose their shirts as the Greeks default just as surely as a payday lender that fails to assess the affordability of its loans deserves to go bust. The problem is that the bill ultimately gets picked up by innocent bystanders - mostly German taxpayers. True, those same German taxpayers voted for their inept government that failed to regulate their banks' exposure to Greece, but that was hardly a major electoral issue at the time.
So Greek voters and Greek governments connived with European bankers to profit from the German population and younger Greeks. I have no sympathy with any of them. A plague on all their houses!