There's balancing the budget and then there's selling every productivbe tool and resource you have to balance the budget.
The first is sustainable. The latter works for about a month and then the next payment comes due and you don't even have the means to bring in money to pay it. The 'deal' being pushed on them was the latter.
The rest of Europe really doesn't want Greece to default and pull out of the Euro. Notice how once the referendum passed, the people rattling that particular saber started backpedaling. Greece going back to the Drachma could do Europe more harm than it does Greece.
The deeper you dig, the more it looks like the current situation was orchestrated to some degree. But the crooks in the banks that did the orchestrating don't get their payoff if Greece won't play along.