It seems to me that much of this discussion obfuscates the central issue.
Underlying the "debt crisis " Is the essence of capitalism. The "bailouts" are not gifts. They are loans. They are loans with interest. They are loans with interest because it is the nature of capitalist lending to make money.
Greece cannot pay back the loans. From a capitalist perspective they are a very bad lending risk. There is very little that can be done within a capitalist system to make them a better lending risk.
For the last at least 40 years and Grace has been a cronyism state in which the wealthy did not pay real taxes and nobody seriously tried to collect those monies owed. However with a strong and militant working class the political compromise was to expand the public state.
Greece's primary incomes are from tourism, and agricultural products like olives and olive oil. Many families stay afloat through remissions received from family members working abroad. Within capitalism this kind of national economy does not generate a large tax base.
Greece has very few high value added industries.
Within this comes the world recession. If Greeece were a family farm they would bankrupt and no bank would lend them any more money.
Even the IMF have conceded that Greece cannot repay the debt it already owes. Therefore the alternatives are either significant debt reduction or state bankruptcy.