Here is a two-part video on one take on the Greek debt. Americans remember the bailout following the 2008 recession and the government move to bail out the banks at tax-payers expense. It was important to the elites that the banks take no hit. As they saw it, the only way forward was for the middle class and the poor to take the dive.
It appears that the only way forward for Greece is virtually permanent austerity and the turning of it into the equivalent of a moon landscape. Earlier Greek governments appear to be complicit in this time bomb.
Knowing how our bailout worked and the primacy of bank welfare, I am suspicious that what is happening in Greece is another version.