Simon Jenkins of the UK's Guardian gets the political incentives of the Greek debt crisis very, very right. Just the same, I think that a major Greek fiscal consolidation is going to happen regardless. The question is who else (other than the Greek people) will get hurt as the Greek government tries to prune the state back to sustainability and how it deals with its existing debt.
I especially like this:
The lesson is clear. Sovereign states with distinct political cultures should never surrender control over internal affairs to foreign agencies unless their people are amenable to such a loss of autonomy.
The main reason that Greece's political problems are a more-than-local problem is that the eurozone (as it developed) was less a deeply flawed economic policy (though it was that too) than a geostrategic policy whose primary purpose was to advance a deeply flawed conception of the EU project.