There is a bit of blame to be placed on the private investors which funded Greece's deficit spending for years and years at ridiculous rates (within 6 basis points of Germany's bonds at one point). And then also there is something to be said for the ECB trying to bail out private investors unwilling to accept a loss or even a discount on their junk bonds that they paid A prices for. But yeah, Greece is not acting as if they respect the reality of the situation here. Instead of austerity and a path back to prosperity, they're going to take severe depression, exclusion from the Eurozone, government shutdown of services due to lack of funds, and a longer path to prosperity. Hopefully the rest of the world will see this as a model for how dangerous it is to take on mountains of debt under the auspices of future growth.