This is exactly why i think the approach taken has been wrong. Austerity was an obvious mistake, it didn't work. What could work was just immediate debt repayment with whatever assets available. Either voluntary like: cutting them off with naval and aerial blockade and making pay for anything including critical imports, only after the debt is repayed, and only in cash, or involuntary say by taking some Mediterranean islands with airborne or sea invasion and selling the land off, deporting the population (obviously compensating the said population at market prices, meaning private entities or persons shouldn't suffer, point is taking sovereign i.e. government land).

I think this isn't going to get fixed until the debt between nations will not be given against some specific collaterial with understood and universally accepted means of taking it regardless of sovereignty. I.e. don't give money to those stronger than you, and be ready to take it back at gunpoint.