Greece has other, deeper problems to fix before it makes any attempts in creating any form of industry. The "pissing money away" happened because of internal problems, which can be attributed to corruption and cultural aversion to any form of entrepreneurship that goes beyond the scale of mom 'n' pop stores.

I am not trying to absolve Greece from its liabilities, just pointing out that Greece is a bad example for austerity not playing a significant role in slowing industrial development.

Source: I am Greek living in Greece.