There is no doubt that a resolution of the Greek crisis is a desirable objective but there is also no doubt in my mind that increasing austerity in Greece on the backs of hard pressed pensioners and the middle classes is a very bad idea. As Larry Elliot and others including me have argued austerity is the worst possible policy because it undermines aggregate demand and reinforces a debt deflation spiral. It beggars belief that the creditors are still insisting on further austerity and display such extraordinary historical ignorance of the 1930s and the massive failure of such policies during the last great depression.
There are a number of voices and opinions worth reading on this question. Have a look at this article:http://www.voxeu.org/article/programme-greece-follow-imf-s-research by a Princeton based professor of international economic policy on the pitfalls of overdoing austerity. The author Professor Ashoka Mody is no radical but a very mainstream professor and although he proposes a very minimal primary surplus over the next three years of 0.5 % of the GDP,whereas I would propose running a stimulative infrastructure focused deficit, he nevertheless appreciates the importance of growing the Greek economy and also proposes substantial debt forgiveness as much as 50 % and repayment over forty years of the rest.