To the Northern European bankers and public it's a morality play; the Greeks must be made to do their duty, and punishment will change the ways of the irresponsible, childish, not-Protestant Greeks. It is no play to the Greeks, whose health care system has collapsed under the harsh measures already pressed on Greece.
I believe that Greece is, in fact, developing a more disciplined attitude towards finance and spending. The troika wants to rush the matter, and they probably have the power to do it. It would be a shame. The misery would be intense and go on for years, and the Greeks would probably end up hating northern Europeans. The easygoing Greek culture would be hardened. Much would be lost, and the northerners would come to regret that, as well as the loss of their relief valve and one of their favorite vacation spots.
The best compromise would be something like: the troika makes concessions, the Greek debt is reduced, some sort of stimulus measures are offered to the Greeks, and the Syriza government commits to and implements long-term measures to reduce the real corruption of the Greek system. If, instead, there is no deal, there is the risk that the fascist Golden Dawn party will come to power in Greece. They probably will not last more than a generation, but those years would be hard indeed.
I am left wondering whether a unified currency is appropriate for a multi-national, multi-cultural federation. It seems to me that it tends to grind all cultures into uniform economic forms, and this is a shame.