The only way out of this for Greece is to default on all of their debt,leave the Euro Zone and go back to printing their own money. Of course this will result in significant economic disruption in the short term but this farce has been going on for 4 years now and there is absolutely no way that Greece can be saved regardless of all of the machinations of the IMF and ECB.
Get it over with and move on.
Which is exactly why Germany will end up forgiving the better part of Greek debt. This was all a scam in the first place. It is simply worth too much to German economic leaders to keep Greece in the Eurozone. Germany and the Eurozone countries were always going to forgive whatever amount of Greek debt it took to keep them in - they just had to bring the people along slowly (particularly Germans). So they take the Greek debt from private creditors as a bailout, kick the can down the road, and eventually will avert the crisis' increasingly by forgiving chunks of debt. The German people wouldn't go along with this right out of the gate, so they had to do it slowly.
Greece, like many of these euro nations, are ruled by a cliquie of crony capitalists. They have no interest in anything other than something that keeps their power.