debts can get out of control and thats when its time to declare bankruptcy or debt forgiveness. religion is about debts.Having debt forgiven wouldn't change the problem of spending more than you're taking in. Soon you'd be back in financial hot water. The point of austerity was to get their debt to a manageable level as well as stop the incredibly generous social program spending that was causing the problem. Germany was in ruin after WWII yet they rebuilt and through hard work have created a better life for themselves. Some cultures just aren't geared that way yet they want all kinds of perks that'll make their lives easier. Perks cost. If you can create an utopia that works, great. Hasn't been done yet.
austerity took money out of the economy and made unemployment go up and the unaffordable debt worse.
germany got debt forgiveness after WWII by the greeks amongst other governments.
btw, government finances is not comparable to a household of money coming in / out if thats what your implying.
what happened to the greeks as with rest of EU and america was class war. banks and government caused the mess and average joes take cuts and pay for bailouts.