What you say is in principle quite true. For decades the economic system in Greece was a disaster in many senses. I know the country quite well (and also I love it) and I always suspected that they where cheating with most of the published economic data.My point is: If I knew that (and I am not an expert in finances), why the experts of the EU, German and Frech banks did not know? Why the lended millions to a country with this weak economic basis? Are they so ignorant? I do not think so. They were speculating for obtaining big benefits thanks to the support of corrupted politicians. In summary, debtors and creditors are responsible of the disaster...but not the common people of Greece that are now the only victims. In any case, as you rightly say, austerity is not the origin of the collapse...but certainly is not helping to solve the problem.