They won't get it done in the end. The numbers are so big and the problems so systemic, that all they're doing is kicking the can down the road.

The only way that the Greek situation really gets fixed is that a) Greeks start increasing their private sector output, and b) the Greeks pay taxes.

Since something like 30%+ of the adult Greek population works for the government sector at some level, and the Greeks are some of the world's most champion tax cheats and scofflaws, "really fixing" the Greek situation ain't gonna happen. It requires a cultural change that is simply not going to happen, and even if it does, it will take so long that it will not make their government be able to repay those external loans quickly enough.