making ordinary people pay for the mistakes of rich bankers is pretty much theft
Very true - which is why Greece needs to keep on with the austerity measures so the ordinary people in the rest of the EU don't get screwed as a result of the previous blatant lies and bad decisions made by the Greek government.
In reality, will it work - doesn't look too promising - given the current reaction and the fact that Greece is a democracy Its quite feasible that any austerity measures agreed to now might well not be adhered to in future - a regime change and subsequent default further down the line is quite possible.