This article in the NYT is well worth a read. Check it out!
Any informed observer at the time of the first Greek bailout knew that the austerity terms were too severe for Greece; also the amount of funding was too little.
In my mind, part of the problem emanates from the IMF having become too political under current Managing Director, Christine Lagarde who is a lawyer by background and not an economist. It is well-known that German Chancellor Angela Merkel invited the IMF to police the the troika to provide discipline over the decisions of the EC.
In this whole sorry mess, nobody seems to be accountable for the consequences of excessive austerity on Greece, an enormous increase in suicides and an excessive loss of jobs and reduction in effective incomes, bringing abject misery to the average Greek family.