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The real point here seems to be "reform", through destroying what's left of the welfare state in Greece and lowering wage expectations to a Victorian level.
If you accept that "the economy" being talked about here includes the people who own it, but not the people who work in it, the project looks likely to be a success.
The other alternative, or complementary factor, is simple fascist Northern racism.
It's obvious the motivation isn't Europe-building and mutuality - which it might have been, with different leaders.
A cake exists. There are two players and their goal is to get as much of the cake as possible. The Play is to use a knife to cut the cake into two pieces. Both players have perfect forecasting¹.
The approved min/max strategy deduced by Game Theorists is for one player to get the knife, cut the cake, and have the other player chose which slice they want first.
The ATinNM min/max strategy, given the stated Rules and Goal, is for one player to grab the knife, stab the other player, and keep all the cake. Given both players have perfect foresight the Game is a death match over who controls the knife.
Right now the German Banks have the knife; they aren't afraid to use it; in fact, they are using it.
Where this strategy fails is: once the cake is eaten, it's gone and the other player will "Cake No More." Which becomes semi-critical if situation is a series of Cakes, a series of on-going Games, whose existence is dependent on the existence of the other player.
No such thing as Solitary in Game Theory.
The ECB, et. al., seem to realize this and so are grabbing the knife, cutting the cake, and choosing which slice to take, graciously allowing Greece to continue to live. The problem with this strategy is, eventually, the other player - Greece - after rounds of getting shafted eventually decides, "Bugger this for a game of soldiers," takes their cake, and walks. This leaves the ECB, et. al., with the knife and no cake to cut.
¹ Yeah, I know: we're into 'orthogonal to Reality' territory but bear with it, for a moment
Ever since I learnt about confirmation bias I've started seeing it everywhere
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