The most worrying feature in this whole sorry saga is the penchant of the creditor country elites and the EU economic policy establishment for meting out (economic) "punishment" or advocating same, and the favourable reception such rhetoric or actions have received from public opinion, goaded by the press.

There is already an established narrative of moral superiority centered on national/cultural/ethnic divisions. This narrative is popular with a sizeable segment of the population, is promoted by the press and is used by the politicians.

And you want to talk about "the politics of the possible".

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa