The Greeks deserve it. Greece is bankrupt and if they want to keep much of their social welfare state they will have to allow Germany to be their trustee. Of course the Greek people could do the smart thing, abandon the Euro, default and actually create a free market economy that will make them the envy of Europe - but we all know they'd rather maintain a welfare state.
You hit the nail on the head. Germany was not going to sit around forever and allow people in Greece to retire in their late 40s and sip tea by the sea.