Hey, I’ve got this marvelous deal... You do whatever you can to keep a (at least temporarily) solvent member in the EU, and that might just keep German voters from going ‘WTF are we doing, giving away our wages to make it easy for those in Greece, Italy and Spain to dodge the taxman and not pay their debts?’
Or continue on the path you’re on, saying dire things will happen, which of course to voters means ‘shut up and do what we tell you to do.’ Voters don’t like that much, ask Hillary Clinton how that’s worked out so far this campaign.
Debts to whom, though?
The EU is all about territory and expansion. That is why they do what they do.