I find this analysis of Paul Krugman quite interesting, talking about Indonesia in 1998 and Greece today.
Indonesia’s economy shrunk by 13% back in 1998 but saw its recovery by 2000. Greece’s economy has shrunk more than 20% since 2007 and is still going down!
Krugman claims that the authorities were much more flexible then and while they demanded strict austerity at the first place, they soon changed course. Nowadays, demands on crisis’ hit countries and especially Greece are very tight and while it appears that austerity fails, the more “bloodletting” is demanded.