While I am not a big fan of austerity, one can ultimately only spend what you got. There were several months in which the Greece government had broken with the austerity agreements but in exchange did not manage to achieve anything which could be called an improvement of the country income situation. As a consequence the gap between income and spending even widened without giving positive impulses to the Greek economy.
Printing money is like robbing those who still have cash as the currency is devalued. And it doesn't change a thing if you owe money in foreign currencies.
Otherwise, Japan et al. would have long ramped up the printing presses.
Printing money does not create value - by the same amount the money is printed, all previously existing money of that currency is being devaluated. This is of course a convenient way of getting rid of old debts, but not possible if you are in a currency union. Furthermore, you still have to pay back foreign debts, and there is a little chance that they accept your printed money.
