[yummyfajitas]

Most of this bailout money will go straight back to paying interest on the bad loans that caused the crisis.

If that's the case, then Greece shouldn't have much of a problem. If X% of the money will go to paying interest, then the Greeks can default and their budgetary shortfall is only (100-X)%.

So why is Greece so keen on having other people send them money?

Also, no austerity can be imposed on the Greeks - Greece is a sovereign nation. Greece can choose to trade austerity for money, or they can choose to default and do whatever they like (although of course they will need to pay for it themselves).