You are comparing a train wreck to a plane wreck and coming to the conclusion that a train wreck is a good thing.
22% overall and 50% youth unemployment for years and counting is catastrophic. Also Spain has been running huge deficit as percent of GDP, so the extent of austerity has not been as bad as Greece.
No, I'm coming to the conclusion that a train wreck is less bad than a plane crash. Again, austerity is more than simply spending less, it's changing the socioeconomic system to be sustainable. If Greece can satisfy the rest of the EU nations, many of whom have gone through substantial economic pain, that they are making the changes required to make their system sustainable (self-supporting) over the (reasonably short) long run, then Greece can borrow more money. So far Greece has not done so. Thus Greece has run out of other people's money. There. Is. No. More. Money.
I'd liken it to having two deadbeat brothers-in-law with broken cars, both of whom have borrowed $75,000. One has recently cleaned up, stopped sniffing paint, cut up his credit cards, and gotten a job; in fact, he's paid back $25,000 so he owes you $50,000. The other insists that he has a right to enjoy his life (read: sniffing paint, home shopping, and gaming) in their mom's basement. In fact, he insists that you write off half the debt he isn't paying, in spite of the fact that you've already forgiven $25,000 so he owes you $50,000 as well. The first wants another $1,000 to fix his car so that he can get to his job. The second wants another $1,000 to fix his car because by golly, he's suffered enough. With the first, investing another $1,000 not only seems likely to help him avoid disaster, you might even get your money back. With the second, investing another $1,000 is merely throwing away another $1,000. Now the second brother-in-law may be a hell of guy and the life of the party, but loaning him money is simply giving him money.