Shut out of international bond markets, Greece had little choice but to begin bringing its public finances into line or face a catastrophic default. Financing w

Shut out of international bond markets, Greece had little choice but to begin bringing its public finances into line or face a catastrophic default. Financing wasn’t available to sustain prior spending levels. I'm confused. If Greece couldn't borrow money to sustain its prior spending levels what choice did they have? How is a Keynesian-style stimulus possible if no one will lend you the money to implement it? It also doesn't make any sense to me why a stimulus plan would have worked. Lending Greece more to perpetuate its already unsustainable expenses doesn't make much sense. It seems the Keynesian argument here is that they need to do stimulus - i.e. borrow and spend - even more then the pre-austerity level just to get the economy back to the previous (and unsustainable) debt levels. It's running to stand still.