Why has austerity led to disaster in Greece?

Greece is in sharp economic free-fall. “20% real decline since 2008” (as reported on 30th April 2013). In 2012 the real value of government revenues and spending reached a ten-year low.  However, because of the sharp economic contractions, government revenues and spending as a share of GDP reached an all-time high (44.7% of GDP and 54.8% of GDP respectively)....

Link:  Globe-Alive