EU will eventually agree to waive a large part of the debt. There simply is no other way, since the debt is so huge that it does not really help even if Greece would commit to proper actions to rebuild the economy. However, EU don't want to even discuss that possibility until Greece has shown they are doing things to improve the economy and how administration functions.
I honestly feel sorry for the people in Greece. The have nothing to look forward to from an economical perspective, and it will likely take generations before the living standard will be reasonable again. Young well-educated people are moving to other countries in order to get a job.