Because it's what you have to do when you are near default? When you owe huge amounts of money, you can't go to the bank and ask for much more money. Some countries (including mine) want that the Central European Bank buys these countries debt, knowing that it's probable that most of it wont be paid back. That's stealing to everyone, creating inflation.
Greece defaulted the private owned debt one year ago, with 75% discounts, and not so much time ago the public owned debt, with near to 50% discounts, and they need much more money. They have had three bailouts already, and it's probable that they will need much more money.
Greece had a huge mismanagement, with huge groups of people retiring at 55 years old, and with the 120% of their last payment, the problems they are facing now is what you create with huge budget debt every year.
There is a quote that says "“The problem with socialism is that you eventually run out of other people's money” and that's what we are facing now.
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