Greece. What does the 'bailout' mean?

Cynics will say that the second bailout was given to ensure that the bankers don't lose out on the interest they would have made on the loans they gave the country in the open market, loans that mean that the Greek people will be paying the interest for generations to come. Why wasn't the Greek debt written off like the German debt was after the war? The answer is because the West wanted to pacify a powerful nation. German debt as a proportion to GDP after the war was 400% if not more compared to the Greeks at 150% so the caring sharing north European bankers insist that small children and pensioners starve to pay them their interest. It can't be right!