Apparently one of the things keeping the Greeks afloat, is the European Common Bank, who fears that a Greek default will crash some sucker banks that bought a lot of Greek bonds 'cause they liked the high interest rate. So the EU is trying to find support to loan the Greeks a wad of Euro's that the Greeks can use to pay off their bonds, which will save the sucker banks from big losses. In short, the ECB wants to transfer the losses from the sucker banks to the European taxpayers. There is a good deal of resistance to this idea among German taxpayers, and the resistance is rising daily.
Sooner of later something has got to give. The Greek government is still spending more than they take in taxes and covering the difference by borrowing. They owe something like 130% of GNP, which, to be real about it, they can never pay off. The EU bailout payments just push the day of reckoning into the future. Reportedly one IMF official uses the sound of a can being kicked down the road as his ringtone.
This is kinda like watching a bull fight, to see who gets gored first, the sucker banks or the taxpayers.
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