The whole world has been living beyond its means with all the debt now becoming unsustainable. When will people realise that throwing more money at the problem cures nothing, all it does is delay the eventual collapse of the currency. How will all this sovereign debt be serviced, let alone paid back ? It seems unbelievable to me that pouring more debt onto what is already a disaster will somehow cure the problem.

If you don't have enough income to pay your mortgage, do you think the bank will increase the loan, so that you can then pay it back ?

What has all the stimulus done except extend the day of reckoning ?

There is only one reason to bail out Greece:

A sovereign debt implosion in Europe would make the GFC look like good times.

Snake is right to a degree but also there has been enormous corruption by the likes of Goldman Sachs and probably the US Federal Reserve.The IMF and Bank of International Settlements are part of the problem.They create billions in their computers and loan it out at interest.The excess money creates inflation diluting the values of everyone's currency.Hence we have enormous debt not backed by real production in the West and the World central Banks making huge profits when economies are shrinking.It effect it redistributing wealth from the massses to the few.

We get the debt of stimulus packages and the big end of town reap profits via higher interest rates which feeds the share market.

"Too big to fail":
"AIG, Fannie Mae, Freddie Mac, the mega banks, GM, Chrysler" and now Greece.
Let them fail and batten down the hatches.
Cut useless spending on the neverending grievance industries, sever the umbilical cords of the endless grant receiving institutions, pay welfare benefits out in credits for essential services and food vouchers, cut taxes to encourage investment.
Who's going to bail out socialist, welfare atrophied Europe when Obama turns the USA into just another socialist, welfare atrophied dystopia?

Love to comment further on your story Sally, although, cannot do as I have European friends from both countries, other than to say, back to 'basics' Greece, stand up, take control of your situation, face up to ownership, just as Australians have done with our financial situations over the years.

No one, especially politicians seem able to grasp that the world wide
financial difficulties are related to the world reaching its limits.
Energy buffers are getting thin and the extra energy needed for growth
is nowhere as large as it used to be, and is fast being lost.
Greece cannot even pay for energy to keep its economy staggering along
at its present pace.

Extra energy is needed to generate extra GDP to pay interest.
Even Australia has reached that point, and despite Joe Hockey's plans
without cutting back drastically on expenditure he will find it next
to impossible to repay the loans and interest.
Don't rely on the Chinese, when it comes to energy it truly is one
world. China cannot continue as it has at 11.9% growth.
That means double the economy in about 6 years ! There are not enough
ships and loading ports to supply that amount of coal.
China will crash in the fairly near future.

We may just make it by flogging off the farm and everything under the
ground, but we will be on the bones of our backside as we enter a
world markedly different to the one we now have.
We have wasted the years that Hirsch said we needed for the transition
and it will have to be done the hard way.

The alternative is to cancel all long term energy export contracts
and keep our energy sources for ourselves.
Make no mistake, we will increasingly depend on coal to keep us fed
and warm. If we do not export coal we probably have 200 years of cheap
energy, other wise we will go down the gurgler with the rest after
peak coal in 2025.