http://finance.yahoo.com/news/No-Bailout-Clause-The-EUs-cnbc-3965800392.html?x=0&sec=topStories&pos=5&asset=&ccode=
The Greece government sounds just like the American government, they don't take deficit cuts seriously either.
There's chatter in the financial community that a bailout package for Greece will arrive from the European Extraordinary Summit on Thursday. But there is little certainty in Brussels about what will be delivered, or if a move would have any legal basis.
The success of the summit will depend on what the markets call a bailout, said Daniel Gros, director of the Centre for European Policy Studies.
"Would a simple promise to help in case Greece needs, a promise for a debt guarantee, be seen as a bailout? Well, that is possible," Gros said. "But if the markets really want to hear a detailed plan saying 'we'll give Greece credit today,' that will be much more difficult."
There's a sense in Brussels that it is still is too early to present a complete and detailed bailout plan for Greece, according to Paul de Grauwe, an economics professor at Leuven University who also works as a policy advisor for the European Commission President Jose Manuel Barroso.
"It doesn't make sense for the EU leaders to come up with a detailed plan as there's no default yet," De Grauwe said.
"Another problem with having a bailout plan now is that, before the EU spends its money saving Greece, the Greek people have to understand how serious the situation is," Gros added. "Otherwise there will be no change of behavior and therefore this will be just money thrown away, as they will simply come back later for more."
