With continued ambiguity, even after saying they'll help Greece, the EU has offered specific details now, saying they'll provide €30 billion in loans to Greece in 2010 if needed.
The International Monetary Fund reiterated their commitment to the struggling country, offering another €10 billion in loans for 2010 as well.
For the next three years, overall loans could amount to €80 billion or $107 billion to under-gird the faltering nation.
Debt due in 2010 alone for Greece stands at €54 billion, which the Greek government says they can't continue to pay on.
While Greek Finance Minister George Papaconstantinou says the country hasn't asked for the loans to be activated at this time and are looking to borrow from the markets, that seems to be posturing to placate the growing outrage of the ultra-socialist Greece and the distributing of money they don't have to their people with no way of paying back what they have given them.
The people of Greece have become so socialist that they're rioting over not being coddled over, even as the country teeters on defaulting on its debt and losing their liquidity.
All Greece has done is put in place a plan of cutting their budget deficit to 8.7 percent, which is still far beyond the parameters the EU countries were supposed to adhere to, and they plan on doing that by increasing taxes, freezing pensions and cutting some of the wages in the public sector.
You don't hear them planning on doing what is really needed, and that is to limit the size of government and cut back on programs they obviously can't afford to offer. Until they do that, all of this is a band-aid putting off the inevitable.
Greece actually calls this an austerity program.
The Greek government has been overspending for many years, and what led to the crisis was a budget deficit in 2009 of 12.9 percent of overall economic output in the nation.
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