But the EU sent them blank checks to transfer their balance to a new credit card:
Euro zone finance ministers met in emergency session to approve an aid package expected to total just under 120 billion euros ($160 billion) over three years, ahead of a May 19 deadline for Athens to make a big debt repayment to its creditors.
In exchange for by far the largest bailout ever assembled for a country, Prime Minister George Papandreou announced further spending cuts and tax increases totalling 30 billion euros over three years on top of tough measures already taken.
"It is an unprecedented support package for an unprecedented effort by the Greek people," a sombre Papandreou told a televised cabinet meeting.
See? All they had to do was promise to cut back on their spending!
But doesn't that run into the problem that got Greece there? Well, yes:
Greeks have already taken to the streets to demonstrate against the austerity drive and past governments have backed off from reforms to defuse often violent protests. But Papandreou, a Socialist with a strong personal approval rating, has insisted the country must face the bill for years of drift and graft.
So the German-led bailout effort to loan money to Greece demands the Greek government cut spending that will directly affect Greeks used to benefiting from the old ways that relied on ... borrowing money.
The Greek government, of course, promised to cut spending to repay all the old and new loans.
But when the protests really kick in and the Greeks have the new money, will the Greek government hold the line on spending? Don't count on it.
We'd better hope so, however, since we might need those same bankers in a decade or so given our new borrowing rate.
