I was reading that the EU does not trust them anymore. They are sick of seeing bailout funds vanish and no austerity measures implemented. Greece has refused to accept the German proposal of an overseer of the bailout funds to ensure they are spent appropriately. Now they propose an escrow account and intend to only put money in it when the bonds are due to avoid a default happening. If they rip off the money then no more. See here:
http://www.businessday.com.au/business/europe-to-save-banks-and-let-greece-slide-20120210-1slpn.html
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