Analysis by Patrick Barron: 
Refusing to lend sovereign funds to Greece is the EU’s last chance at saving the Euro. Contrary to the the pundits’ claims that a bailout will end the “contagion”, a bailout will spread the contagion. Greece has no real plan for paying off the debt and more countries will demand the same treatment. How can the EU refuse them? This is like watching a slow motion train wreck. Others estimate that the bailout cost–round one only–is already over 135 million Euros. They are simply printing money.