The Greeks are in a lot of trouble. This bail out gives them some time, like a couple years, but in the end they are going to have to default or restructure some of this debt. The reason they got the bail out is due to chain reaction it would cause if Greece was forced to default. Country's like Spain, who are also are running big deficit compared to their GDP would then see a run on their banks. Pretty much if Greece fails people will start to lose confidence in the Euro and everyone will take their money out the bank system in these country's and stick it in German bonds. At this point Germany is really holding the EU together, at least economically. If the Germans pull out of the Eu its going to be a disaster for for the rest of the country's in the EU.
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