While these are taking place, there would be no bail-out money to fill the hole in Greece's primary budget (ie, excluding interest).
They have yet to fix the instability of a currency union built on an incompatible triad: no bail-out, no default and no exit.
It may paradoxically be easier to help east Europeans than those bound by the euro's no-bail-out rules.
The no-bail-out rule was meant to ensure that markets kept up the pressure.
The unthinkable: that there is no European bail-out rescue to be had, becomes increasingly possible.
And though the hat that signifies his role as steward of stable economic growth sits at the ready, no corresponding bail-out bowler exists.
Under the no-bail out scenario, the European Central Bank would simply supply money to the Spanish banks.
But his claim that the bail-out has no conditions now looks hollow.
The company is swimming in shark-infested waters with no life-saving device around to help bail it out.
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He had promised no more cuts, but in return for Greek Bail-out II he will have to take the axe to public sector jobs.
The EU has approved a second bail-out, but still there is no relief.
So how about this: not another dollar, not one, to bail out the banks until clear, no-room-for-misunderstanding rules are set for how the money can and cannot be spent.
Implicit state support was no doubt helpful, but this did not amount to a bail-out: Satyam had to raise bridge finance on its own from private-sector banks.
Even if it can, the perception will grow that state-owned entities can no longer rely upon the state to bail them out.
DPJ, the Liberal Party and the Buddhist-affiliated Heiwa-Keikaku group insist that no public money should be used to bail out a bankrupt financial institution without a full disclosure of its records and the heads of the managers responsible.
Its first bail-out gave it three-year loans at punitive interest rates, with no debt reduction.
In a statement to MPs - sparked by an urgent question from Eurosceptic Conservative backbencher Peter Bone - Mr Hoban said that "at no point have we committed any British taxpayers' money, not to Greece, not to the bail-out fund".
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It is no political mystery why the German chancellor, Angela Merkel, has taken such a hard line on a Greek bail-out and hinted that the worst-behaved countries should face expulsion from the euro.
Even if this was legally possible, which it isn't under current euro-zone rules, it was politically impossible: there is no appetite in some euro-zone countries, notably Germany, to create a transfer union, nor to bail out a country whose banking system is widely suspected to be a haven for money-laundering.
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