Should EU Save Greece from Bankruptcy?

German Chancellor Angela Merkel refrained from commenting for three long days as the value of Greek bonds continued to fall. The chancellor knew she had to say something to put a halt to the nose dive. Something needed to be done to defuse the ticking time bomb threatening Europe and the euro: the possible bankruptcy of European Union member state Greece.

Speculators in the trading rooms of banks had been waiting for a signal. They wanted to know whether EU member states were going to rush to the aid of the financially hemorrhaging country on the Aegean. The longer they waited, the further Greek bonds slipped -- and the closer the country slid toward national bankruptcy.