Europe's Debt Crisis Spins out of Control

European Union member state Greece is on the verge of going broke, so the European Union and the International Monetary Fund are putting together a bailout which is being stalled by Germany. Meanwhile the crisis is spreading and the cost of saving Greece from defaulting on its loans is ballooning. In fact, quoting from this weeks Economist, page 63: "Greece needs so much money that the only thing standing between the country and default is open-ended funding from the IMF and the rest of the euro area." The crisis is now potentially spreading to other EU countries; the poor state of finances in Portugal, Ireland, Italy and Spain are causing anxiety.