There would have been a bailout riots or no riots. Greece couldn't be allowed to default - the implications for elsewhere in the Eurozone would be too severe and ultimately it would have called into question the viability of the whole Euro project (and by extension the whole EU project). This could still happen somewhere down the line but at the moment it's simply unthinkable to the European elites.
> The new money isn't coming
> from national governments, it's being literally printed into existence by
> Europe Inc.'s 16 trillion EUR economy and will then be purchased by the
> Eurozone -- "Euroized", if you will. This is the Eurokeynesianism which
> Europe and the entire world economy has urgently needed for some time now.
>
> In the past, national governments could argue they had to slash social
> spending, because otherwise a bunch of bond vampires wouldn't buy their
> debt. Now the Eurozone will start buying its own debt -- so to hell with
> austerity and the bond vampires.
The ECB is going to buy some of the debt but I've seen nothing to indicate they're going to fund it entirely through new money. I doubt Germany, for one, would approve the package if that was the plan. And the suggestion that it will relieve national governments from pressure to control their own spending is way off base. There will be more, rather than less, interference from the EU in domestic budgetary matters in future.
But still, I'm impressed by your unfailing ability to put a positive spin on everything the EU leaders do.