as a last resort if Greece finds itself shut out of normal market-based debt financing and faces default. This has always been a psychological crisis . From the very start, most European leaders stressed the need for ' psychological and political support ' over immediate financial aid. The point in this positioning is to avoid showing panic which would spill over as contagion into the markets for other eurozone sovereign debt (Portugal, Italy, Spain or Ireland). Greece never asked for a bailout . I guarantee you we will soon hear the politicians saying Greece made no formal request for aid, which is technically true. This allows Greek Prime Minister Papandreou to save face, rather than appear to be dependent on the graces 0f Germany or France. The loaded gun is on the table . From Papandreou's perspective, it was important that he receive immediate psychological and political support, but that this support be backed by specific contingency plans. According to diplomats in Brussels, this aid package is in the 20-23 billion euro range. Note that all 16 eurozone members must agree to release the monies and all members would contribute to the loan. Germany will contribute the largest share, at 27%. The IMF will pony up 10 billion euros according to its rules of engagement. This plan is largely similar to the one I have been recommending when it became evident that the Germans would not support a bailout (see my post The politicization of economic problems for specifics). The