Monster bailouts won't cancel the final day of reckoning

There was a big European bailout at the weekend. Approximately $960 billion has been organised. The tally stacks up as $640 billion (E500 billion) from the European Union, 90% of that sum coming in the form of loan guarantees, and the remaining 10% in emergency European Commission funding. In addition there is another $320 billion (E250 billion) from the International Monetary Fund. So, it is mostly government commitments or guarantees that would have to be paid back if the money is d…