Hot on the heels of my post yesterday where it was reported that the IMF is refusing to release the last payment to Greece because there is no guarantee they can make good on its current debt next year, news comes from Brussels that the EU is "racing" to put together yet another bailout package.This one is for 65 billion Euros on top of the 110 billion already spent by the Greeks. Reuters: Greece took a 110 billion euros ($158 billion) rescue package from the EU and IMF last May but has since fallen short of its deficit reduction commitments, raising the risk of a default on its 327 billion euro debt -- equivalent to 150 percent of its economic output.The tax cuts sought by conservative New Democracy leader Antonis Samaras could aggravate the revenue shortfall, but he argues they are essential to revive economic growth.EU officials said a new 65 billion euro package could involve a mixture of collateralized loans from the EU and IMF, and additional revenue measures, with...(Read Full Post)