Greece Appears Ready to Tap Into Euro Aid Package

As Greece neared default the Euro-Union came to the rescue with an overly generous loan package designed to steady the borrowing rate for the Greek government as a means to get it through the fiscal crisis it was in. The hope was that just having money as a fall back would get Greece through the dire straights, apparently it was not enough and Greece may have to tap into the rescue package:

April 15 (Bloomberg) -- Greek bonds show the nation may have to tap a 45 billion-euro ($61 billion) international bailout to convince investors it can avoid a default.

The 10-year securities fell for a third day today, and the yield premium investors demand to hold them instead of benchmark German bunds rose above 400 basis points for the first time since euro-region finance ministers announced the aid plan last weekend. The parliaments of Germany, France and Ireland must vote on whether to contribute their share of the loans, government spokesmen said yesterday. Dutch lawmakers will discuss Greek aid today.

“There are concerns that the money will not be available,” said Toby Nangle, who helps oversee 46 billion euros as director of asset-allocation research at Baring Investment Services Ltd. in London. “There are people who are willing to place their own money at risk in anticipation of this thing not going through.”

What happens of this doesn't work?