EU getting ready to bailout Greece.

The rest of the PIIGS are going to be pumped because once the EU opens up this can of worms they can never undo the damage.

European Union leaders may lay the groundwork today for a precedent-setting aid package for Greece in a bid to shield the euro currency from the wrath of markets.

Germany and France set the stage for a Brussels summit by working on options such as loan guarantees as long as Prime Minister George Papandreou overcomes street protests and makes deeper cuts to the EU’s biggest budget deficit.

“I am having several discussions at the moment so that we can come up with an answer that will satisfy the markets,” Luxembourg Prime Minister Jean-Claude Juncker, who heads the panel of euro-region finance chiefs, told Luxemburger Wort newspaper.

European stocks and bonds rallied along with Greek markets on expectations that EU chiefs will stand by the country, raising the risk of a selloff if the 27-nation bloc fails to send a convincing signal of support.