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Finally an intelligent comment on the Greece troubles of former German foreign minister Fischer. He mentions Article 125, the pillar of the system. I enjoy to spread references to sources, so you don’t have to rely on secondary comments and hearsay:

Article 125 TFUE
(ex Article 103 TEC)
1. The Union shall not be liable for or assume the commitments of central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of any Member State, without prejudice to mutual financial guarantees for the joint execution of a specific project. A Member State shall not be liable for or assume the commitments of central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of another Member State, without prejudice to mutual financial guarantees for the joint execution of a specific project.
2. The Council, on a proposal from the Commission and after consulting the European Parliament, may, as required, specify definitions for the application of the prohibitions referred to in Articles 123 and 124 and in this Article.

It is a risky game.

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TFUE

What is TFUE? TFUE or TFEU stands for the Treaty on the Functioning of the European Union, so the new Lisbon regime. UE is French for European Union.

You can order the Lisbon treaty from the EU bookshop or download. But the better approach is to take a consolidated version.

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