When the first signs of a financial crisis in Greece (and the Eurozone) were becoming known to the public at large (the financial news was already talking about these problems since months) the IMF said they needed 45 billion Euro to calm the market with one big operation.
This weekend 145 billion Euro was promised to Greece of which 2 to 3 billion from Belgium (where will we have to cut in our budget to compensate that ?). This is about 100 billion Euro more because the political leaders (sic.) of Europe couldn't decide how much to lent with who at what interest and under which conditions.
The main question for the Euro is now if the political leaders have learnt their lesson and will start acting now with respect to Portugal, Spain and Ireland before those countries will be tried out also. Spain can become the main breaker or survivor for the Eurozone. The economy of the country is so bad, there is no political agreement about the needed cuts (contrary to Portugal) and its reputation has already been severly damaged by the rating agencies that it will become the Waterloo of the Eurozone.
This may even take place under the Belgian presidency of the European Community. (for Americans imagine that each of the states may guide the 49 others in making together decisons about policy, international relations and finance....). But Belgium will just have one of the most difficult elections and may not even have a government or may be in very difficult internal institutional negotiations which are deadlocked since at least 3 years.
Yes there is a European president but he only presides some conferences between the different heads of state. He presides but doesn't decide. He can only try to convince them to agree to at least something.
This institutional micmac has cost us 100 billion Euro during this crisis.