The following linked post by Martin Armstrong describes what I see in government pretty well, and is precisely why there will be no rescue.
There is a politician in Europe, who recently said something to the effect of, ‘we know what we need to do, we just don’t know how to get re-elected after we do it. ‘
And that is why we are in trouble.
Sovereign Debt Crisis Beginning – http://armstrongeconomics.com/2014/06/19/sovereign-debt-crisis-beginning/