According to the draft circulated on Thursday at the two-day EU heads of government summit, Greece would indeed be offered a financial aid package of around 22 billion euro, but only after Athens was no longer able to raise funds by selling its bonds in the international markets, and even then at above-market rates, entirely obviating the point of the bailout. That is akin to offering a homeowner, who is about to default on a mortgage, a refinancing offer that equals or increases his mortgage rates above the rate he already cannot pay.