Although Greece is in the EU, members of those countries should not be bailing out Greece. Something obviously was wrong with their system to allow them to fail, and that should be allowed to fail so that something better may rise from the ashes. The group Golden Dawn is an example of how those in Greece are taking action to help the overall state once their conflict is done.
People do not like hearing this, but history has shown that bailouts actually do more harm than good. When bailouts occur, the guilty are not punished and, as we have seen in the last decade, often get richer while the ordinary citizens find themselves paying for the cleanup of the mess the guilty have created. Tough love has been shown to be a better, if initially more difficult, way of dealing with incompetence and criminal behavior.
Unless, Greece is going to bring the whole European union down with them, then I say do not bail them out. All it does is reward bad behavior. I wish the US could of did that to all their big banks. The only problem is if we did that, they would of brought down the whole country with them. Not to mention, throw the whole world economy into chaos.
The European Union should only be bailing out Greece if they do it conditionally. When the economy goes to shambles that quickly it becomes obvious that they have serious problems to address. Therefore if they are to receive money it needs to be conditioned on structural changes recommended by the EU.
I do not see anything overtly beneficial about the European Union bailing out a country like Greece. Greece has never been a great economical force in Europe. If the European Union were to bail them out, it will only encourage more European nations from being careless with their economies and spending.