A back-door bail-out for Europe?

Earlier this week, the president of the European Central Bank, Jean-Claude Trichet, said that we shouldn't underestimate the determination of the eurozone's leaders to hold everything together. On the face of it, he's happy to test that determination to its limits. Investors had assumed that Monsieur Trichet's comments meant that he'd be ready with a great big bail-out. Instead, he basically said that although the ECB won't be withdrawing 'temporary' support for troubled banks or countries any time soon, it's still up to countries to sort out their finances in the longer run. There is a "clear need" for governments to "strengthen confidence in public finances."