[leoc]

It's worse than simply "no obligations". EU and ECB bailouts of EU member states were specifically forbidden under the Treaty of Lisbon http://euwiki.org/TFEU#Article_123 http://euwiki.org/TFEU#Article_125 . Instead, not only did both the EU and the ECB prop up Greece's borrowing, they moved to block Greece's access to a normal IMF program, which would have involved losses for non-IMF creditors.