A Balkan Warning

On the 19th of May, the front runner of the PIGS was expected to default on its loans and fall into the abyss. Over the weekend, however, Athens, Brussels and the IMF cobbled together some sort of dodgy bail out deal. It has yet to be seen whether the German parliament accepts its huge part in this largess or if the Athens street loonies agree to any cut-back whatsoever in Greek government profligacy. If the deal does not hold, Greece will join Argentina and other international basket case economies by returning to the drachma and monumental devaluation. On the bright side, Europe will surely hesitate before allowing Greece’s disreputable neighbours entry to the EU with equally fictional economies.

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