THIS METHOD IS INADEQUATE

They were sixteen in the euro zone. With a little help from the International Monetary Fund, they put their strength together to help Greece out. There they were: fifteen blind supporting one lame.

They were fifteen countries still standing in the euro zone. With a little help from the International Monetary Fund, the UK and Sweden, they put their strength together to help Ireland out. There they were: fourteen blind supporting two lame.

They’re fourteen now, still standing. What happens next is easy to envision. It’s easy to envision since it was already obvious back in February. I wrote on February 25 in The House is on Fire : “You will not save Greece by intimating her to lower her civil servants’ wages. You will not save Greece by encouraging her to fight fiscal fraud. You will not save her either by setting up a… kitty (how pathetic can one be?)”. I added, quoting my own words on “The Debate” (France 24), on February 3: “This time around, it won’t be 1) Bear Stearns, 2) Lehman Brothers, 3) Merrill Lynch, it will be 1) Greece, 2) Portugal, 3) Spain”.

They’re fourteen, still standing. Portugal and Spain have been in a poor shape since February. The method is inadequate. Is this really so hard to grasp?