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It's not clear to me that there is any *real* bailout in the works - the only
specific measures mentioned are *talk* of *loans* to meet repayments and avoid
a default, combined with very severe oversight of the Greek budget.
Politically, the EU can't make up its mind whether to let the IMF carry the can
(smart choice, 'cos it can be blamed on America ... but a blow to European
pride). Whatever happens, Greece is going to be severely f*cked over. The
question is whether what happens in Greece stays in Greece ... there are not
only the PIGS but also Britain, which is talking about cutting public
expenditure by 20% in the near future. Somebody is about to get severely
whacked. Will they sit and take it, or fight back?
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