Greece on Greased Skids

The situation in Greece gets worse by the day; almost nobody pays their taxes and all expect the government to continue picking up the tab. See an excellent Newsweek article on the subject, which includes choice thoughts like this one about how the problem developed:

Consciously, among its pampered political elite—and subliminally in society at large—Greeks got the idea that being Europe’s backward, indulged delinquent was a highly profitable game.

Looking ahead, the article's author foresees this outcome:

To save the euro, the euro zone may have to shrink to a small core of financially sound members. That is not yet on the agenda. But its time will come.

That's a prediction the PIIGS will have their own currencies once again. Are you nostalgic for the lira or drachma?