Perhaps I was wrong, after all. I thought Europe's governments would spend any amount of money and impose any amount of austerity to rescue any number of banks from their recklessness and folly. All banks were too big to fail. No debt was too big to bail. Europe was in the grip of a classic banker's ramp. Yet Greece's bluffing of the high priests of the eurozone may, after all, be called. The unthinkable may be unavoidable. The priests are suddenly talking of "when, not if," Greece defaults. Greeks themselves seem to regard devaluation as a less painful discipline than state-imposed austerity, and are probably ... (full story)