I previously mentioned the woeful plight of Greece's economy, which will require a European bail-out if Greece isn't to default into utter bankruptcy. I suggested that, despite aggravation and reticence, Europe (read: Germany) would furnish the loan in order to avoid a collapsed economy in the Euro-zone.
Of course, that was before Greece reacted to Europe's hesitation by spurning the Germans as NAZI thieves, condemning Italians as mutually corrupt and rolling up the entirety of Europe's "very poor quality" leadership as having botched the economic crisis and being "not up to the task" of "managing the fortunes of Europe." Greece...lecturing Germany...on fiscal management. In response, the NYT this morning writes that banks have begun to "bet" in favor of Greece's default (severely harming the chance of a recovery). Greek unionists are, of course, still rioting in the streets in opposition to any budget reform.
And now it seems that Socialist Spain is likewise circling the drain. Spain has posted 7 consecutive quarters of negative growth as Spanish GDP fell 3.6% in 2009, has the highest unemployment in the EU at 20% and an exploding deficit causing credit raters to degrade its standing. But as children will do, the socialists are blaming everyone but themselves. Particularly (you can't make this stuff up) they're blaming an "international conspiracy" by George W. Bush, Western newspapers and those pesky free-markets.
I wonder if this means Spain will soon be asking the U.S. for a bail-out? And I wonder if they would find a sympathetic ear in the Obama administration?