Depends on how observant the Portuguese, Spanish and Italian governments are (I have given up hope that France will realise that it has a greater commonality of circumstance with the rest of the deficit countries than with Germany). It is possible that they will see the handwriting on the wall if Greece is sufficiently rudely ejected, and skip the 6-24 months of unnecessary pain.

But this is EPP-PES governments we're talking about. I would not bet money that they have the clarity of vision to find a lit fire on a moonless night.

- Jake

Friends come and go. Enemies accumulate.