Europe to be drowned by Greece
The PIGS are continuing to haunt the European zone. The four troubled member nations of Europe zone, are Portugal, Ireland, Greece and Spain. All these countries have been living on borrowed money for the last several years, and now are unable to get new loans.
The combined loan commitments of these countries run over 40 billion dollars and Germany and France cannot afford to commit their taxpayer money for bailing out these countries. Greece is the worst hit amongst the four countries and it has the potential to pull down the entire European zone, and it is good for the entire world, if Greece is let out of the European zone.