November 12, 2010
If history marks this week as the start of Europe's Debt Crisis II, next week has promise for still more nerve-testing action along Europe's crumbling outer rim.
Fiscally frail Ireland and Portugal will stay caught in the spotlight of unforgiving bond investors. Joining them on Monday will be Greece, no stranger to that script.
Officials from the European Union and the International Monetary Fund descend on Athens next week for their newest look into the Greek treasury's books and will decide whether Greece has earned its next payment tranche. On Thursday, Greece is expected to present its final 2011 budget to parliament and with it its latest budget estimates.
The rough picture already emerges that the Greek government underestimated the severity of its crackdown on spending to comply with EU and IMF rules. Stiff austerity cuts, overestimated tax receipts and recurrent strikes by alternating segments of the work force have taken their toll on the economy and now numbers are off course.
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