The can of Greece has been kicked into the air, rather than down the road. The question is who will catch it as it falls? There is no “deal”, just a managed default which buys Greece a few months. The other peripheral countries are lining up inexorably to receive the same deal. The EU will shortly find itself overwhelmed. There is already a classic run taking place on the Greek banks. Portugal is next. Analysis of an article in the NYT claiming that consumer spending drives GDP. Wrong! GDP growth is a direct result of the success of a nation’s private economy.