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Greece is toast–they just have not declared it officially burned. Portugal is so small it could be bought by a major US PE firm and just be another portfolio hold, although a poor investment. Ireland destroyed its banking system and will take many years to recover any semblance of its great growth years. Spain has well over 20% unemployment, but when you talk to Spaniards they say life is good, the restaurants are packed and we are all on unemployment and healthcare is all paid for so why worry. Italy has had more governments since WWII than anyone can count, and the current prime minister makes Bill Clinton and Monica look like a minor peccadillo. There is no way to know what shape the European banks are really in since they seem to have phony stress tests and nobody is really sure how bad the sovereign exposure is. Possibly France will be OK but who really knows for sure when Greece finally defaults.

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