The News: The Wall Street Journal reports that Europe's Big Two are doing everything possible not to call in the I.M.F. to stabilize floundering Greece. Writes David Cottle: "there's considerable euro-credibility staked on an in-house solution. This is a family problem, they tell us. And families are usually reluctant to call in outsiders. They only 'phone for the inspector when there's actually a corpse on the drawing-room floor. Greece is still breathing." Cottle quotes Investment guru Dennis Gartman who "likens the IMF treatment to mediaeval medicine, only making matters worse with draconian demands for public-spending cuts and the accompanying prospect of civil unrest. He suggests keeping the Fund away from Greece by any means necessary, up to and including garlic, crucifixes and stakes. "
The Note: Funny how no one cares when medieval medicine is applied to Latin America or Africa. Could it be that leeching natural resources is still regarded as a good cure?