Based on my decades of experience in the sovereign debt markets, I have
come up with a perfect metaphor for what is going on in the Eurozone. It
is as if the Grace government promised 200,000 people one boat each, but
now that the boats are due, it turns out that she doesn't have 200,000
boats anywhere, there are only 100,000. Grace tries telling half of the
people not to try to use their boat; to pretend that it is sitting in a
port somewhere, waiting for them. If some people use their boat half of
the week, other people can use it for the other half of the week, so it
is "like" having 200,000 boats. Uncle Jeremy has 1.5 million boats, but
he isn't so thrilled about just handing over a bunch of his boats to
Grace, who knew she promised more than she had. Jeremy says "I'll give
you 50,000 of my boats, but only if you tell 50,000 people that they
aren't getting a boat at all." Grace is furious, shouting "you're
forcing boat austerity on me! I need to implement boat-growth policies!"
Of course, "boat-growth policies" is a euphemism for "Jeremy gives me
more boats."