From Iceland to Greece, the gods at the end of Europe are rumbling.  First the Icelandic volcano erupted, leaving hundreds of thousands stranded in airports and causing massive losses to the airlines.  Now it is Greek debt, at eight percent and rising that is about to blow up. Some say that the next to go is Portugal where the magma of the public debt is churning. But in view of news from Belgium, we cannot rule out that a new state may soon rise from the plains of Europe, like the volcano Popocatepetl from a Mexican cornfield.  This is not divine intervention. although it looks like it. Iceland and Greece are Europe's two most indebted countries, one due to the greed of bankers the other to the stupidity of her politicians.  In the first based on extreme lax regulation, the banks created a the bubble, sucking in through the Internet the savings of greedy British and Dutch investors  with the promise of skyhigh interest rates.  In the second the politicos have squandered two decades of EU funds and all the chance they had to modernize the public administration.  The British government has imposed a draconian plan on Iceland for the return of lost savings, which looks like a lot like the payment of reparations imposed on Germany after World War I.
