PIIGS... Almost done?

After Greece, Ireland and Portugal, Spain is now throwing in the towel. We're almost there... PIIGS, the only absent letter from the feared acronym is Italy. These guys are traditionally always late and understandably so are in no particular hurry to make their entrance on the stage of the financial hall of shame.

Will there be other candidates likely to join “PIIGS” ranks? France has often been rumored to be next in line, but with Hollande, its new president-magician, “très ordinaire” (very ordinary), the latter might be able to pull a few debt-eating-growth-producing rabbits out of his hat. Don't ask any economist to confirm that one, they've absolutely got no clues.

My guess is that in a couple of protracted years and with a real estate bubble about to burst, France might indeed rejoin the infamous quintet, but who knows?