Hardly, especially when you consider the near-complete collapse of the Spanish economy during his tenure.

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Even in the highly competitive, highly disruptive tech industry, old giants like Microsoft and IBM, though hardly trendy any more, are not sitting on the verge of collapse.

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The city's biggest disaster, the collapse of the steel industry in the early 1980s, can hardly be blamed on the council.

ECONOMIST: Local politics

Banks are still weak from the 1994-95 collapse, and, with a controversial rescue package blocked in an argumentative Congress, are hardly lending at all.

ECONOMIST: Sexophobia

And if a currency board or (even more so) currency union should collapse, the harm would be such as to make the travails of middle-way Brazil seem hardly worth mentioning.

ECONOMIST: No more peso?