Contrast that with Greece's flabby economy. It acted belatedly to address its troubles, and only then as a condition of a €110 billion ($145 billion) bail-out by the European Union and the IMF. But at least it can now tell a story of how the country's ambitious reforms will bring it redemption. Greece is on target to cut its deficit to 8% of GDP this year. Spain too can point to a shrinking budget deficit and less stressed banks. Portugal, however, is slipping back: its budget deficit is likely to be bigger than last year, when it was 9.3% of GDP. The opposition is refusing to back the minority government's 2011 budget (it wants spending cuts, not more taxes), making bond markets nervous.

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