OK, as expected, the Greek government is looking for every cent, and trying to tax everything under the sun. Many fear the Greek government is about to circumscribe the ability to move liquidity out of the country, and then tax bank accounts. Not surprisingly, many Greek holders of Euros are heading for the doors, threatening a run on Greek banks. Oh, well, the tanking Euro multiplier ought to reduce Euro-zone inflation worries some. Ill winds, and all that.

On the other hand, the French and German governments appear to have decided that the Greeks will be unable to get the house back in order, as the Irish seem to have done; that Greek sovereign default will destroy the Euro, and that protecting the Euro is worth the electoral price their currently nationalisitc-leaning electorate may dish out. Both here and here, the German government seems willing to stake tax-Euros to prop up Greek debt.

And if the bouillabaisse isn't spicy enough, check out Eurocrat-in-chief Herman Van Rompuy who "has submitted a text calling for the creation of an "economic government" that shifts responsibility for economic planning from national authorities to the "EU level". " Fellow Eurocrat Top Banana, Jose Barroso said Brussels has treaty powers allowing it to "take the reins of economic management."

"This is a time for boldness. I believe that our economic and social situation demands a radical shift from the status quo. And the new Lisbon Treaty allows this. Economic policy isn't a national, but a European matter. No modern economy is an island. When a member state doesn't make reforms, others suffer because of that."

Do you remember all those people who feared the European Union would be the end of national sovereignty? That the European Union would become a (largely) un-elected government, only vaguely answerable to an electorate? And do you remember all of the pro-EU people who pooh-poohed those fears, and said it would never happen? I do.

Anyhoo, for my fellow Americans, at least our summer vacations to Europe will be affordable again.