Hence the necessity, even at this stage, of a show of financial force, linked to the construction of a stronger firewall between Greece and Europe's other shaky countries.
In addition, he says, leaders should come up with a euro zonewide bank guarantee to avert full-scale bank runs in shaky countries.
Their European counterparts are just as bad, delaying a decision on what to do with Greece — and by extension, other shaky countries in the European Union.
In some emerging markets, there are budget deficits (e.g., in India and Brazil), but the generally shared characteristic of shaky countries is current account deficits – the country is buying more from the world than it is selling.
The tougher stance reflects a growing belief that Europe could weather a default by Greece and its subsequent departure from the euro zone, and that such a move would not destabilize financially shaky countries like Portugal, Spain and even Italy.
The previously agreed bailout deal unraveled in spectacular fashion after it was greeted with revulsion not only by Cypriot lawmakers but by depositors in financially shaky countries like Italy and Spain, fearing similar measures might be imposed on them in the future.
While the plan to require banks to raise new capital was generally approved without difficulty — banks will be forced to raise about $150 billion to protect themselves against losses on loans to shaky countries like Greece and Portugal — the negotiations over the Greek debt were difficult.
There are concerns that France could be overwhelmed if it is called upon to participate in any support for heavily indebted nations like Spain or Italy, and also bail out some of its own banks that hold large amounts of government debt from those shaky countries.
Ahmed Rashid, a Pakistani expert on the region and author of "Taliban: Militant Islam and Fundamentalism in Central Asia," has warned that if the United States ousts the Taliban, it will bear responsibility for instability in Central Asia, where shaky countries like Tajikistan and Uzbekistan could get drawn deeply into war.
One can only hope Turkey's fall doesn't trigger crises in other shaky countries as happened after IMF-induced disasters in Mexico (1994-95) and Thailand (1997).
