Greece is bankrupt. But since it is a member of the euro-zone and can't print money, its richer European neighbors have agreed to bail out its creditors. In return, Greece is supposed to clean up its fiscal and regulatory act. This is why public-sector unions have been wilding in the streets and even firebombed a bank.

Beware of Greeks burning thrifts. They are not unlike the militants who violently protested in Argentina in 2001 when that government hit the fiscal wall. Argentina also had a hyper-regulated economy, a government...