In Tunisia and Egypt, Islamists are being elected into office to take on the daunting policy problems of their neglected societies. But Islamists, too, will be chucked out of office if they can’t deliver the goods. And they know it.
Yesterday it was widely reported that Spanish banks held more delinquent loans than at any time since 1995. The world seemed to be waking to the realization that when you pour bad money after good money, you end up with no money.