“Trim the Fat, Roast the PIIGS,” yelled one headline. “Is Europe Going to the PIIGS?” chided another. For those who aren’t following the European Union’s debt crisis, PIIGS is an acronym for Portugal, Ireland, Italy, Greece and Spain—five European nations on the brink of bankruptcy. In fact, some are estimating that Greece’s bankruptcy is now 98% certain. And the drama this week has centered on Chancellor Merkel of Germany and French president Sarkozy’s huddle with Greek prime minister Papandreou.